⚡ Event Flash
On August 22, 2025, U.S. time, at the globally watched Jackson Hole annual meeting, Federal Reserve Chairman Powell delivered a key speech on monetary policy. The market widely interpreted it as a more 'dovish' signal than expected, hinting at the possibility of future rate cuts, instantly igniting the risk asset market, with Bitcoin and Ethereum surging in response, leading to over $320 million in short positions being liquidated in the crypto derivatives market in a short period.

🔍 Core Interpretation
This event is a perfect case of how macroeconomics directly manipulates crypto market sentiment.

  1. Expected Reversal: Before the speech, there was widespread tension in the market, with concerns that Powell would release hawkish signals to combat inflation, leading to a premature decline in the crypto market. However, the wording in the speech regarding “cautious action” in future policy and hinting at the possibility of interest rate cuts completely reversed market expectations.

  2. Classic Short Squeeze: When the mainstream market bets on a decline (establishing short positions), an unexpected piece of good news can cause prices to surge rapidly. This forces short sellers to buy back to cut losses, further driving up prices, which in turn triggers more shorts to be liquidated, creating a waterfall-like increase. The $320 million in liquidations illustrates just how pessimistic the market was before.

⛓️ Chain Reaction
Powell's speech once again reinforced Bitcoin and Ethereum as **'macro assets'**. Their short-term price fluctuations are no longer driven solely by narratives within the crypto field, but are highly linked to macro indicators such as global liquidity and interest rate expectations. When the Federal Reserve releases easing signals, it means there will be more 'water' in the market, and investors are more willing to allocate funds to high-risk, high-return assets like Bitcoin. This surge is essentially a liquidity expectation frenzy triggered by the world's highest-level central bank.


One word from Powell is enough to stir up the winds and clouds, once again proving that the crypto market is still deeply influenced by macroeconomic factors. Do you think this 'reliance' on Federal Reserve policy is an inevitable path for crypto assets to mature and integrate into the mainstream, or is it a sadness that goes against their original intention of being 'independent currencies'?
#币圈速报 #宏观经济数据 #杰克逊霍尔会议