Market Highlights on August 25

1. BTC Market Movement: Sudden 'spike' in the early morning hours, with short-term fluctuations exceeding 4,000 points, liquidity capture was precise. From the market performance, the bottom consolidation pattern is beginning to emerge; this quick drop (flash crash) is more likely a washout action, and a subsequent rebound is highly probable.

2. ETH Price Analysis: After hitting a new all-time high (ATH), it fell back simultaneously; this new high is considered a 'false breakout', with the core purpose being to clear redundant positions in the contract market. It should be noted that ETH's continuous new highs have not effectively driven a widespread rally in altcoins, with only SOL showing relatively strong performance, indicating a high concentration of market funds.

3. Federal Reserve Policy Signals: Powell's stance has shifted to dovish, releasing clear benefits for a rate cut in September, and market traders have consequently increased their bets on rate cuts, leading to further easing of macro liquidity expectations.

4. Industry Stage Judgment (Tom Lee's View): Morgan Stanley's latest survey shows that the proportion of investors without cryptocurrency holdings is still on the rise, indicating that the current cryptocurrency industry is still in its early development stage, with long-term growth potential not yet fully realized.