According to @MilkRoadDaily, Scott Melker argues the Federal Reserve is effectively neutered and recent rate cuts have not triggered a crypto rally, indicating macro policy headlines are not the dominant driver of BTC and ETH near term, source: @MilkRoadDaily, Sep 25, 2025. The discussion highlights that gold is signaling recession risk while equities continue to rally, suggesting traditional cross-asset signals are breaking down for traders, source: @MilkRoadDaily, Sep 25, 2025. The segment focuses on what is actually moving markets now, pointing to AI-driven flows, institutional participation, and ETF listings as bigger catalysts than the classic four-year cycle, source: @MilkRoadDaily, Sep 25, 2025. It also notes growing activity in perpetual DEXs and raises whether institutional listings and market structure shifts are the real game changers for liquidity and price discovery, source: @MilkRoadDaily, Sep 25, 2025. Trading takeaway: prioritize monitoring ETF listing dynamics, institutional flow indicators, and Perp DEX activity over rate-cut headlines when positioning in majors like BTC and ETH, source: @MilkRoadDaily, Sep 25, 2025.

According to Eric Balchunas, the SEC has approved generic listing standards that clear the way for spot crypto ETFs to launch under the 1933 Act without case-by-case hurdles, provided the underlying asset has futures on Coinbase (source: Eric Balchunas/X, Sep 17, 2025). Balchunas notes that roughly 12–15 coins currently meet the Coinbase-futures condition, indicating a pipeline of eligible spot ETF products tied to those assets (source: Eric Balchunas/X, Sep 17, 2025). For traders, the key watchpoints are issuer 1933 Act filings and Coinbase-futures eligible coins for upcoming spot ETF listing activity following this approval (source: Eric Balchunas/X, Sep 17, 2025).