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Market Brief: Deep Logic of Jackson Hole, Cryptocurrency Rally Not Entirely Driven by Interest Rates
Market Overview
Market Viewpoint: The theme of this Jackson Hole meeting focuses on financial innovation. It was originally expected that Powell would not release clear guidance on September interest rate adjustments, thus not causing drastic fluctuations in the crypto market or U.S. stocks.
Core Logical Deduction:
1. The Federal Reserve's reluctance to cut rates stems from the rigid 2% inflation target. The market suspects that real inflation pressure remains stubborn, and once rate cuts begin, there is a risk of inflation rebounding.
2. In theory, rate cuts can reduce U.S. debt interest burden, lower corporate financing costs, and benefit employment and capital markets, but the Fed remains inactive because inflation control is the primary concern, while capital outflow is a secondary worry.
3. The recent crypto rally is not entirely driven by interest rate narratives. A bigger driver is the weakening profit effect in the U.S. tech sector, causing some funds to divert into the crypto market, which has relatively lower valuations.
Market Logic
The speech theme leans toward financial innovation, so no direct clear instructions on September rate hikes or cuts will be given, but the inflation stance will still indirectly influence risk asset sentiment.
Rate cuts have many benefits, but the Fed prioritizes suppressing inflation, which delays the easing window repeatedly.
The crypto market and U.S. stocks do not simply move in sync. When the main profit effect in U.S. stocks weakens, funds rotate across markets toward lower-valued assets, which is a driver independent of interest rates. After $BTC broke through, funds are looking for the next outlet.
In the past few weeks, BTC has surged from $62,000 to above $81,000, with ETFs seeing net inflows for 9 consecutive days and accumulating over $2.8 billion in August. Institutions have completed the first round of allocation with real capital, but Wall Street money won't stay in just one place. Recently, some subtle changes have appeared in the market: the ETH/BTC exchange rate has stabilized after stopping its decline at a key support area, SOL's decline has relatively narrowed among mainstream assets, and some high-beta assets have shown stronger resilience during BTC's adjustment period.
This may suggest that after institutions finish allocating to underlying assets, they often need to seek higher-yield targets to optimize their portfolios, and $ETH and $SOL are currently the most liquid and narratively clear receiving pools. If this rotation logic holds, then BTC's adjustment is not the end but the beginning of fund turnover.ETH has risen, but the market is much quieter than it appears. Have you noticed that in this rebound, the rhythm of Bitcoin and Ethereum has quietly derailed? Today, ETH returned to around $2500, with an intraday high of 2558 and a low of 2482, looking like it was consolidating at high levels and the bulls were still alive. But the momentum around the 4-hour level is already fading, and the daily chart has entered the overbought zone. In other words, the price is still rising, but the breath driving it up is already a bit uncertain. My own feeling is that this rally is more like "existing funds holding the stage" rather than a massive influx of new money. Inflows into spot ETFs have remained relatively stable, staking locked positions remain high, and supply is indeed tight—this is the most solid part of the bullish logic. But on the other side, short positions in the futures market are still piling up near 2515, so liquidation risk hasn't disappeared but is only temporarily masked. On the surface, it's lively, but the underlying structure is inconsistent. What really deserves attention is the strength and weakness between sectors. Bitcoin has shown relative restraint this round, while ETH has been the preferred target for institutional allocation. This preference is short-term favorable for ETH, but if BTC weakens first, ETH will struggle to stay unaffected. Altcoins are even more so—liquidity hasn't reached them yet, and funds are clearly concentrated in leading assets for hedging, rather than spreading out to take risks. Now, let's talk about what the market is trading. At this level, expectations for Fed rate cuts have already been priced in in advance, and Jackson Hole's speech is even moreMarket Brief: Wash's Speech Leans Neutral, Market Uses News to Complete Leverage Liquidation
Market Overview
Wash's Statement: Will not rely on outdated or distorted data to formulate forward-looking policies.
Implied Interpretation: Currently neither inclined to raise nor lower interest rates; monetary policy remains neutral.
This statement was actually anticipated by the market; the recent sharp ETH volatility seems more like a leverage liquidation triggered by macro news.
The market has not given a very clear one-sided direction, but the probability of a rate hike has been raised to 50% by the market.
Market Projection: The crypto market may continue to decline based on news, completing a cleanup of existing long positions.
Scenario Forecast: ETH downside target near 2200, with extreme depth possibly testing 2100.
Current ETH price is 2533.39, 24-hour range 2431-2566.
Market Logic
The tone of the speech is neutral, with no extreme hawkishness nor easing benefits released.
Large market fluctuations are not due to news exceeding expectations, but rather leverage liquidation driven by macro events.
The increased probability of a rate hike suppresses risk assets; however, the speech itself did not implement any substantive tightening measures.
If a deep correction begins, the core purpose is to clear residual long positions in the market, a common washout pattern in contract markets. The 2100-2200 range is a pessimistic scenario projection, not a guaranteed level.
Trading Insights
Distinguish between "the news itself" and "the market using news to move the market"; even neutral news can lead to a big drop. Market Brief: Fed Speech Delivered, Releasing Hawkish Bearish Signals
Market Overview
The Fed speech was officially delivered at 22:00, with an overall hawkish tone, signaling bearish news for risk assets.
Key Points
1. Inflation remains the Fed's primary concern, still significantly above the 2% target.
2. If inflation does not continue to decline, the Fed does not rule out further regulatory measures.
3. This speech did not release dovish hints of rate cuts, retaining the option to "tighten further if necessary."
News Sentiment:
- US Stocks, Nasdaq, BTC: Bearish
- Gold: Relatively Bullish
Short-term Probability Judgment: 70% down, 30% up.
Note: The news release may not lead to a sustained one-sided decline; it often plays out as "fall first - rebound - then decide direction."
Focus to Watch: Capital flow at US stock market open. Nasdaq and BTC weakening in sync indicates the market is digesting hawkish bearish news; if prices do not fall despite bearish news, beware of a short squeeze.
Market Logic
The Jackson Hole speech did not provide easing expectations, dispelling market hopes for rate cuts and suppressing risk asset valuations.
Gold is relatively bullish due to ongoing stagflation concerns; however, stocks and cryptocurrencies are highly sensitive to rate hike expectations.
The common script for news-driven moves is not a one-step drop; after falling, a technical rebound usually occurs before confirming the true direction.
A failure to drop on bearish news is a strong market signal, indicating that short-selling pressure has been pre-consumed, so beware of a reversal rally. The passage of California AB 2409 has triggered a reassessment of compliance expectations in the political Meme sector, with forward trading liquidity of tokens like $TRUMP facing intense clashes between policy tightening and short-term capital competition.
From the perspective of event risk transmission, California's restriction on public officials issuing tokens and the limitation on trading services for related political figures' tokens starting January 1, 2027, directly weakens the market's risk appetite for this sector.
The core driving factors are ranked as follows: the direct clearing effect of the restriction law on both trading and issuance ends, the market's risk-hedging expectations for other states to follow with legislation, and the increased discount rate on political traffic premiums under regulatory red lines.
The upside scenario assumes that capital ignores the forward date of January 1, 2027, and that sudden political hotspots reactivate short-term buying enthusiasm.
Variables to watch include the market's short-term capital absorption capacity and momentum of sentiment.
If other states subsequently introduce similar regulatory laws, this upside logic will immediately fail.
The downside scenario is characterized by compliance-driven risk-averse sentiment dominating position changes, with capital accelerating its exit from the political Meme sector and flowing into other sectors.
The liquidation-style time restriction on January 1, 2027, will cause forward liquidity to be discounted in advance, suppressing sector valuations.
If a super political event brings unexpectedly high traffic buying, this downward trend will be broken.
Will the market preemptively price in the compliance restrictions brought by January 1, 2027, in the near term?
The most important variables to observe in the next 7 days are whether other states follow with AB 2409-style legislation and the extent of position adjustments triggered by compliance-driven risk-averse exits.
#伊朗开放临时航道，美拒恢复旧协议 #Strategy增发扩充现金，BTC配置节奏受关注 #BTC冲高回落，期权到期放大关口博弈$BTC has slipped toward $77.4K and $ETH is testing $2.4K as the fuel from the recent short squeeze fades. The bigger issue isn't the pullback itself. It's the macro backdrop. Hawkish signals from Jackson Hole have pushed rate expectations, Treasury yields, and the dollar higher—conditions that can pressure risk assets. 🟠 BTC: $77K–$78K is the key zone. Hold it, and this may be a leverage reset. Lose it, and short-term structure weakens. 🔵 ETH: $2.4K is the pivot. Stabilize here, and the move r$BTC THE LIQUIDITY STORY MATTERS MORE THAN THE HEADLINE
The Jackson Hole reaction is a reminder that crypto doesn't trade in isolation.
Markets were looking for a softer message on rates and liquidity, but the tone remained focused on inflation control and policy discipline.
That changes the short-term equation for risk assets.
LIQUIDITY IS THE KEY VARIABLE
When expectations for easier monetary policy weaken, the most speculative parts of the market usually feel the pressure first.
That's why the recent weakness across altcoins is important.
BTC and ETH have deeper liquidity and stronger institutional demand, while many smaller assets depend much more heavily on abundant risk capital.
So when liquidity conditions tighten, the rotation can look like:
Altcoins weaken → leverage gets reduced → capital moves toward larger assets → BTC/ETH become relatively defensive within crypto.
This doesn't automatically mean Bitcoin must fall sharply.
It means the market becomes much more selective.
BTC HAS A DIFFERENT POSITION
Bitcoin has already benefited from stronger institutional participation and ETF demand.
That gives BTC a different demand profile compared with many altcoins.
But even Bitcoin isn't immune to macro pressure.
If yields continue rising and the dollar strengthens, risk appetite can deteriorate quickly.
That's why I wouldn't interpret every BTC dip as an opportunity to immediately chase.
The market needs time to absorb the changing rate expectations.
🔵 $ETH IS IN THE MIDDLE
Ethereum is also facing the same liquidity environment, but its relative strength will be important to watch.
If ETH stabilizes while smaller-cap altcoins continue bleeding, that could indicate capital is concentrating around the larger assets rather than completely leaving crypto.
If both BTC and ETH continue losing important supports, however, that would suggest the macro pressure is becoming broader. This BTC short position opened at 79643, no stop loss set. It went above 80,000 but couldn't hold; just now it could still pretend to be strong above 80,000, then suddenly dropped back. Now it's grinding back and forth near the cost basis, this position is particularly interesting—not that it can't rise, but every time it goes up, someone sells. This has happened several times in a row, so 80,000 remains a resistance. Deribit has 81,700 options expiring today, with a notional value of $6.44 billion, and the max pain point is only 70,000. If it really stays below 79,000, 78,000 will likely be tested again easily. I'm betting on this pullback, waiting for 78,000.
BICO still has little presence; the market fluctuates but it hasn't found its own rhythm, hovering around 0.019. This kind of coin is most feared because it looks cheap but no one actually takes over; I'd rather wait for it to show volume on its own.
ZEC shouldn't be underestimated; it has already dealt with several rounds of shorts and is still around 806 today. This kind of strong trending coin may not follow the market down. I prefer to watch if there are consecutive long upper shadows at high levels; if it starts to surge and then gets smashed, that would really look like a pause.
My main battlefield is still BTC. Wash's speech tonight at Jackson Hole signals a hawkish tone, inflation remains significantly above 2%, and the September rate hike expectation has risen to 55%. Iran's temporary channel opened but the US refuses to restore the old agreement, so macro uncertainty is considerable. You keep pretending at 80,000, I'll keep waiting for 78,000!
#沃什今晚亮相杰克逊霍尔，能否明确政策框架？
#BTC冲高回落，期权到期放大关口博弈 Wash hawkishness pushes September rate hike probability to 60%, 20,000 ETH whale goes long, but Jiang Zhuoer has exited
Following the whale's strategy to analyze the market, today's market shows a full divergence between bulls and bears.
Putting profits and losses aside, the main focus is to dissect the true intentions of current capital and the uncertainties in the macro environment.
Regarding ETH's short-term trend, I am currently cautious; the weekend brings too many uncertainties.
On-chain data shows both bulls and bears are active. On one side, a Bit-related entity added $26.88 million margin today, going long about 20,000 ETH at an average entry price of $2,485, directly taking the seventh largest ETH position on Hyperliquid, which is the clearest bullish signal today. On the other side, at 22:42 last night, 21,854 ETH (about $54.95 million) were transferred from an unknown wallet to Coinbase, usually a precursor to a sell-off. More interestingly, Jiang Zhuoer just posted that both BTC and ETH have broken below their ascending channels, with no buying during the weekend ETF market closure, marking a weak period for bulls; he himself has sold at an average price of 2,430. When veteran miners exit, this signal deserves attention.
$ETH has fallen from the August 23 high of 2,566.26 to the current price of 2,425.19, a drop of over $140 in four days, or 5.5%, with a further 1.84% drop today alone. On the daily chart, SKDJ has turned down from a high level, with K at 76.32 less than D at 83.87, signaling a clear pullback. Although MACD remains above zero with DIF at 160.70 and DEA at 135.29, the red bars have shrunk to 50.82, indicating weakening bullish momentum. The price is still above EMA21 (2,239), so the major trend is intact, but short-term correction pressure is significant.
On the chart, 2,464.77 is the first short-term resistance level.
If the rebound fails to surpass 2,464 and continues downward, the first support is at the 2,400 psychological level.
If 2,400 is decisively broken, the next support to test is the daily EMA21 support zone between 2,239 and 2,203.
On the news front, last night Federal Reserve Chair Wash turned hawkish at the Jackson Hole symposium, his first speech at this event since taking office. He clearly stated that inflation remains significantly above the 2% target, financial conditions are not tight, and the rate hike toolbox is ready at any time. Although he did not explicitly say a September rate hike, the market immediately understood—the probability of a rate hike in September surged from 35% to nearly 60%, with Barclays and Societe Generale even predicting one hike in September and another in December. Gold plunged on the spot, and risk assets came under broad pressure. Additionally, today is Saturday, with U.S. stocks and ETFs closed and no institutional buying support, creating a time window favored by bears to stir volatility; weekend fluctuations could be large.
Although some coins have AI narratives and project buybacks supporting them, these are only suitable for short-term back-and-forth trading; never stubbornly hold a one-sided position. If your weekend position is heavy, reduce it as needed; no matter what you say, protect the margin in your account.
⚠️ Content is for market, on-chain data, and information sharing only and does not constitute any trading advice. Contract trading carries extremely high risk; be sure to control position size, strictly set stop losses, and bear your own profits and losses. $ETH #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ Should you chase in or escape the top? $BTC has surged from over sixty thousand all the way to 79K, and what follows is likely the most critical and best opportunity to get on board in this bull market cycle.
Let's look at the data first. Just the strength of spot buying in the past few days has exceeded the most extreme instance in nearly five years, and it’s not due to contract volume explosion. Even more strangely, contracts show no bullish chasing sentiment, retail investors are not participating at all, and Coinbase premium only turned positive after the price rose. It's clear who holds the pricing power.
I believe this round will be the bull market with the most people missing out ever, which could push prices to unexpected heights. This can only be considered the first shot fired, still very early, and those who react quickly can still catch up. The price range I’m most focused on is around 74K to 72K; if a major whale makes a bigger move near 83K, that will be the last chance to get on board.
By the way, a notable development: market sentiment toward $ETH is extremely poor, but demand around the two-thousand level is surprisingly dense. ETF inflows reached 225M in a single day, nearly matching BTC; on-chain accumulation addresses suddenly added over 500,000 ETH in the past couple of days, which is historically rare. Plus, over 30% of ETH is staked, with many queued to stake and almost no unstaking, so circulating supply continues to shrink. If this is truly new whales manipulating the market, the possibility of ETH falling below everyone's expectations this round is not small. $ETH BTC is the "store of value leader," while ETH is the "ecosystem fuel," with greater volatility and more narratives. Therefore, the strategy needs adjustment, with the core principle being: Bitcoin seeks stability, Ethereum seeks flexibility.
Continuing the "three-tier position method," but the proportions and operations should be adjusted as follows:
1. Position ratio adjustment (more aggressive)
· Long-term base position (20%-30%): lower than BTC. Because ETH's long-term certainty is not as strong as BTC's and it faces competition from Solana and others.
· Tactical swing position (40%-50%): this is the main source of Ethereum's profits. Its volatility is large, and the swing space is easier to operate than BTC.
· Cash reserve (30%): unchanged, reserved specifically for Ethereum's unique "black swan" events (such as on-chain congestion causing crashes, massive liquidations).
2. Ethereum-specific add/reduce position signals
ETH should not fixate on BTC's price movements but watch these three unique indicators:
· Add position signals:
· Gas fees extremely low (below 5 Gwei): no transactions on-chain, market extremely quiet, often a mid-term bottom.
· Exchange rate oversold: when the ETH/BTC rate falls below 0.05 (historical low range), it indicates ETH is severely undervalued and BTC can be gradually exchanged for ETH.
· Upgrade expectations: 1-2 months before each major upgrade (such as the previous Shanghai, Cancun upgrades), if the price hasn't risen, prepare in advance.SOXL Price Movement Analysis in the Early Hours of August 29: Flash Crash from $123 to $111, "Good News Fully Priced In" After Nvidia Earnings
In the early hours of August 29, the triple-leveraged semiconductor ETF Direxion (SOXL) experienced a "post-earnings flash crash." Previously, SOXL was boosted by Nvidia's better-than-expected earnings report, reaching as high as $123.59, but then quickly reversed downward. At the time of writing, SOXL is quoted at $111.08, down 7.45% in 24 hours, with an intraday trading range of $110.34 to $123.59. From the intraday high to low, SOXL retraced over 10% within a few hours.
📉 Direct Trigger for the Decline: "Good News Fully Priced In" After Nvidia Earnings
Nvidia's Q2 earnings should have been a major positive catalyst. The report showed Nvidia's Q2 revenue reached $96.2 billion, a 106% year-over-year increase, far exceeding the market expectation of $92.18 billion; adjusted EPS was $2.22, up 120% year-over-year, beating the expected $2.11. After the earnings release, Nvidia's stock surged 8.7% in a single day, with market capitalization soaring to $442 billion.
However, SOXL fell sharply against the trend—the core reason lies in how the market priced the earnings. The positive news from Nvidia's earnings had been largely "priced in" before the report—Korean retail investors had poured $1.83 billion into SOXL during the week of August 20-26. When the better-than-expected earnings actually landed, the classic "buy the rumor, sell the fact" scenario played out: profit-taking surged, and combined with SOXL's triple leverage amplification effect, the decline far exceeded that of the underlying index itself.
📊 Technical Analysis: From "High-Level Consolidation" to "Oversold Threshold"
SOXL has entered a deep oversold zone. The 6-period RSI is only 25.87—officially breaking below the oversold threshold of 30; RSI12 is 28.55, RSI24 is 31.95, indicating oversold conditions across short and medium cycles. For KDJ, K is 39.86, D is 37.40, J is 44.77—although it hasn't fallen below zero like HYPE, it remains at mid-to-low levels overall.
The moving average system has fully turned bearish. EMA5 (111.74), EMA10 (112.31), and EMA20 (113.80) form a bearish alignment, with the price falling below all three short-term moving averages. $110 is the most critical current technical support—if it breaks effectively, it could open further downside toward $106 or even $100. The first resistance above is in the $113-$115 range, and reclaiming $120 is a prerequisite for a trend reversal.
It is worth noting that SOXL has retraced over 60% from its previous high of $302. Even after such a deep pullback, the "volatility decay" risk of triple-leveraged products still exists—in a choppy market, long-term holders of leveraged ETFs suffer continuous principal erosion due to daily rebalancing.
🇰🇷 Korean Retail Investors: From "Buying the Dip" to "Stampede Risk"
Korean retail investors have been the largest bullish force behind SOXL. As of August 26, Korean investors held about 30.8% of SOXL's shares, with custody assets around $6.47 billion. From July 27 to August 26, Korean investors net bought $2.33 billion of SOXL, ranking first among offshore stocks.
However, this highly concentrated holding structure is precisely the greatest vulnerability. When prices start to fall, 30% held by the same group implies potential "stampede" risk—once Korean retail investors begin concentrated selling, the lack of sufficient buyers could accelerate the price decline. Additionally, in August, Korean retail investors have shown signs of shifting from leveraged ETFs to individual tech stocks, indicating a capital outflow effect.
🎯 Key Levels
· Resistance above: $113-$115 (first resistance zone), $120 (trend reversal prerequisite), $123.59 (today's high)
· Support below: $110 (current critical support), $106 (recent low), $100 (psychological level), $98 (analyst mid-term target)
⚠️ Risk Warning
SOXL is a triple-leveraged ETF with extreme intraday volatility. Tonight's sharp drop in SOXL is the result of the combined effect of "Nvidia earnings good news fully priced in + triple leverage amplifying the decline + highly concentrated holdings by Korean retail investors." The fate of $110 will determine the short-term direction—holding it could lead to an oversold rebound targeting $113-$115; breaking it could bring $106-$100 into view.
A larger structural risk is that the Philadelphia Semiconductor Index still fell over 3% after Nvidia's earnings, indicating that the semiconductor sector sell-off is not targeted at individual companies but is a systemic profit-taking. With the AI narrative fully priced in, every SOXL rebound may face new selling pressure. Investors are advised to strictly avoid high-leverage operations and wait for confirmation of the $110 support or for panic selling to truly subside before making decisions.AI earnings reports diverge, redefining the pricing logic of BTC and ETH
Missed the chance to sell again, should have sold in the afternoon
Earnings far exceeded expectations, but Marvell's guidance fell short, causing a sharp drop after hours. The AI industry chain shows clear hot and cold differentiation, and this signal will be reflected in the pricing of the crypto market.
$BTC trades on a broad asset hedging logic; its price movement mainly anchors on US Treasury yields and rate cut expectations, with very low sensitivity to individual tech company performance. Even if some chip companies face order pressure, as long as US Treasuries maintain a loose expectation, BTC has a bottom support.
$ETH trades on global tech risk appetite and is highly correlated with the US tech stock sector. When there is divergence within the AI industry chain, even if the overall market does not fall sharply, ETH will be affected by sentiment disturbances.
Here we distinguish two scenarios:
1. Full AI industry chain prosperity resonance: computing power and network chip orders are all booming, speculative funds pour in massively, ETH will show a strong catch-up rally, outperforming BTC;
2. Only the leading computing power is prosperous, downstream supporting expenditures tend to be conservative (current situation): this is a weak risk appetite recovery, ETH experiences more pulse rebounds and is unlikely to sustain a main upward trend.
Therefore, it is often seen now that BTC holds its range while ETH repeatedly surges and falls back. Going forward, we should not only look at the earnings of a single giant but observe the overall signals of AI capital expenditure.August 29 Early Morning $HYPE Price Analysis: Flash Crash from $86.8 to $78.5, the "Pre-Unlock Stampede" Behind J Value -3.4
In the early hours of August 29, Hyperliquid (HYPE) experienced a "flash crash". During the day, HYPE once hit a record high of $86.798 but then quickly reversed downward. At the time of writing, HYPE is priced at $78.560, down 7.13% in 24 hours, with an intraday trading range of $78.510 to $86.798. From the intraday high to low, HYPE retraced nearly 10% within hours, wiping out the previous all-time high gains.
⚠️ Core Downward Driver: $1.2 Billion Unlock Triggering a "Preemptive Sell-Off"
Today marks the largest single-month token unlock day for HYPE since the TGE in November 2024. Approximately 14.18 million HYPE tokens will be unlocked today, valued at about $1.2 billion based on recent prices. Insiders and early contributors account for 46.6%, roughly $550 million.
The market engaged in a "preemptive sell-off" before the unlock—many holders sold early before the unlock officially took effect, creating a self-fulfilling "expected sell-off." Historically, similar HYPE unlocks saw declines in May, flat in June, and drops in July, which further intensified today's selling pressure due to negative market memory.
📊 Technical Analysis: Shift from "Extremely Overbought" to "Extremely Oversold"
Technically, within 24 hours, the market swung dramatically from "extremely overbought" to "extremely oversold":
Bulls have been completely flushed out. RSI6 is only 12.37—officially breaking below the extreme oversold threshold of 20; RSI12 is 23.65, RSI24 is 31.87. On the KDJ indicator, K is 11.11, D is 18.38, and J is -3.43—J dropping below zero is an extremely rare oversold signal. Leveraged longs chasing near $86 last night experienced nearly 100% position liquidation within hours.
Regarding moving averages, EMA5 ($79.598), EMA10 ($80.381), and EMA20 ($81.281) are all aligned bearish, with price breaking below all three short-term EMAs. $78.50 is the most critical current technical support—if decisively broken, $77-$78 and $75 will become the next targets. The first resistance lies between $80-$81, and reclaiming $83 is a prerequisite for trend reversal.
Derivatives market signals are also dangerous. High open interest means even small price moves could trigger intense liquidations. Large amounts of HYPE have been transferred to major market makers and exchanges, indicating that whales are actively adjusting positions near these highs.
💰 Fundamentals: AQAv2 Buyback Logic Remains Intact
The decline is mainly a short-term sell-off driven by "unlock fear," not fundamental deterioration:
· AQAv2 officially launched on August 26, allocating about 90% of USDC reserves' earnings to buy back HYPE. The first buyback settlement is scheduled for October 3, expected to be around $20 million. USDC reserves are valued at approximately $5-7 billion, with annualized buyback funds around $135-200 million.
· Hyperliquid's revenue in the past 7 days reached $21.45 million; after AQAv2 launch, daily revenue is expected to increase 18% to about $3.26 million.
· An institution suspected to be a16z spent $36 million (average price $81.6) in the past two days buying and staking HYPE.
🎯 Summary
HYPE's flash crash from the $86.8 all-time high to $78.5 early this morning essentially reflects a "preemptive sell-off" ahead of the $1.2 billion unlock combined with a violent technical correction after overbought conditions. The fate of $78.50 will determine the short-term direction—holding it suggests an oversold rebound with targets at $80-$81; breaking it opens $77-$75 into view.
The biggest uncertainty today is not the price itself but how much supply actually enters the market post-unlock and whether buyers can absorb it. The AQAv2 buyback narrative remains valid, but the $1.2 billion supply shock will take time to digest. Investors are advised to strictly control positions, preferably reduce leverage or observe during the first few hours today, and wait for the unlock to settle and direction to clarify before making decisions.Today, the biggest positive for BTC remains that the money hasn't left: BTC ETFs have seen net inflows for 8 consecutive full trading days, totaling about $2.8 billion, with BlackRock's IBIT absorbing about $200 million again on August 26; ETH ETFs are also maintaining strong inflows. So the medium-term trend is still bullish. But tonight at 22:00 Beijing time, Kevin Warsh will speak at Jackson Hole, while PCE remains high at 3.7%, US Treasury yields are rising again, and oil prices have rebounded 2%, making tonight the biggest single event risk window in the past week. Core trend positions can continue to be held with the trend, but betting on direction with high leverage tonight is not advisable; what really needs to be watched is whether BTC can hold above 80K–82K after Warsh's speech, and whether IBIT completes its 9th consecutive day of net inflows. $BTC $ETH $ETH Ethereum has a "deflationary mechanism"; as long as the chain is active, its recovery speed after a crash is often faster than Bitcoin. So when Bitcoin falls, you reduce your position, but when Ethereum falls, you should pay more attention to the "on-chain transaction count"—if the count doesn't drop, the value remains.
Exclusive action in emergencies: If ETH crashes more than 8% within 1 hour, do not immediately bottom-fish; instead, wait 15 minutes to see if GAS fees surge simultaneously. If they do, place a buy order 3% below the current price to catch a rebound; if not, shut down and sleep, then handle it at the next day's market open.SOL's popular numbers are not hard to read; the challenge is not to mix tone and capital direction. OKX Onchain OS recorded 25 mentions of SOL in one hour as of 00:00 on August 29, including 23 mentions of X and 2 news articles; The total volume in 24 hours was 963. The latest hour is 0.62 times the long-window hourly average, which is about 38% lower than the 24-hour average, which can be classified as "significantly slowing down." This speed describes new discussions and is not necessarily related to market fluctuations. The tone of the text is 76% bullish, 0% bearish, and neutral about 24%, currently classified as "clearly bullish dominant." 24-hour slightly bullish 63%, bearish 7%; If there is a gap between the two windows, it should first be understood as a change in discussion structure, rather than directly defering a price target. I would separate these two lines. If the tone is more frequent but the mention speed slows, it means the current discussion is more positive, but the new attention hasn't accelerated; If the mention speed increases and the bearish trend is dominant, it may be that risk or faulty news is attracting people. Even if the buzz and tone are in the same direction, it still cannot be directly equated with genuine buying. Sources are another limitation. Currently, SOL is "mainly driven by X." Social channels respond fastest, and the same topic may be retweeted; The more concentrated the source, the more it needs confirmation from the next window. An increase in news mentions does not automatically mean the event is true; the original announcement remains the final verification standard. Within 24 hours, SOL The most important development across crypto and traditional markets today isn't simply that Bitcoin pulled back from $81K. It is that the market is now repricing the path of U.S. monetary policy. Bitcoin had climbed above $81,000 earlier today reaching a three-month high before falling back below the $80K level. At the same time U.S. equities initially held firm but the reaction became more complicated after Fed Chair Kevin Warsh emphasized that inflation remains too high. That creates a very 📊 $DOGE Contract Liquidation Express (August 29)
Long positions crashed from an extreme 40x leverage down to 6.6x, with a total 24-hour liquidation exceeding $4.56 million, concentrated at 80.4%, showing a significant exhaustion of short squeeze momentum...
Time Total Liquidation Long Liquidation Short Liquidation
1 hour $76.5K $73.9K $2.6K
4 hours $1.8978M $1.8521M $45.7K
12 hours $3.6696M $3.3435M $326.1K
24 hours $4.5663M $3.9678M $598.5K
In 1 hour, longs dominated with 28x leverage controlling the market, volume at $73.9K; in 4 hours, longs surged to a peak of 40.5x leverage, volume soaring to $1.8521M; in 12 hours, longs sharply dropped to 10.25x leverage, volume surged to $3.3435M; in 24 hours, longs further declined to 6.63x leverage, with liquidations of $3.9678M versus shorts at $598.5K, totaling $4.5663M. The 12-hour liquidation accounts for 80.4% of the 24-hour total, indicating extremely high concentration—the longs completed most of the harvesting within 12 hours, with leverage falling from 10.25x to 6.63x in the following 12 hours. The long leverage plummeted from the 40.5x peak to 6.63x, showing a clear exhaustion of short squeeze momentum and accelerating convergence of long-short balance. Leverage is recommended to be compressed below 3x; although the direction is still bullish, momentum has significantly weakened, so avoid blindly chasing longs.
🔥 Market Indicator | August 29
Today's three hot topics point to the same theme: Waller's hawkish tone, AI demand spreading from hardware to software, and Bitcoin losing its price anchor after $6.4 billion options expiry—three forces confirming direction on the same trading day.
🏛️ Waller's Jackson Hole Debut: Inflation Not Down, "More Work to Do"
At 22:00 Beijing time on August 28, Federal Reserve Chair Waller delivered his first keynote speech since taking office at the Jackson Hole Global Central Bank Annual Meeting, titled "The Times We Are In." He did not directly "preview" September policy but clearly stated that the underlying trend of inflation has not shown meaningful improvement and the Fed "still has work to do." He believes the U.S. economy and labor market remain resilient, the current financial environment is hardly restrictive, and inflation remains significantly above the 2% target.
Waller also called for the Fed to be "quieter," emphasizing that market participants should not rely mainly on the Fed for their next trade. After the speech, market expectations for a September rate hike quickly intensified—Waller sent the loudest hawkish signal with a "quiet" speech.
🖥️ AI Demand Spreads from Hardware to Software: Nvidia Soars 8.74%, Software Stocks Surge
Nvidia's Q2 earnings triggered the AI market expansion. The company reported quarterly revenue of $96.2 billion, up 106% year-over-year; data center revenue of $89 billion, up 117%; and for the first time issued a 70% growth guidance for fiscal 2028. Nvidia's stock surged 8.74% in one day, adding $442 billion in market value.
AI prosperity is spreading from hardware to software. Salesforce jumped 22.58%, Okta skyrocketed 28.63%, CrowdStrike rose 20.50%. Morgan Stanley noted that the Q2 earnings season showed "almost no evidence that AI broadly impacted software revenue," with software still the fastest-growing category in IT budgets. The AI narrative is shifting from "selling chips" to "selling software"—the ultimate monetization layer of computing power is capturing the cross-layer prosperity transmission.
₿ BTC Rallies Then Pulls Back: $6.4 Billion Options Expiry, $80K Level Lost
Bitcoin touched $81,280 earlier this week but retreated under the dual pressure of the $6.4 billion options expiry and Waller's hawkish speech. On August 28, about 81,700 Bitcoin options expired on Deribit, with a notional value of approximately $6.44 billion, settling finally at $79,682.
The options expiry effectively removed the week's support for BTC near $80,000 as a safe haven flow. Coupled with Waller's speech boosting rate hike expectations, Bitcoin fell back below $80,000 and oscillated. The long-short battle at the $80,000 level paused under the dual suppression of options expiry and hawkish central bank.
💎 Summary
Three events paint the same picture: Waller paves the way for a September rate hike with "more work to do," hawkish tone confirmed; Nvidia ignites the AI rally with $96.2 billion revenue and 70% growth guidance, software stocks are capturing the computing power overflow dividend; Bitcoin loses its price anchor after the $6.4 billion options expiry, temporarily losing the $80,000 level. DOGE contract longs crashed from a 40.5x peak to 6.63x, with cumulative liquidations of $4.56 million, concentration at 80.4%, showing significant exhaustion of short squeeze momentum. When central bank tone, AI expansion, and crypto settlement converge in the same time window—the market is repricing September in the clearest way. #沃什今晚亮相杰克逊霍尔，能否明确政策框架？
#财报观察员：AI需求从硬件扩散至软件
#BTC冲高回落，期权到期放大关口博弈 On the chessboard, that K-line is like a diagonal pawn piercing through, already advanced to the opponent's secondary baseline—$80,000. The moment it broke through, the entire market's breath paused for a second. But I stared at that long upper shadow on the intraday chart, as if seeing the opponent sacrifice a seemingly fierce piece. The K33 data was no surprise: a historic single-day short squeeze. That was just a pawn crossing the river, crushing a row of paper-thin defenses, while the bulls, amid noise, burst out, entangled with the gamma effect on the options chain.
But this is where the chess insight lies. You think the short squeeze declares the king's castle secured? No, that was just a beautiful central breakthrough in the midgame, resulting in a sharp drop in futures open interest. The futures exposure is sluggish, indicating the attackers are a group of speculative geese, shooting once and changing positions. The real hunters have long set up distant nooses between the black and white squares.
You should read those $644 million worth of options expiring concentrated between 75k and 80k on Wednesday. That is not a closing bell; it is the last large-scale piece exchange before the endgame. Everyone knows where the pain points are, so they hold their positions, waiting for the other side to make a mistake. The shorts have burned out their fuel; the ETF's $192 million feels like a battering ram, injecting fresh water into this broken situation. But don't forget, water can carry a boat or capsize it—the huge profit positions are like the protected rooks on the chessboard, lurking deeper at 82k, watching intently for all the charging pawns to exhaust themselves and fall.
A true grandmaster never excitedly declares victory after sacrificing a piece to attack the king successfully. He calculates: when the echo of the squeeze completely dissipates, can the ETF's spot buying still hold firm like an iron gate against the selling pressure unlocked from the high levels? That thing called a "rebound"—will it be dragged back to hell by the K-line on the cost line, or will it be nurtured by real liquidity into a beast that crosses the midline?
No one can see through twenty moves in the countdown of a blitz game, but those who reach the endgame have long learned how to hold that elephant eye pointing at the opponent's king in the undercurrents. When the last minor piece on the board is exchanged cleanly, what remains is often only precise calculation and cold equilibrium. #BTCOptionsExpiryTest The tower crane is still rotating high in the air, yet you have already started discussing interior soft decoration styles—this is the most fatal misalignment in the current industry cycle.
My principle during blueprint reviews is: first look at the geological survey report, then the structural calculation book. The latest report cards from NVIDIA and Mywell are essentially just building material strength inspection reports. Mywell's revenue grew 37% year-over-year, and next quarter's guidance exceeded expectations—this is the factory certificate of high-strength rebar, proving that the tensile and bending indicators of this batch of steel are sufficiently impressive. But qualified building materials do not guarantee that the building can pass the completion acceptance. What truly determines whether a building can be delivered for use are the embedded pipelines, concealed works, and the load-bearing walls hidden within each floor slab. Mapped to the current market, this corresponds to order conversion and continuous monetization at the software layer.
Salesforce and Okta rising together indicates that after the main structure is topped out, mechanical and electrical installation and intelligent systems begin to enter the site. Meanwhile, CrowdStrike's net new annual recurring revenue reached $333 million, up 51% year-over-year, with full-year guidance raised accordingly—this is the sales office still queuing late at night, where the contract signing and absorption rate outpace construction progress. What is free cash flow? That is the 28-day standard curing period for concrete. Any claim of "main structure completion" before formwork removal is just using renderings to fake real photos.
The decline of Synopsys is even more thought-provoking. It represents the output value of the design institute, not the developer's cash flow. The market is switching valuation coordinates: in the past, payment was for blueprints; now, payment is only for saleable floor area. No matter how good the design fee income looks, until it converts into orders, recurring revenue, and cash inflows, it can only be counted as a proposal document, not a completion filing.
What we in this industry dislike most is mistaking drawing speed for construction progress. Hardware stacking is just the curtain wall framework, looking shiny and golden; the software layer is the elevator shaft and equipment room in the core tube—without it, no matter how tall the tower, it cannot stand. The first half is delivering cement, tower cranes, and steel supports to the site; the second half is obtaining pre-sale permits for every standard floor and smoothly processing mortgages. Right now, everyone is doing the same thing—structural verification. Using new orders and cash flow to recheck the slab reinforcement ratio once inflated by imagination.
A truly luxury home never deceives with glass curtain walls. Civil air defense projects, pile foundation bearing capacity, and whether the basement drainage pumps can automatically start on a rainy night are the touchstones at delivery inspection.
And what the market is waiting for at this moment is precisely this basic engineering acceptance record.
Don't applaud under the tower crane. First, look at the blueprint behind it to see if the fire escape is marked. #AIShiftsToSoftware $BTC The entire network is waiting for Powell's Jackson Hole speech tonight, but I think many people might be focusing on the wrong point.
What truly impacts the market may not just be "whether to raise rates in September," but how Powell defines the current inflation and the Federal Reserve's policy response framework going forward.
Currently, the U.S. economy remains resilient, and inflation is clearly above the 2% target. Powell's latest speech has already signaled a hawkish bias: if inflation cannot sustainably approach 2%, the Fed may need to take further action, and he did not provide clear forward guidance.
This is the real focus tonight:
🦅 Hawkish:
Emphasize inflation risks, keep rate hike options open → stronger USD/U.S. Treasury yields → short-term pressure on BTC.
🕊️ Dovish:
Place more emphasis on employment and economic growth, downplay inflation risks → risk assets may continue to receive support.
Moreover, BTC's return above $80K this round is indeed strongly supported by ETF funds. The U.S. spot BTC ETF has had net inflows for 8 consecutive trading days, totaling about $2.8 billion.
So what we really need to watch next is not just "rate hike or cut," but:
Whether Powell's policy framework will allow this batch of funds to stay in BTC.
If the funding logic breaks, the stronger BTC is above $80K, the more likely it is to experience severe volatility during pullbacks.
#BTC #Bitcoin #JacksonHole #Powell #CryptoCrypto demand is strong. But macro can flip the mood in minutes. Kevin Warsh didn’t need to mention Bitcoin. His inflation-focused, hawkish tone was enough to push rate expectations higher and pressure risk assets. And crypto was already sitting on crowded $80K longs. My levels: 🟠 $BTC → $79K 🔵 $ETH → $2.5K Hold them → structure stays constructive. Lose them → volatility could accelerate as leverage gets flushed. Institutional demand remains strong. But strong demand doesn’t make crypto immune📊 $APR Contract Liquidation Express (August 29)
Long positions crashed from an extreme 61x leverage down to 2.3x, with a total 24-hour liquidation amount of only $27,900, indicating a low liquidity and ineffective market...
Time Total Liquidation Long Liquidation Short Liquidation
1 hour $254.90 $254.90 $0
4 hours $6,514.44 $6,409.49 $104.95
12 hours $11,200 $11,100 $1,052.36
24 hours $27,900 $19,500 $8,472.45
In 1 hour, longs monopolized (shorts zero), with a volume of only $254, which is an ineffective scale; in 4 hours, longs dominated with 61x leverage controlling the market, volume surged to $6,400; in 12 hours, longs crashed to 10.5x leverage, volume surged to $11,100; in 24 hours, longs further dropped to 2.3x leverage, liquidations were $19,500 for longs versus $8,500 for shorts, totaling $27,900. The 12-hour liquidation accounts for 43.7% of the 24-hour total, indicating moderate concentration. The long leverage dropped sharply from 61x to 2.3x, the short squeeze momentum is completely exhausted, and the total daily volume is less than $30,000, representing a low liquidity and ineffective market with no directional reference value. Leverage is recommended to be compressed to within 3x; this coin has extremely poor liquidity and is not suitable as a trading reference.
🔥 Market Indicator | August 29
Today's three hot topics point to the same theme: Waller's hawkish tone, AI prosperity spreading from hardware to software, and Bitcoin losing its price anchor after $6.4 billion options expiry — three forces confirming direction on the same trading day.
🏛️ Waller's Jackson Hole Debut: Inflation Not Down, "More Work to Do"
At 22:00 Beijing time on August 28, Federal Reserve Chair Waller delivered his first keynote speech since taking office at the Jackson Hole Global Central Bank Annual Meeting, titled "The Times We Are In." He did not directly "preview" September policy but clearly stated that the underlying trend of inflation has not shown meaningful improvement, and the Fed "still has work to do." He believes the U.S. economy and labor market remain resilient, the current financial environment is hardly restrictive, and inflation remains significantly above the 2% target.
Waller also called for the Fed to be "quieter," emphasizing that market participants should not rely mainly on the Fed for their next trade. After the speech, market expectations for a September rate hike quickly intensified — Waller sent the loudest hawkish signal with a "quiet" speech.
🖥️ AI Demand Spreads from Hardware to Software: Nvidia Soars 8.74%, Software Stocks Surge
Nvidia's Q2 earnings triggered the AI market expansion. The company reported quarterly revenue of $96.2 billion, up 106% year-over-year; data center revenue was $89 billion, up 117%; and for the first time, it gave a 70% growth guidance for fiscal 2028. Nvidia's stock surged 8.74% in one day, adding $442 billion in market value.
AI prosperity is spreading from hardware to software. Salesforce surged 22.58%, Okta skyrocketed 28.63%, CrowdStrike rose 20.50%. Morgan Stanley noted that the Q2 earnings season showed "almost no evidence that AI broadly impacted software revenue," with software still the fastest-growing category in IT budgets. The AI narrative is shifting from "selling chips" to "selling software" — the ultimate monetization layer of computing power is receiving the cross-layer prosperity transmission.
₿ BTC Rallies Then Pulls Back: $6.4 Billion Options Expiry, $80,000 Level Lost
Bitcoin touched $81,280 earlier this week but pulled back under the dual pressure of the $6.4 billion options expiry and Waller's hawkish speech. On August 28, about 81,700 Bitcoin options expired on Deribit, with a notional value of approximately $6.44 billion, settling finally at $79,682.
The options expiry effectively removed the week's support for BTC near $80,000 as a safe haven flow. Coupled with Waller's speech boosting rate hike expectations, Bitcoin retreated to below $80,000 and oscillated. The long-short battle at the $80,000 level paused under the dual suppression of options expiry and hawkish central bank.
💎 Summary
Three events paint the same picture: Waller paves the way for a September rate hike with "more work to do," hawkish tone confirmed; Nvidia ignites the AI market with $96.2 billion revenue and 70% growth guidance, software stocks are capturing the computing power overflow dividend; Bitcoin loses its price anchor after the $6.4 billion options expiry, temporarily losing the $80,000 level. APR contracts liquidated only $27,900 all day, representing a low liquidity ineffective market, sharply contrasting with the massive funds in the three main themes — capital is accelerating concentration into top assets. When central bank tone, AI expansion, and crypto settlement converge in the same time window — the market is repricing September in the clearest way. #沃什今晚亮相杰克逊霍尔，能否明确政策框架？
#财报观察员：AI需求从硬件扩散至软件
#BTC冲高回落，期权到期放大关口博弈 $ETH Wash's hawkish speech has a greater short-term impact on Ethereum, but the long-term narrative is more complex. Simply put: more pain in the short term, potentially greater opportunities in the long term.
The specific differences are reflected in these three points:
· Heavier short-term selling pressure (leverage liquidation risk): Ethereum's on-chain staking and DeFi ecosystem are sensitive to price. During a crash, the cascading effect of liquidating collateral is more severe than Bitcoin. Additionally, institutions like Grayscale have higher ETH holding costs, so selling pressure during price volatility is noticeably greater than Bitcoin.
· "Digital oil" logic impaired: If Wash maintains high interest rates, it will suppress corporate IT spending and on-chain activity (Gas fees, new project financing). This directly undermines Ethereum's short-term practical value as a "settlement layer" more than Bitcoin's "digital gold" safe-haven logic.
· Long-term "turnaround" potential: If high interest rates eventually trigger a recession and the Fed is forced to cut rates early, Ethereum's resilience often exceeds Bitcoin's. Once liquidity expectations reverse, capital tends to favor high-growth assets like ETH, usually resulting in a stronger rebound.$BTC Wash turns hawkish, 80,000 level lost
Federal Reserve Chair Wash stated at the Jackson Hole annual meeting that inflation "still has work to do," with the probability of a September rate hike soaring from 35% to nearly 56%. BTC responded by dropping below 78,000, down about 3.2% in 24 hours, with a total liquidation of $369 million across the network.
Interestingly, BTC once surged to 81,280 intraday, indicating bulls tried to attack, but Wash's words immediately extinguished that. The core contradiction is — this rebound from 64,000 to 80,000 was originally betting on the Treasury buying back long bonds to force the Fed to pivot, but Wash completely ignored this.
Short-term direction is clear: hawkish expectations remain, risk assets are under pressure, and chasing longs has low cost-effectiveness.
📈 Key levels:
🟢 Support: 77,000-77,500
🔴 Resistance: 80,000-81,000
⚠️ Risk level: 75,500, break below to watch 74,000
🧠 My thinking: Hold the base position. This is Wash's first hawkish move in 100 days since taking office, and the hawkish stance is unlikely to reverse in the short term. Wait for a pullback and stabilization before acting, no catching falling knives.
#沃什今晚亮相杰克逊霍尔，能否明确政策框架？ Talking about $SOL: It has never lacked traffic, but it lacks long-term value that can be retained.
Whenever market risk appetite rises, $SOL often reacts faster than $BTC and $ETH; but when the market weakens, its pullback is equally obvious.
Its advantages are clear: high performance, low fees, with real users in DEX, stablecoins, Meme, and consumer-grade applications. New clients like Firedancer are also improving past market concerns about network stability and client centralization.
But the problems cannot be ignored:
Currently, a lot of trading volume, fees, and new users still heavily rely on the Meme craze. High activity ≠ high-quality growth.
So what’s truly worth watching in the future is not whether SOL can continue to ride the hype, but:
• Whether the stablecoin scale can continue to grow
• Whether non-Meme applications can contribute more revenue
• Whether institutional funds can form sustained inflows
If these three points improve simultaneously, SOL will have the chance to move from a “high-volatility asset in a bull market” to a true infrastructure for trading, payments, and asset issuance.
#SOL #Solana #CryptoSpending $18 billion on a settlement, the stock price actually rose, and the market thinks this deal is not a loss.
Meta spent $18 billion to settle a lawsuit over teenage addiction that could have triggered a sky-high fine. Once the news broke, the stock price rose more than 4% in pre-market trading.
Because the worst-case scenario was far scarier. Meta itself estimated that if it lost, fines from just 4 states could reach $1.4 trillion, almost equal to the company's market value. Citibank said the $16.7 billion is "far below the initial $200 billion or even $1.4 trillion demand," and the market thinks dismantling this "nuclear bomb" was well worth it.
Besides paying money, Meta must also make changes for underage users: a default daily usage limit of 2 hours, account lock from midnight to 6 a.m., and teenage data cannot be used to train AI models. Citibank believes the impact is controllable because teenage users account for less than 1% of Meta's business, and their average daily usage was only about an hour anyway.
But the risk is not over. This time only dismantled the joint lawsuit from 29 states; there are still over 4,300 family and individual lawsuits pending. What the market accepts is that the "uncertain nuclear bomb" has turned into a "certain bill," and how things proceed next is the real test.
#Meta巨额和解后股价走高，风险定价重估 BTC 77573, down 1% today, just dropped from 81500.
The news is not about a drop, but about digesting the rapid rise: from mid-August, it surged from 63,000 to 81,000, a weekly increase of 14,775 USD, the highest weekly gain in USD terms in history. The US spot ETF has been attracting inflows for 8–9 consecutive days, totaling about 2.8 billion USD, with August expected to be the strongest inflow month since the peak in October 2025. BlackRock IBIT is the major player.
85% of the liquidations during the rise were shorts, with the single-day short liquidation on August 19 being the largest since 2019.
Currently stuck between two liquidation walls: above, 81,000–86,000 is a dense supply and short position zone; below, breaking 76,000 would trigger strong long liquidations on mainstream CEXs, about 797 million.
ETF average holding price is still around 84,000, so they are still at a loss at the current price. Institutions are buying, but that doesn't mean 81,000 can be broken through in one go.
76,000 is the long cliff, 81,000 is the short fortress. Let's see which breaks first. WARSH DIDN’T SAY “BITCOIN.” THE MARKET HEARD IT ANYWAY. Kevin Warsh didn’t have to mention $BTC. He sounded firmly focused on inflation, warned that the Fed may still have work to do if prices aren’t moving back toward 2%, and risk assets sold off. That’s a hawkish message. And crypto just happened to be sitting on a crowded pile of $80K longs when it landed. So the reaction wasn’t necessarily about Bitcoin. It was about rates, liquidity, leverage, and positioning. $BTC → $79K $ETH → $2.5K Hold $BTC Wash delivered an important speech about the Federal Reserve and the economy.
The short-term impact on Bitcoin is somewhat "bearish" or "volatile," but the medium to long-term logic may actually strengthen. The core reason is that he sent a strong "hawkish" signal:
· Rising expectations for rate hikes: Wash bluntly stated that inflation is more stubborn than imagined, implying that interest rates need to remain high for a long time and may even continue to rise. This directly pushes up the dollar and U.S. Treasury yields, which is direct pressure on risk assets (including Bitcoin).
· Concerns about liquidity tightening: He advocates slowing the pace of rate cuts. Without liquidity easing, assets sensitive to funding conditions like Bitcoin will find it difficult to surge immediately, and market sentiment will lean toward risk aversion in the short term.
However, there is no need to be overly pessimistic in the medium to long term because Wash's views simultaneously reinforce two core narratives for Bitcoin:
· "Fiat credit" hedge: He criticizes the Fed's policy inconsistency, which actually exacerbates market concerns about the stability of the dollar system. Bitcoin’s role as a decentralized asset with "institutional hedge" attributes will be reexamined.
· "Digital gold" logic: If interest rates remain high for a long time, triggering economic recession concerns, Bitcoin’s "hard currency" narrative (similar to gold) may actually benefit in the later stages of risk-averse capital allocation.$TRUMP at $2.8, do you want to chase it?
First, look at the surface: a 160% increase in 10 days, retail investors crazily chasing and shouting "Trump bull."
Bottomed at 1.37 on August 13, then a violent surge, reaching a high of 3.6 within 10 days, a 170% increase. White House crypto summit, CLARITY Act mentioned, and "new coin" rumors triggered FOMO.
RSI overbought, CCI high, abnormal volume expansion, high-level oscillation after an overheated rebound.
First thing: "new coin" rumor pumps the price, after debunking, they sell off — the script is too familiar.
An account leaked "Trump is issuing a new coin," spot price jumped from 1.4 directly to 3.6, retail investors FOMO rushed in. Eric Trump then clarified: no new coin, what’s being issued is a scam. Price immediately fell.
Rumor pumps, debunking sell-offs, this assembly line has run countless times on this coin. Retail investors are still rushing "Trump bull," while internal linked wallets have already transferred tokens to OK for cashing out millions of dollars.@天才少女秋秋 This livestream did not provide a mechanically replicable one-sided route; instead, it fully exposed the most easily overlooked issues in high-volatility trading: the right direction can be temporarily corrected, but the account can still lose control by chasing gains, selling lows, increasing positions, and treating others as "contrarian indicators." Around SanDisk, BTC, and ETH, bullish and bearish judgments frequently switched, and profits and losses reversed in a very short time. What is truly worth keeping is not a single call to go long or short, but how to avoid dragging a short-term trade into a do-or-die situation. The most discussed in the live stream was SanDisk. At that time, she regarded the 1400 area as an important observation area, with the market repeatedly pulling around 1480 to 1500. Some believed the four-hour structure still seemed like a slow downward trend, with previous highs not effectively broken; Others try to buy low positions after a rapid pullback, planning to exit in batches when the rebound hits around 1450 or 1500. Neither view is unconditionally valid: if the 1400 level remains below 1, the bulls' buying logic needs to be withdrawn; If the price stabilizes between 1480 and 1500 and forms higher lows, bears cannot continue to rely on intuition to reach the top. The problem is that actual operations on site are far more chaotic than this framework. Some people went long but then switched to short, chasing a rapid rally, then adding margin when pullbacks; Others originally had floating gains but ended up in a passive position again because they did not set an exit position in advance. Qiuqiu also mentioned that with the weekend approaching and liquidity possibly declining, she originally planned to handle positions before the close or funding rate node. This detail is comparable to "rising to 200 next month."Wash released a more hawkish-than-expected signal at Jackson Hole, stating that inflation has not substantially declined, maintaining the 2% inflation target, and not ruling out further rate hikes; expectations for rate cuts within the year have basically evaporated.
The bond market curve quickly flattened, with short-term yields rising, reflecting increased short-term rate hike risks, while the long end declined, indicating market concerns about the long-term U.S. economy.
Outlook:
1. BTC is under short-term pressure; high interest rates suppress risk asset prices, with intensified oscillation around 80,000 points, first watching support at 79,000-79,500; spot ETF inflows form a bottom support, prioritize avoiding high leverage, and do not chase highs.
2. ETH follows BTC under pressure, with clear sector differentiation; AI computing power and DePIN show resilience, while pure MEME coins face heavy selling pressure.
3. Gold is temporarily suppressed by rate hike expectations but supported by geopolitical risks, making a sharp drop unlikely; it will maintain a wide range of high-level oscillation.
Overall, it is just a delay in easing, not a major bearish factor. Short-term volatility will increase; a prudent approach is to reduce leverage, realize some profits, and wait for sentiment to settle before entering the market again.
(Disclaimer: The above is only market opinion and does not constitute investment advice) #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ #财报观察员：AI需求从硬件扩散至软件 #BTC冲高回落，期权到期放大关口博弈 $BTC $ETH $SNDK $SOL This time, it might really start "deflation".
Solana has completed its first official on-chain governance vote, and it's not just minor tweaks.
Three proposals, all targeting one core: to redo SOL's token economic model.
If finally approved, the daily burn amount of SOL could increase by up to about 14 times, while the annual new issuance continues to decline.
In plain language:
One of the biggest controversies about SOL used to be that its issuance kept increasing, and the more prosperous the ecosystem, the harder it was to ignore the selling pressure.
Now they are starting to reverse that.
Reducing new supply on one side, increasing burns on the other.
If demand continues to grow, the supply-demand structure of SOL will change significantly.
Even more aggressively, SIMD-0437 has already entered the testnet.
The goal is to cut account storage costs directly by 90%, reducing account creation fees from about $0.16 to about $0.016.
What does this mean?
Solana not only wants to make SOL more "scarce," but is also desperately lowering the entire network's usage threshold.
One is responsible for reducing supply,
one is responsible for expanding usage.
If both happen simultaneously, the real story of SOL might no longer be just "another public chain."
But rather:
Ecosystem expansion + cost reduction + supply contraction.
Of course, whether the governance votes can all be implemented is the key.
But at least one thing is already very clear:
Solana is actively modifying its economic model.
This time, SOL is worth it $ETH Ethereum is now riskier than Bitcoin but also holds greater opportunities:
1. Decoupling trend: Bitcoin is rising, Ethereum is "bleeding"
In the screenshot, BTC is still at $77,802, but the ETH/BTC rate has recently dropped below 0.038, the lowest point since 2021.
· Bitcoin relies on the "digital gold" narrative, with institutions buying in with real money through ETFs.
· Ethereum relies on the "on-chain ecosystem" expectation, but now Gas fees have dropped below 2 Gwei, on-chain transaction volume is shrinking, and without application demand support, the price is like a castle in the air.
This leads to a harsh reality: when BTC rises 1%, ETH may only follow 0.3%; when BTC falls 1%, ETH will fall 2%.
2. Holding structure: whales are selling, retail investors are buying
On-chain data shows that in the past 30 days, addresses holding more than 10,000 ETH have decreased by 12%, while addresses holding 100-1,000 ETH have increased. This means:
· Large holders are distributing chips to retail investors, which is a typical distribution phase.
· At the same time, the funding rate for Ethereum futures has turned negative, indicating that shorts are dominating the market.
In your screenshot, BTC's "SUPERTREND" is still at 72,624, but Ethereum's similar indicator has long broken key support — technically much weaker than Bitcoin.The $ETH Get-Rich-Quick Story
Everyone has heard the legend of getting rich overnight with ETH, but few see the countless casualties behind that wealth.
In 2014, Ethereum's ICO priced ETH at just $0.31 each. Early participants who invested a few hundred dollars and endured multiple bull and bear cycles could see their holdings grow to millions. Wallets dormant on-chain for years can easily hold millions of dollars—this is the most enticing myth in the crypto world.
At the time, no one really understood the whitepaper written by Vitalik. Most people thought Ethereum was a scam project. Those who dared to join the ICO were either geeks or gamblers. Holders witnessed returns of dozens to thousands of times; but the vast majority of early participants panicked and sold after just a few multiples, perfectly missing out on the subsequent massive rallies.
There are two types of getting rich.
One is holding spot assets without leverage or fuss, enduring crashes, hacker attacks, and regulatory crackdowns, leaving the wallet untouched for over a decade. Time turns small money into huge fortunes. But this kind of wealth requires withstanding 90% drawdowns; during bear markets, the value plummets beyond recognition, and everyone around tells you the project is dead—you still have to hold on. Ordinary people simply can't endure it.
The other is contract-based wealth, which comes fast and goes even faster.
In a bull market, ETH surges, and with leverage, accounts can double in days, instantly fueling dreams of financial freedom. But ETH can turn on a dime—one moment soaring, the next a massive bearish candle wipes out all leveraged longs. Many have made millions from ETH, but greed keeps them from cashing out. One countertrend hold can liquidate all profits and principal at once.META JUST WROTE A $17B CHECK — AND SOMEHOW, NOBODY WON. 👀
The settlement sounds huge. But is it actually changing anything?
My take: this feels more like political theater than a real solution.
$1.7B a year is basically a rounding error for Meta. Lawyers get paid, 47 AGs get a headline, everyone declares victory… but are kids actually safer?
Look at Australia. Social media was banned for under-16s, yet teen usage reportedly went up. .
#DailyOrbit What makes Wash most hawkish is not just the phrase "there is still work to do," but his refusal to tell the market the next step.
With the Jackson Hole speech delivered, the market finally understands Wash's policy logic: the 2% inflation target will not be compromised, but the future interest rate path will not be revealed in advance.
PCE year-on-year at 3.7%, 6-month annualized at 4.1%; in the past 6 months, 49% of PCE components have annualized increases exceeding 3%. Meanwhile, he believes the labor market is close to full employment, and current financial conditions can hardly be called "restrictive."
The result is straightforward: after the speech, the market's pricing for a September rate hike quickly rose from about 35% to over 55%, the 2-year US Treasury yield surged to a one-month high, and the dollar strengthened simultaneously.
BTC then fell steadily from above $81,400, once dropping below $78,000.
The real bearish factor this time is not "immediate rate hikes," but the dashed hopes of rate cuts, with rate hike risks back on the table.
Next, BTC will first test whether $78,000 can hold, with the $80,000–$81,500 range becoming a renewed resistance zone.
Liquidity declines over the weekend; guess less about direction and wait more for structural confirmation. Wash gives no answers, so the market can only find answers through price itself. $BTC #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ Regarding the rate hike signal released by Federal Reserve Chair Wash at the Jackson Hole Global Central Bank Annual Meeting
The core can be summarized as: this is a clear-cut, condition-specific "hawkish" policy declaration. Essentially, it is the Federal Reserve's expectation management to defend the 2% inflation target credibility under the current complex economic situation.
🎯 Event background: from "rate cut mission" to "rate hike signal"
Wash succeeded Powell as Federal Reserve Chair in May 2026. The market initially thought he might continue the rate cut stance, but he faced inflation above the 2% target for more than five consecutive years after taking office. Therefore, he released a hawkish signal in his "debut" at Jackson Hole, marking a major policy shift.
📝 Core content: the three pillars of "hawkishness"
Wash's speech built his hawkish stance through three key points:
· Firm defense of the 2% target: clearly stated that the 2% inflation target is "firm, fixed" and not subject to change, directly responding to market speculation about a possible target adjustment.
· Deep dissatisfaction with the current situation: believes inflation data "has not told me that the underlying trend of inflation has substantially improved"; and pointed out that the current financial environment is "hardly restrictive enough," meaning existing policy strength is insufficient to curb inflation.
· Clear conditions for rate hikes: set clear conditions for rate hikes: unless policymakers are confident that inflation is "declining at a clear and sufficiently fast pace" toward 2%, the Federal Reserve "still has work to do." This was widely interpreted by the market as a clear signal of rate hikes if necessary.
📈 Immediate market reaction: expectations quickly adjusted
After Wash's speech, the market reacted swiftly:
· Rate hike probability soared: the probability of a 25 basis point hike at the September FOMC meeting once rose to about 50%, with some forecasts even exceeding 50%.
· Bond and currency market volatility: the two-year U.S. Treasury yield sensitive to policy jumped 10 basis points intraday; the dollar strengthened, and the Bloomberg Dollar Spot Index rose to a more than one-week high.
· Commodities suffered: spot gold turned down due to the stronger dollar and rising rate hike expectations, with a drop exceeding 2% at one point.
🤔 In-depth analysis: Wash's "cautious hawkish" game
A deeper analysis reveals this is more like a carefully calculated expectation management:
· Data-dependent, not a clear commitment: Wash deliberately avoided giving explicit "forward guidance," making decisions entirely dependent on future data. This is a "cautious hawkish" strategy that leaves room for flexible responses.
· Potential friction with the executive branch: his hawkish stance may conflict with President Trump, who hopes for rate cuts. This highlights the political pressure that the Federal Reserve's independence may face.
· Internal Federal Reserve divisions persist: July meeting minutes showed officials disagreed on rate hikes. Future inflation and employment data will be key to tipping the internal balance.
· Market expectations remain uncertain: market expectations are not set in stone. Before Wash's speech, due to signs of economic cooling, the September rate hike probability fell from over 70% to about 36%. Any future economic weakness signals could again weaken rate hike expectations.
💎 Summary
Wash's speech at Jackson Hole was a carefully planned policy declaration, marking a clear shift in the Federal Reserve's policy focus toward combating inflation. By setting clear conditions for rate hikes without making specific commitments, he successfully guided market expectations.
However, whether to ultimately raise rates will still depend on the actual performance of inflation, employment, and other economic data in the coming months. While the market digests this "hawkish" signal, it will also closely watch any changes in economic fundamentals.
#BTC冲高回落，期权到期放大关口博弈 Full Analysis of Waller's Jackson Hole Speech Signaling Rate Hike
Key Facts: Waller did not directly confirm a rate hike in September but fully opened the door, keeping the option to raise rates. Core statement: Improved summer inflation data does not mean a fundamental improvement in underlying inflation trends; if inflation does not fall fast enough, the Fed "still has work to do," and the 2% inflation target is non-negotiable. After the speech, the market quickly priced in: the probability of a September rate hike rose, US Treasury short-term yields climbed, the dollar strengthened, and global risk assets collectively came under pressure.
1. The Two True Meanings of the Speech
1) Hawkish bias, but not an immediate aggressive rate hike
He rejected traditional forward guidance, refusing to promise a rate path in advance, with policy fully "data-dependent".
• Persistent stubborn inflation → implement rate hikes;
• If subsequent CPI and PCE cool down again, rates can be maintained.
Key sentence: He assessed that the current financial environment does not have sufficient tightening effect, implying that the existing rates may not be enough to suppress inflation. This is the core reason the market interpreted this as a "rate hike signal."
2) Change in policy underlying logic: farewell to the Powell era of pre-communicating to the market, entering the "quiet central bank" era.
No longer pre-announcing future rates, the market loses a clear anchor, and every piece of US economic data will amplify market volatility. Going forward, volatility in both US stocks and crypto will rise.
2. Transmission Logic to Various Assets
1) Cryptocurrencies (BTC, ETH)
1) Opportunity cost rises: US Treasury yields rise, making holding non-yielding crypto assets less attractive, risk appetite contracts, and rallies easily trigger sell-offs, which was the macro trigger for BTC's rapid plunge after hitting 81520.
2) Differentiation among assets: BTC has ETF institutional buying support, so its decline is controllable; ETH, with higher beta and more speculative leverage, experiences a more significant pullback, matching tonight's market performance.
3) Not a trend bear market signal: The speech only suppresses valuations. The truly destructive blow would be actual rate hikes combined with continuous ETF net outflows. Currently, it is just a cooling of risk appetite.
2) US Tech Stocks (NVIDIA, SK Hynix, etc.)
AI and memory growth stocks are highly sensitive to rates. Higher forward rates reduce the valuation of future corporate cash flows.
Short-term pressure on the sector; however, Waller also acknowledged strong US economic resilience, and as long as corporate earnings continue to beat expectations, rate headwinds will be offset by earnings.
3) Commodities and Gold
Rising real rates put pressure on gold prices; oil prices should also be watched, as persistent inflation stickiness could further limit commodity upside.
3. Key Upcoming Observation Points (Deciding Whether a Rate Hike Will Actually Occur)
1) September nonfarm payroll and PCE inflation data, the most important basis for Waller's decision. If data rebounds, the probability of a September hike will continue to surge.
2) September 17 Federal Reserve meeting. The market currently prices a 50% chance of a September hike, a coin-flip scenario.
4. Subsequent Impact on Crypto Market
1) The macro environment has changed: the market has shifted from expecting "quick rate cuts" to "high rates maintained longer, with the possibility of one more hike."
Therefore, it will be difficult for the market to sustain a one-sided rally; rallies followed by pullbacks and wide oscillations will become the norm.
2) Key dividing lines:
BTC: short-term support at 77880, lifeline at 74800;
ETH: short-term support at 2440, lifeline at 2240.
Holding support means consolidation; if rate hike expectations intensify and the lifeline is effectively broken, a medium-term correction officially begins.
3) Weekend liquidity is poor, spikes are unreliable, and trend confirmation requires institutional funds returning on Monday.
Summary
Waller's speech is a "warning hawkish" stance, not a nailed-down rate hike decision.
Core purpose: to warn the market, suppress asset overheating, while retaining policy flexibility, leaving everything to subsequent economic data.
Short-term pressure on risk assets brings pullback pressure; but the real damage depends on future inflation data and whether a rate hike is implemented in September. One speech alone cannot determine a full market bear turn.
#BTC冲高回落，期权到期放大关口博弈 $BTC tagged levels it had not held since mid May, then faded.
That was the whole day. A spike into the $81.3k–$81.5k area, traders tried to treat it like confirmation, then the bid disappeared into the afternoon. Price spent the rest of the session chewing on ETF flows and Warsh. By the close of the chaos it was back toward $80k and through it, with the day’s range stretching from the low $77ks up to $81.5k depending on the exchange.
That is not a clean trend day. That is a $4,000 range on a Fed Friday.
The reclaim was real. Mid-May prices came back on the board. The hold was not. ETF inflows were still green into yesterday and that did not stop the fade once hike odds jumped. Speech first, leverage second, $80k third.
So the useful read is the range, not the high.
$81.5k was the trap for anyone who needed the breakout to be done.
The low $77ks was the flush.
Everything between those two numbers is the market digesting.
Until $BTC can live above $80k again instead of just visiting it, mid-May was a tour, not a homecoming.
$BTC $BTC briefly looked like mid-May again. Then it didn’t.
The high of the day printed in the $81,330–$81,500 zone depending on the venue. That was the reclaim. Prices last seen in mid-May came back on the screen, $80,000 looked broken to the upside, and for a moment the tape felt decided.
It was not.
Into the afternoon the market had to digest two things at once: still-green ETF flow and Warsh at Jackson Hole. Spot Bitcoin funds had just taken in $242.3M on Aug 27, a ninth straight inflow day, part of a seven-session haul around $2.5B. That bid was real. It also was not enough to keep $81k alive after the chair sounded tight on inflation and September hike odds jumped from about 35–40% to the 50–55% zone.
So the fade started.
$80,000 failed. Price slipped through $79k, then through $78k. Latest looks sat around $77,900, with the day’s low stretching into the low $77ks on some exchanges. From the high, that is a $3,500–$4,000 range in one Friday. Stairs up into $81.5k. Elevator back toward $77.5k–$77.9k.
$ETH told the same story with less room. High near $2,535, $2,500 lost, last around $2,400–$2,434, session low near $2,406. $SOL faded toward $105 after tagging $110 earlier. About $300M in longs got cleaned in the flush. That is what “digesting the speech” looks like when the book is crowded.
The range is the data.
High: $81.3k–$81.5k
Low: low $77ks
Last: around $77.9k
ETF: still green into yesterday
Macro: hike odds up after Warsh
Mid-May levels got visited. They did not get kept. Until $BTC can reclaim $80,000 and stay there, this was a tour of the old high, not a new floor.
$BTC $ETH $SOL $104 worth of $SOL, are you planning to add to your position? Short-term looks at technicals, mid-term at fundamentals, long-term at deflationary reforms.
📊 Short-term technicals: Key level, intense battle
$SOL just broke out of months-long consolidation and is currently at a critical point.
· Key support: 97 is the core area where previous resistance turned into support; if lost, the breakout may fail; $104 is the recently broken Fibonacci resistance that needs to hold.
· Upside target: If it can hold, 120-$129**. But RSI is near overbought (79), so watch out for a short-term pullback.
🏗️ Mid-term fundamentals: Mixed signals
Institutions like Galaxy Research point out that $SOL is in a "transition period."
· Concerns: Revenue still heavily reliant on Meme coin speculation (Pump.fun contributes 32% of fees), DEX trading volume down 31% month-over-month, showing clear cyclicality.
· Positive signs: Network has had zero downtime for 8 consecutive quarters; RWA (exceeding $2.5 billion) and stablecoin ecosystems are expanding, diversifying the capital base.
🚀 Long-term catalysts: Reforms set the ceiling
Standard Chartered Bank projects a $2,000 target for $SOL by 2030 but emphasizes the condition that the network must move away from "Meme-driven" dynamics.
· Key votes: The market is closely watching two governance proposals (SGP-0002/0003) aimed at reducing $SOL inflation and burning more fees. If passed, this will more directly link network activity to coin price, a crucial step toward deflation.
Conclusion: Set stop loss at 96-97. For mid- to long-term adding, it is recommended to wait for a pullback to test support or for governance proposal outcomes to clarify the trend before deciding.
If you decide to participate, would you set your stop loss at $96 or be more aggressive? #BTC冲高回落，期权到期放大关口博弈 Bitcoin On-Chain Data Summary (Late August 2026)
Bitcoin recently rebounded from around $63,000 to the $77,000–$80,000 range before pulling back. On-chain indicators overall show the market recovering from a previous oversold state, with the structure becoming healthier, but upward resistance is evident.
Valuation and Profitability: MVRV is about 1.5, in a neutral range; NUPL is about 0.34, entering the "hope" phase. Most holders have turned profitable, SOPR is near 1, indicating long-term holders are taking phased profits.
Holder Behavior: Long-term holder supply previously decreased by about 356,000 coins, with synchronized accumulation recently seen across wallets of various sizes. Approximately 8% of circulating supply is concentrated in the $80,000–$82,000 range, forming a dense "supply wall" overlapping with ETF cost basis, creating strong resistance.
Capital Flow#: Realized market cap net position turned positive for the first time in nearly 3 months (about +0.21%), demand/new supply ratio rose above 2.5x, though intensity remains historically low. US spot ETFs have seen consecutive days of net inflows (over $2 billion in a single week), becoming a key support.
**Network Health**: Hash rate remains high, active addresses rebound with the price recovery, network operation is stable.
**Overall Assessment**: On-chain signals are slightly neutral to bullish—capital flow is improving, institutional buying is active, profitability structure is recovering, supporting the rebound foundation. However, dense supply at high levels and profit-taking pressure limit upside space, and demand intensity has not fully erupted. If key support holds and the $80,000 resistance is broken, continuation is possible; otherwise, a retest of lower cost zones may occur.
$BTC $BTC $ETH
Walsh's speech tonight did not directly set the tone for a September rate cut, but the attitude remains cautious, causing market expectations for Federal Reserve policy to fluctuate again.
The core issue is still inflation— as long as inflation does not stably return to 2%, the room for rate cuts will be limited.
I believe the recent BTC rise is not necessarily entirely due to rate cut logic; it is more likely that after the high-level divergence of tech stocks, some funds have started seeking new risk assets.
BTC's surge and pullback combined with options expiration may continue to amplify short-term volatility.
Next key points to watch: inflation data + Federal Reserve statements + ETF fund flows.
#BTC #ETH #FederalReserve #JacksonHole Not running
Just not running
Isn't this wave of the dog whales just sweeping liquidity downwards?
In the past 24 hours, the entire network liquidations reached $488 million
Long positions liquidated $362 million
Short positions only liquidated $126 million
That batch of high-leverage long positions below
Has already been cleared out in a big round
$ETH dipped as low as around 2405
Now it has pulled back above 2440
What am I afraid of?
Still bullish
78 ETH long positions
Average price 2357
Unrealized profit has already reached 6800U
Having held on this far
And you still want to wash me out?
Dream on
No one knows this market better than me
At least at this moment, that's true hahaha
——
In 24 hours, it dropped from 2535 to 2405
After the spike down, it hasn't made new lows for now
2405 to 2410 is the immediate defense zone
If it holds, first watch 2470
Then watch 2525 to 2535
Breaking through 2535 again
Will mean this round of sell-off is fully recovered
After that, we can continue to watch 2600
Warsh's speech is overall hawkish
Inflation is still above the 2% target
The macro environment is not friendly to risk assets
But after the bad news settled, ETH still pulled back
This shows there is still capital absorbing below
In my eyes, this is liquidity sweeping
Whether it’s completely cleaned out
Depends on whether 2405 can hold
——
$OKB this wave looks more like a high-level cooldown
Not broken down yet
Short term focus on 108 to 110
If it holds, there’s a chance to test 114 to 115 again
Only after breaking 115
Does it qualify to push on to 120
Recently OKX’s Flash Earn event also supports participation with OKB
The platform continues to add use cases for OKB
Plus the total supply fixed at 21 million
The mid-term logic remains
What’s missing now is renewed volume
——
$SNDK is now around $1482
Intraday low 1437
High 1516
Today basically oscillating around flat
Mainly dragged down together with the AI hardware sector
Not because the company suddenly had major bad news
Latest quarterly revenue $8.97 billion
Up 51% quarter-on-quarter
Data center business up 437%
The company also added $14 billion in buybacks
Fundamentals are indeed strong
Short term must not lose 1435 to 1450 area
Upward first watch 1515 to 1520
If broken through, trend continues
If it falls below 1435, beware of a deeper pullback
——
This ETH round is first long positions liquidated
Then sweeping liquidity below
As long as 2405 doesn’t break
I will keep looking for it to close higher
But this is just my position
Don’t copy 100x leverage
I’m crazy enough already
#沃什今晚亮相杰克逊霍尔，能否明确政策框架？
#财报观察员：AI需求从硬件扩散至软件 In essence, stock and crypto trading involves rising prices to enable better declines, and declines to enable better rises.
Interest rate hikes won't cause continuous declines, and rate cuts won't cause continuous rises.
You can compare the trend during the rate hike cycle from 2022.3.19 to 2023.7.26.
This rate hike cycle will be shorter; in fact, after the hike on September 16 this year, it's very likely that rates will remain steady, then rate cuts will begin next year. Actually, monetary policy is gradually losing effectiveness, and the Fed is now constrained on all sides.
If the market ultimately confirms only one rate hike, the trading structure is likely to be: first a sell-off during the formation of rate hike expectations → continued volatility after the FOMC announcement → once it's confirmed that hikes won't continue, risk assets will start pricing in the next round of rate cuts in advance. Why has $ENA suddenly become so strong this wave? 👀
I've always thought that ENA is the type of altcoin that is relatively easy for capital to focus on during altcoin market trends.
It has liquidity, heat, a strong narrative, and most importantly, high price elasticity. Once the market spreads from BTC to altcoins, capital often prioritizes seeking these high Beta targets.
Recently, Ethena added another catalyst for ENA:
The foundation handled part of the early investors' locked tokens and plans to reduce the selling pressure from subsequent VC unlocks; meanwhile, it is promoting the use of protocol revenue for ENA buybacks. After the announcement, ENA surged more than 25% in the short term.
So now, looking at ENA, it's no longer just about USDe's growth logic.
If $BTC can continue to hold the $78K–$82K range steadily, and market capital further spreads to altcoins, then tokens like ENA with high liquidity and high elasticity may still become key focuses of capital rotation.
Of course, after a strong rise, volatility will also significantly increase, so don't equate "strong narrative" directly with "guaranteed rise."
$BTC