【QCP Capital: The Fundamental Reason for Market Crash is the Overly Bullish Positioning of the Market】 According to Golden Finance, QCP Capital published an article on its official channel stating that the hawkish FOMC triggered a significant decline in all risk assets. The Nasdaq plummeted by 3.56%, the S&P 500 dropped by 2.95%, and Bitcoin fell by 6.13%. Although the Federal Reserve's 25 basis point rate cut was in line with expectations, the root of the panic can be attributed to the downward adjustment of the dot plot. Due to persistent inflation, the Fed now expects to cut rates twice in 2025, while the market generally anticipates three cuts. Bitcoin fell to a daily low of $98,800 during the Asian trading session, and multiple altcoins dropped by at least 10%, with the market liquidating long positions worth $258.6 million. While it is easy to attribute the sell-off to the Fed's hawkish rate cuts, we believe that the fundamental reason for the morning crash is the market's overly bullish positioning. Since the election, risk assets have experienced an impressive one-sided rise, making the market extremely vulnerable to any shocks.