I don't really understand why everybody is so surprised about it.

For the last couple of months markets, including BTC markets, have been playing a game of chicken with the FED and trying to get ahead, pricing in not only a stop to the hikes, but even cuts.

Based on what? No one could say -- yes, "they have to, otherwise they will break the banking system" fantasy comments, as if breaking the banking system to facilitate further consolidation, i.e., local and regional banks being eaten up by the five-six megabank cronies of the bipartisan mafia.