Bitcoin Holds After Fed’s First Rate Hike Since 2023

The muted reaction suggests crypto is no longer trading as a pure liquidity proxy, at least for now, and that positioning into the Fed's next move matters more than the hike itself. That is a meaningful shift for a market that once sold off on any tightening signal, though one data point does not make a regime. Whether bitcoin keeps absorbing policy tightening without a sharper drawdown — or merely lags equities before catching up — is the open question.