Powell's speech ignites the market, ETH hits an all-time high!
On the evening of August 22, Powell released a powerful signal at the Jackson Hole annual meeting:
👉 The risk of a downturn in employment is rising, and the market interprets this as a high probability of interest rate cuts in September.
What was the result?
BTC: surged nearly 3% in one hour, quickly recovering the $112,000 mark;
ETH: even more impressive! Soared from $4,200 to set a new all-time high of $4,887.59 in the early morning 🚀, and the ETH/BTC exchange rate broke 0.0418, refreshing the record since October 2024.
Meanwhile, altcoins also rose sharply, but behind this was a fierce battle between bulls and bears over the past 24 hours, with liquidations amounting to as much as $694 million, including $468 million in short positions.
📊 The market sentiment has completely reversed:
CME Fed Watch: The probability of a rate cut in September has soared to 91.2%;
Deutsche Bank expects: rate cuts of 25 basis points in both September and December;
Nationwide Chief Economist Kathy Bostjancic: may accumulate 75 basis points of cuts by the end of the year.
The funding situation has also shown divergence:
BTC spot ETF is still experiencing outflows;
ETH spot ETF funds saw a net inflow of $287 million on August 21;
The total market cap of stablecoins increased by $2.645 billion within 7 days, with liquidity clearly rebounding.
🔥 Notably, the WLFI token is about to launch, and former Goldman Sachs executives have mentioned that altcoins may be approaching a turning point.
But the final direction will depend on the Fed's interest rate decision on September 18; whether this wave of market activity can continue will be crucial.
