Summary
On August 22, 2025, Federal Reserve Chairman Powell released obvious dovish signals at the Jackson Hole annual meeting, suggesting a high probability of a 25 basis point rate cut in September. The market's expectation for a rate cut rose to 91.1%, driving a collective rebound in risk assets. The three major U.S. stock indices closed higher, and the total market value of the crypto market returned to $4.1 trillion. ETH surged 14.33% in a single day, reaching a historical high of $4,956 and driving widespread gains in Layer 2 and staking sectors.
On-chain funds are showing a clear rotation from BTC to ETH, with whales increasing their positions in ETH, while some leading capital is amplifying leverage through rollovers. Arthur Hayes and others expect that if ETH breaks through historical highs, its upward space may extend to $10,000 to $20,000. However, at the same time, there are still cautious voices within the Federal Reserve, and the capital situation also exhibits volatility, suggesting that the short-term market may face a dual test of overheating sentiment and data validation.
1. Macro Background: The Federal Reserve's Policy Shift
On August 22, 2025, Federal Reserve Chairman Powell's speech at the Jackson Hole Global Central Bank Annual Meeting became the core event of the week in the global market. His unexpected dovish signals during his last public appearance in office opened the door for a possible rate cut in September. This statement not only reshaped the market's expectations for future monetary policy but also directly ignited the trends in risk assets, including cryptocurrencies. To understand the violent reaction in this round of the market, it is necessary to analyze the Federal Reserve's policy dilemma at a macro level, the key messages of the speech, and the market's immediate interpretations.
Since the beginning of 2025, the Federal Reserve's policy environment has remained in a dilemma. On one hand, the high tariff policies implemented by U.S. President Trump have significantly pushed up the prices of certain goods, posing upward pressure on inflation levels once again. If a tightening stance is maintained, the Federal Reserve will be able to continue suppressing inflation, but the cost may trigger turmoil in the financial markets and even lead to concentrated credit risk outbreaks. On the other hand, there are clear signs of cooling in the U.S. labor market since the beginning of the year, with job growth significantly slowing. If the Federal Reserve ignores the downside risks in employment, it will go against its dual mandate of 'maximum employment' and may trigger broader dissatisfaction at the societal level. This 'stuck in a dilemma' policy conundrum has led the market to previously expect that Powell would continue with a hawkish attitude, prioritizing the curtailment of inflation. Especially since some market participants even likened him to 'Volcker 2.0,' using a tough monetary policy to exchange for long-term price stability and policy credibility. However, the actual situation is far more complex than the market imagines: the nature of inflationary pressure is more akin to a one-off leap rather than a sustained malignant spiral; meanwhile, the signs of slowdown in the labor market are more real and persistent. This risk assessment ultimately pushed Powell to unexpectedly 'turn dovish' in this speech.
The core of Powell's speech lies in the redefinition of risk balance. Over the past two years, the Federal Reserve's communication framework has essentially emphasized 'inflation risk skewed upwards,' while the labor market was viewed as sufficiently resilient. However, at Jackson Hole, he explicitly pointed out that the labor market is in a 'peculiar balance'—both supply and demand are slowing down, and job growth is significantly below levels seen in the past few years. If this trend continues, it may quickly evolve into a wave of layoffs and a rapid rise in unemployment rates. This statement marks the first time the Federal Reserve has placed the downside risks to employment on par with or even higher than inflation. Additionally, his assessment of inflation is equally thought-provoking. Powell acknowledged that tariffs have indeed pushed up the prices of certain goods, but he believes that this is more of a 'one-off' effect rather than a long-term risk. In other words, the Federal Reserve does not intend to maintain high interest rates due to short-term price hikes but is inclined to observe the speed of price adjustment. More importantly, the Federal Reserve officially announced a revision of its policy framework at this year's meeting, removing the phrase 'average 2% inflation target' from the 2020 framework and reverting to a 'flexible inflation targeting system.' This change means that the Federal Reserve is no longer deliberately pursuing long-term average compensation but emphasizes dynamic adjustments based on actual economic data. This return to flexibility allows it to have greater maneuverability when facing conflicts between employment and inflation targets. Finally, Powell emphasized that if employment risks materialize, the Federal Reserve may take 'preemptive' actions to avoid a cliff-like decline in the labor market. This is almost an open hint towards a rate cut in September.
The market reacted very quickly to this speech. CME FedWatch data shows that before Powell's speech, the market estimated the probability of a 25 basis point rate cut in September at 75.5%, which quickly rose to 91.1% after the speech. In other words, the market has regarded the rate cut as 'a done deal.' In terms of asset prices, risk assets rebounded collectively: the three major U.S. stock indices closed up more than 1.5% on the day, and the total market capitalization of crypto assets returned to $4.1 trillion. In particular, ETH surged over 14% in a single day, breaking through the historical high of $4,887, becoming the biggest beneficiary of rate cut expectations. The logic behind this is that once the rate cut begins, the liquidity environment improves, and funds will be reallocated to high-growth, high-elasticity assets, with ETH being the core asset of the new financial infrastructure, naturally possessing the advantage of absorbing liquidity. Of course, the market's exuberant sentiment needs to be kept in check. On one hand, the reinforcement of rate cut expectations does provide an opportunity for asset prices to rise; on the other hand, there are still differing voices within the Federal Reserve, with some officials reminding that inflation risks cannot be ignored. If the August CPI and non-farm data perform strongly in the future, the market's expectations for a rate cut may still face a correction. Overall, the message released by this speech is that the Federal Reserve is gradually transitioning from a hawkish 'inflation-first' stance to a dovish 'employment-first' position, and this shift in risk balance provides a new growth window for risk assets, especially in the crypto market.
Powell's dovish speech at the Jackson Hole meeting not only changed expectations in the U.S. interest rate market but also triggered a linked reaction across major global assets. First, U.S. stocks surged sharply, with the three major indices rising between 1.5% and 1.9%, with technology and growth sectors benefiting first. Crypto-related stocks became highlights, with SharpLink rising 15.7%, Bitmine rising 12.1%, and Coinbase rising 6.5%, as funds reprice the liquidity dividends brought by future rate cuts. Second, the dollar and interest rate markets adjusted synchronously. The dollar index fell significantly after the speech, indicating an increase in capital risk preference; federal funds futures quickly factored in a high probability scenario for a 25 basis point rate cut in September, resulting in an overall downward shift in the interest rate curve. Long-term treasury yields declined, further strengthening bets on a loose environment. Finally, the crypto asset sector quickly benefited, with the total market capitalization rebounding to $4.1 trillion. Among these, ETH contributed the most, breaking through historical highs in a single day and driving widespread gains in Layer 2 and staking sectors, with on-chain funds showing a trend of gathering from BTC to ETH. Overall, the global market has entered a new phase of 'risk preference recovery + liquidity repricing,' with the crypto market at the forefront of this change.
2. Changes in the Structure of the Crypto Market
Amid Powell's dovish speech, the crypto market has experienced structural divergence. The performance of different sectors reveals changes in capital flow paths and market logic. Overall, BTC is under pressure from capital outflow and structural selling pressure, while ETH has become the core driving force behind the breakthrough of new highs, spreading risk preferences across the market to altcoin sectors, signaling the onset of Altseason. BTC performed poorly this week; despite receiving support at the 60-day moving average from a technical perspective, the overall trend remains weak. In terms of capital, BTC spot ETFs saw a net outflow of $1.165 billion in a single week, which has become a major factor suppressing prices. This indicates that institutional investors have opted to lock in profits or shift positions in the short term, weakening marginal buying demand for BTC. More importantly, BTC's market share continues to decline. BTC dominance has been in a downward channel for several months, showing that its function as a 'safe-haven anchor' is weakening. The shift in capital risk preference toward high-elasticity ETH and altcoin assets challenges BTC's dominant position in market pricing. Combining on-chain data with ETF capital movements, it can be inferred that BTC is currently more of a 'source of funds' rather than a 'destination of funds.' ETH has become the absolute core of the market this week, rising 14.33% in a single day and breaking through the historical high of $4,887.5, with a weekly increase of 6.88%. This is not only a price breakthrough but also a turning point in market structure: ETH has successfully guided capital rotation, establishing its core asset status in the new cycle. On-chain data shows that in the past 24 hours, the amount of liquidation for ETH reached $368 million, exceeding BTC, indicating that the passive exit of short positions is a key driver for the rapid price rise. This kind of 'short squeeze' usually means that the price breakthrough is supported by real capital inflow rather than mere sentiment-driven.
ETH's rise has also produced significant 'spillover effects.' Related ecological sectors have risen collectively: Layer 2 sector: Arbitrum (ARB) rose 9.5%, reflecting the market's repricing of the expansion ecosystem; staking sector: SSV's single-day increase exceeded 25.5%, indicating accelerated capital inflow into ETH staking and distributed verification sectors; re-staking: ETHFI rose 20.7%, and this emerging narrative received a rapid market response. These data indicate that ETH not only broke through its price but also drove the overall valuation system of the ecosystem, exhibiting a 'liquidity magnet' effect. As ETH capital gathers and breaks new highs, the altcoin market has become fully active. There are significant signs of capital rotation, with non-ETH assets generally receiving spillover dividends. The continuous decline in BTC dominance is a key feature that signals the start of Altseason. From historical experience, when this signal lights up, it indicates that market funds will further spread to mid-cap and small-cap tokens in the coming weeks. This round of upward trend driven by ETH may form a top-down transmission: from ETH → ecological sectors → large-cap altcoins → mid-cap and small-cap tokens, gradually releasing risk preferences.
However, it is important to note that Altseason is often accompanied by high volatility and high risk. The competition for funds in the altcoin sector is stronger, and there may be rapid rotations and concentrated liquidations in the short term. Therefore, although indicators suggest that the altcoin market may welcome several weeks of prosperity, its sustainability depends on whether macro liquidity is realized and whether ETH can stabilize at high levels. Overall, the crypto market is undergoing a structural repricing. BTC, as a 'source of existing liquidity,' is temporarily under pressure, while ETH has become the 'core asset of the new cycle,' driving the overall market risk preference up and igniting the altcoin market. If the Federal Reserve officially cuts rates in September, ETH is expected to continue its strength and further spread Altseason; but if macro data reverses or capital inflow is insufficient, the short-term market may also face severe corrections.
Overall, the movements of on-chain whales this week show three major characteristics: BTC capital outflow, with ETH becoming the core asset of a new cycle; rolling positions and leverage boosting the market, but also accumulating potential liquidation risks; leading investors choosing to concentrate their bets on ETH, reinforcing market consensus. This means that ETH's rise is not solely reliant on retail sentiment, but rather a result of real capital migration and leverage expansion working together. However, the aggressive operations of the whales also mean that short-term risks are increasing, and once macro data and rate cut expectations fail, the market may reverse quickly. In the coming weeks, the movements of on-chain capital will still be a key variable to observe whether ETH can stabilize at high levels. If capital continues to flow in, ETH's strong pattern is likely to continue; if whales start to reduce positions or lock in profits, the market needs to be wary of high-level fluctuations and deep corrections.
3. Core Logic Analysis of ETH and BTC
Ethereum (ETH) broke through its historical high this week, becoming the brightest focus in global risk assets. From macro policies to on-chain ecology to capital allocation logic, ETH is undergoing a multi-dimensional value reassessment. Unlike pure sentiment-driven movements, the current rise is underpinned by solid macro and fundamental support. ETH's price performance is highly correlated with the macro monetary environment. Powell's dovish signals at Jackson Hole rapidly heated up the market's expectations for a 25 basis point rate cut in September to over 90%. A rate cut means lower capital costs and expanded liquidity, and high-growth, high-elasticity assets often benefit first. Compared to BTC's 'store of value' attribute, ETH is closer to 'risk assets,' with greater elasticity in its price in response to marginal changes in liquidity. Once the rate cut is realized, global capital allocation will increase exposure to technology, growth, and digital assets, with ETH being the primary asset to absorb this in the crypto space. Therefore, ETH's new highs reflect not only the on-chain logic but also the result of macro liquidity expectations being priced in.
ETH's ecological advantages are the core logic behind its medium- to long-term price rise. Since the 'merge' in 2022, ETH has transitioned to a PoS mechanism, with staking becoming its core value capture method. The current overall staking rate has steadily increased, with the proportion of staked ETH exceeding one-third. As staking rewards are gradually viewed as 'bond-like assets,' ETH has become a unique asset that combines growth potential with cash flow attributes. Meanwhile, the Layer 2 expansion ecosystem is accelerating its development. Networks like Arbitrum and Optimism continue to see growth in active users and trading volumes, significantly reducing transaction costs and enhancing network scalability. This not only enhances ETH's network utility but also supports its positioning in the global financial infrastructure. The emerging re-staking sector is also attracting capital attention. Projects like ETHFI are improving capital efficiency by leveraging staked ETH assets. The continuous influx of capital is not only driving the prices of related tokens up but also further solidifying ETH's central position. It can be said that ETH's ecosystem is forming a triangular support structure of 'staking - re-staking - Layer 2 expansion.'
In terms of market expectations, leading investors generally hold an optimistic attitude toward ETH. BitMEX co-founder Arthur Hayes stated in an interview that as long as ETH breaks through its historical highs, its upward space will be 'fully opened,' with target ranges possibly reaching $10,000 to $20,000. This indicates that the market has regarded ETH as the main character of the new cycle. In the short term, ETH's rapid rise has been accompanied by large-scale short liquidations. In the past 24 hours, ETH's liquidation amount reached $368 million, exceeding that of BTC. This indicates that the breakthrough in the market is driven not only by active buying but also by the passive exit of short positions. This 'short squeeze' effect often strengthens short-term gains but can lead to greater volatility when sentiment recedes. In the medium term, whether ETH's price can extend further depends on two factors: first, whether the Federal Reserve's rate cut is truly realized and whether its easing path can be sustained; second, whether the ETH ecosystem can maintain high growth, especially in staking and Layer 2 activity. If both macro and ecological dual benefits are realized, ETH's valuation system may welcome a repricing, making a price breakthrough of $10,000 not out of reach. In the long term, ETH's value is gradually transforming from 'speculative asset' to 'new financial infrastructure.' Whether in decentralized finance (DeFi), re-staking protocols, or blockchain-native applications, ETH serves as the core of underlying settlement and collateral. As institutional investors' acceptance of crypto assets increases, ETH is expected to become an indispensable part of global investment portfolios.
Although the logic of ETH is clear, potential risks still need to be heeded: macro uncertainty: If the August CPI or non-farm data exceeds expectations, the Federal Reserve's rate cut expectations may be thwarted, and ETH's upward momentum may be hindered; leverage risk: The rolling of on-chain whales and the increase of high-leverage positions have added fragility to the market, and once the price corrects, it may trigger a chain liquidation; regulatory risk: The regulatory dynamics in the U.S. and other major economies may still significantly impact the pace of capital inflow. The logic behind ETH's rise can be summarized as: 'macroeconomic liquidity turning point + continuous ecological expansion + proactive capital rotation.' Against the backdrop of reinforced rate cut expectations, ETH's price breakout is not only driven by sentiment but also a result of structural market reconstruction. In the coming months, ETH is expected to continue serving as the 'leading sector' in the cycle, and its performance will determine the overall risk preference level of the cryptocurrency market.
In this round of market activity, Bitcoin (BTC) and Ethereum (ETH) have exhibited a clear divergence in market performance. ETH reached a historical high and attracted a substantial inflow of funds, while BTC has remained relatively sluggish, with a price drop of 3.41% this week, closing at $113,478. As the 'leader' of crypto assets, BTC's temporary underperformance has raised market concerns: why has BTC not benefited from the rate cut expectations? What are the future challenges and opportunities? BTC has always been regarded as 'digital gold,' with its logic based more on 'anti-inflation' and 'value storage.' However, under the current macro environment, this logic has weakened to some extent: different nature of inflation: the current inflationary pressure in the U.S. mainly stems from tariffs and structural factors, rather than widespread demand overheating. This means that the market's demand for 'safe-haven assets' is declining, while the preference for 'growth assets' is rising. ETH, as a high-elastic growth asset, is more attractive, while BTC's 'anti-inflation anchor' function is being marginalized. Differences in the transmission of rate cut benefits: when rate cut expectations strengthen, capital is more willing to allocate to assets with cash flow attributes or potential for ecological expansion. ETH has become the preferred choice due to PoS staking rewards and ecological prosperity, while BTC lacks similar cash flow support, rendering it relatively insensitive to liquidity easing. Therefore, in a phase where 'risk preferences are recovering,' BTC's macro attributes have become a drag.
Another major challenge for BTC comes from the capital flow of spot ETFs. This week, BTC spot ETFs saw a net outflow of as much as $1.165 billion in a single week, becoming a direct reason for price pressure. This capital outflow reflects the behavior pattern of institutional investors: when BTC prices are at high levels for a long time, they tend to lock in profits or shift positions to more elastic ETH. From the data, the net inflow of BTC ETFs at the beginning of the year drove the price to surge, but with the rise of the ETH narrative, some funds have shown clear signs of 'migration from BTC to ETH.' The change in institutional capital's attitude is one of the core pressures BTC currently faces. On-chain data from BTC shows that long-term holders (LTH) are releasing some chips. The rising on-chain profit margin has led some early investors to choose to cash out at high levels, increasing the market's sell pressure. Meanwhile, BTC's market share (dominance) continues to decline, slipping from nearly 50% at the beginning of the year to below 45%. This trend indicates that BTC's 'dominance' in the market is being weakened. The ecological expansion of ETH and the capital siphoning effect have reduced BTC's relative weight in capital allocation. If this trend continues, BTC will gradually degrade from 'market core' to 'allocation base,' with its market-driving ability diminishing. From a technical perspective, BTC is currently in a turbulent descending channel. Although it has gained some support at the 60-day moving average, the pressure above remains heavy. The decline in trading volume and the contraction in volatility indicate that BTC is in a 'low activity' phase. In contrast, ETH and altcoins are characterized by high volatility and high trading volumes, attracting more short-term funds. From a cyclical perspective, BTC's performance often leads macro liquidity cycles, but in the current phase, it is lagging behind ETH. This is closely related to changes in capital preferences: investors are more willing to chase short-term returns, while BTC's slow pace and low elasticity render it temporarily unattractive for trading.
Although BTC faces challenges of capital outflow and declining market attention, its long-term logic has not completely failed: institutional cornerstone position: BTC is still the most accepted asset among crypto assets, and the existence of ETFs provides it with a long-term capital foundation. Safe-haven attribute baseline: once macro risk events occur, BTC's 'digital gold' positioning may still attract funds. Potential for cyclical rebound: if ETH experiences a phase correction, funds may flow back into BTC, forming a relative recovery market. However, BTC's future opportunities lean more toward 'defensive' rather than 'offensive.' It may perform steadily when downward risks arise, but during phases of liquidity easing and rising risk preference, its performance will continue to lag behind ETH and the altcoin sector. BTC's current challenges focus on three aspects: weakening macro logic: under rate cut expectations, its 'digital gold' narrative lacks elastic advantages; severe capital outflow: ETF net outflows and whale position changes have weakened market buying demand; decline in market share: the rise of ETH and altcoins has eroded BTC's dominant position. BTC's future trend may present a 'turbulent defensive' pattern. It remains a foundational asset for institutional allocation, but it is difficult to become the core driving force of the market in the short term. In a new round of liquidity easing cycles, BTC is more likely to play the role of 'value anchor' rather than 'growth engine.'
4. Macro Risks and Uncertainties
In the context of ETH breaking through historical highs and the overall recovery of market risk preference, investors' optimistic sentiment has rapidly heated up. However, macro and on-chain data indicate that the current market situation is not without flaws, and potential risks and uncertainties still exist. Whether in policy direction or capital structure, the market may face significant reversal pressure. This section analyzes from four aspects: macro policy, data validation, market structure, and regulation. Although Powell released clear dovish signals at Jackson Hole, and the market almost regards a September rate cut as 'a done deal,' there are still differences within the Federal Reserve. Some officials emphasize that inflation risks remain high, and premature easing could lead to uncontrollable inflation expectations. For example, Federal Reserve Governor Musalem explicitly pointed out that whether to cut rates cannot be judged solely by the outcome of one meeting but should focus on the 'overall interest rate path.' This means that if future data validation is insufficient, the Federal Reserve may choose to delay or reduce the magnitude of rate cuts. The market's previous pricing of liquidity easing was overly optimistic; if expectations fail, ETH and the overall crypto assets may face a sharp short-term correction.
The August CPI and non-farm employment report will be the core indicators determining whether a rate cut occurs in September. If the data performs weaker than expected, it will strengthen employment risks and support the Federal Reserve in initiating a rate cut cycle; however, if inflation rises or employment unexpectedly remains strong, the market will readjust its expectations for rate cuts, and at that time, valuations of risk assets may face significant compression. This 'data dependency' reinforces the short-term market's uncertainty. Investors need to be cautious that market volatility will significantly amplify around the data release, and highly leveraged funds may be the first to bear the brunt. On-chain data shows that during the current rise of ETH, liquidation amounts reached $368 million, exceeding BTC. A large number of shorts were passively squeezed out during the breakthrough, driving prices up rapidly. However, accompanying the rise is an accelerated inflow of leveraged funds. Whale rollovers, 25x leveraged long positions, and chasing FOMO buying behaviors have led to a significant increase in market leverage. Once the market reverses, these leveraged positions may become the fuse for chain liquidations, causing short-term liquidity crashes. The extreme market sentiment amplifies the volatility and increases the vulnerability of risk exposure.
The long-term development of the crypto market is still constrained by the regulatory environment of various countries. Although U.S. President Trump has shown an open attitude toward crypto in some policies, the uncertainty of his tariff policy and financial regulatory strategy may still pose external risks to the market. If regulatory authorities increase scrutiny of crypto platforms, stablecoins, or staking operations, it may affect the pace of capital inflow.
In addition, the policy positions of other global economies cannot be ignored. Europe is advancing the MiCA framework, while Asian countries are cautiously observing capital flows. If major global economies tighten their policies, cross-border capital flows in the crypto market may be suppressed. Overall, although the current market is driven by rate cut expectations and on-chain funds, risks and uncertainties remain high: internal differences within the Federal Reserve could lead to a pace of rate cuts lower than expected; macro data validation is a key variable supporting the continuation of the trend; the accumulation of leveraged funds increases market volatility risk; and global regulatory uncertainty may impact medium- to long-term capital inflows. Therefore, although ETH benefits from both macro and ecological reasons, market participants should remain rational and avoid blindly chasing highs. Before the rate cut is finalized and data validated, the sustainability of the trend should be observed cautiously.
5. Conclusion
In the fourth week of August 2025, Powell's speech at Jackson Hole became the core catalyst for global risk asset trends. The dovish signals released quickly raised market expectations for a rate cut in September to over 90%, leading to a synchronized rebound in U.S. stocks and the crypto market. ETH broke through historical highs, with a single-day increase of over 14%, reshaping market structure and becoming the core asset of the new cycle. Overall, this week's market performance displayed three core logics: first, macro liquidity repricing. Powell's speech indicated that the Federal Reserve's policy focus is gradually shifting from 'inflation priority' to 'employment priority.' This turning point suggests that the liquidity environment may significantly improve in the coming months, providing mid-term support for risk assets. ETH's sensitivity to marginal changes in liquidity is significantly higher than that of BTC, making it the preferred choice for funds. Second, market structure reconstruction. BTC faced capital outflows and ETF selling pressure this week, leading to price declines and a continuous drop in market share. In contrast, ETH not only broke its own price but also drove widespread gains in Layer 2, staking, and re-staking sectors, creating an 'ecological resonance.' Clear signs of capital rotation show that BTC is gradually degrading from 'destination of funds' to 'source of liquidity,' while ETH is becoming the new 'liquidity magnet' in the market. Third, on-chain capital and sentiment resonance. Whale position changes, rolling to amplify leverage, and prominent investors concentrating their bets on ETH all show that leading capital is optimistic about ETH's long-term prospects. However, this capital drive also amplifies market volatility. The accumulation of high leverage and FOMO sentiment means that while the market is strong, potential risks cannot be ignored.
Looking ahead, after ETH broke through historical highs, market expectations have further opened up. If the Federal Reserve cuts rates as expected in September, ETH is likely to maintain its strength, with price ranges potentially moving toward $10,000 to $20,000. However, it should be noted that the continuity of the trend still depends on the validation of macro data and the sustained inflow of capital. In terms of risks, investors need to be cautious about three points: first, if the August CPI and non-farm data exceed expectations, it may shake the rate cut logic; second, on-chain leverage positions are too high, which can easily trigger a chain reaction of liquidations; third, the uncertainty of the global regulatory environment may exert potential pressure on capital flows. Overall, the core logic of this week's market can be summarized as: 'macro shift + capital rotation + ETH establishes its leading position in the cycle.' ETH has become the most resilient core asset in the new cycle, and its performance will determine the overall risk preference level in the crypto market in the coming months. For investors, it is essential to seize the structural opportunities brought by ETH while also being wary of volatility risks brought by short-term overheating, maintaining rationality and patience in the verification of macro and on-chain data.
