🌐 Global Overview
In the past 24 hours, the crypto market saw a widespread increase. The total market capitalization of cryptocurrencies surpassed $4.1 trillion, reported at $4.125 trillion before publication, with a 24-hour increase of 5.4%. The active market trading saw a 24-hour trading volume close to $195 billion. Ethereum (ETH) price surged and set a new historical high, making it the most notable event in today's market.
⚡️ Core Asset Dynamics
· ETH: Showed extremely strong performance, reaching a high of $4,881.50 today, setting a new historical high, currently reported at $4,867.84, with a 24-hour increase of 5.45%. This breakthrough surpasses the previous high in November 2021, with the main driving factors including the Fed's shift to dovish expectations, continuous inflow of institutional funds through the spot ETF, and strategic large-scale increases in corporate treasury holdings of ETH.
· BTC: Also rose, reaching a high of $117,302.3, currently reported at $116,798.6, with a 24-hour increase of 0.36%. Although the increase is not as much as ETH, it remains stable.
📊 Sector and Stock Performance
Driven by the strength of ETH, other mainstream cryptocurrencies also generally rose:
· SOL and DOGE rose by 11%
· Lido Staked Ether (STETH) rose 15.3%
· XRP rose 7.5% to $3.08
· BNB rose 7.2% to $894.76
· Cardano (ADA) rose 9.8% to $0.9334
🌍 Macro Influencing Factors
Today's strong market performance is mainly driven by a shift in macro policy expectations.
Federal Reserve Chairman Powell released dovish signals at the Jackson Hole seminar. He stated that the current restrictive policy stance may need to be adjusted based on economic risk balances and emphasized that a stable unemployment rate provides space for policy adjustments. This statement raised the market's expectation probability of a 25 basis point rate cut by the Fed in September to 89%. The prospect of liquidity easing has significantly boosted the demand for risk asset allocation.
🏦 Fund Direction and Institutional Behavior
· ETF Fund Inflows: Ethereum spot ETF has become an important channel for traditional capital. Data shows that the total assets under management of US Ethereum spot ETFs have surpassed $12.12 billion. Among them, BlackRock’s (IBIT) ETH ETF once set a record of $640 million in inflows in a single day, and Fidelity (FETH) also occupies a significant market share. Notably, the inflow of funds into Ethereum ETFs has been significant recently, with the corporate investment attracted in the past six weeks exceeding the total of the previous 12 months.
· Corporate Treasury Increases: Public companies are expected to continue increasing their ETH holdings as treasury assets. As of August 23, the total value of related companies' ETH holdings has reportedly surged to $31 billion.
⚠️ Risk Warning
Despite the strong market performance, potential risks still need to be monitored:
· High Leverage Risk: Severe price fluctuations have exacerbated liquidations in the derivatives market. In the past 24 hours, the total liquidation amount across the network reached $694 million, affecting over 160,000 people. Among them, short liquidations amounted to about $470 million, while long liquidations were about $230 million. This serves as a reminder for investors to use high leverage cautiously.
· Policy Expectation Dependency: The current market uptrend is highly correlated with Fed rate cut expectations. If future economic data or Fed statements deviate from current market expectations, it may trigger severe volatility.
💡 Trader's Perspective
Ethereum reached a historic high today, mainly driven by the Fed's dovish turn, substantial inflows of institutional funds through ETFs, and strategic increases in corporate treasury holdings. Despite the optimistic market sentiment, the risk of liquidation due to high leverage in the derivatives market cannot be ignored. In terms of operations, attention can be paid to changes in the ETH/BTC exchange rate and rotation opportunities in the mainstream coin sector, but strict control over positions and leverage is necessary.
Data as of August 23, 2025, sourced from multiple mainstream exchanges and platforms.
I hope the above information provides you with valuable reference. The market is highly volatile, so please pay attention to risk control.
