According to @MilkRoadDaily, the Federal Reserve is expected to cut rates three times in 2025. In the prior easing cycle that began on July 31, 2019, the S&P 500 went on to set fresh all-time highs by November 2019, signaling stronger risk appetite, per S&P Dow Jones Indices. Historically, falling policy rates compress real yields and support risk-taking, per Federal Reserve Board policy documentation and U.S. Treasury TIPS data. Looser policy also tends to coincide with a softer U.S. Dollar Index (DXY), which has been a tailwind for BTC and ETH in past cycles, per ICE U.S. Dollar Index data and Coin Metrics correlations. For positioning, traders can track 10-year real yields, DXY, and stablecoin net issuance as near-term liquidity gauges, per U.S. Treasury data, ICE benchmarks, and DeFiLlama analytics.