On August 18, according to 4E observations, the Ethereum validator's exit queue reached 855,158 ETH this Friday, a record high. Analysts believe that the rapid accumulation of unsecured amounts may be an important factor in ETH's recent pullback due to staked derivatives discounts and liquidity risks, which may put pressure on chain liquidation and spot selling. Meanwhile, MicroStrategy founder Michael Saylor once again posted Bitcoin Tracker information on the X platform and hinted that a new round of BTC accumulation data may be disclosed next week, with the caption “Not enough orange”. The market expects the company to continue its long-term accumulation strategy. In terms of US macroeconomic policy, the US PPI surpassed expectations in July and disrupted the market's interest rate cut deals. However, if Powell releases dovish signals at the Jackson Hole annual meeting of global central banks and announces interest rate cuts in September, the main line of US stock interest rate cuts may be re-clarified, and interest rate sensitive sectors are expected to strengthen again. 4E reminds investors that the unlocking of ETH stakes and the increase in BTC strategic holdings may bring about structural changes in the market. It is recommended to continue to pay attention to on-chain liquidity and macroeconomic policy trends, rationally allocate positions, and grasp the long-term and short-term pace.