On August 18, according to 4E observation, the Ethereum validator withdrawal queue reached 855,158 ETH on Friday, a record high. Analysts believe that the rapid accumulation of unpledged volume may become an important factor in ETH's recent correction, due to the discounts and liquidity risks of pledged derivatives may bring chain liquidations and spot selling pressures. At the same time, MicroStrategy founder Michael Saylor once again released Bitcoin Tracker information on the X platform, and hinted that a new round of BTC holdings data may be disclosed next week, with the caption "insufficient orange quantity", and the market expects the company to continue its long-term accumulation strategy. In terms of U.S. macro policies, the U.S. PPI exceeded expectations in July, disrupting market interest rate cuts. However, if Powell sends a dovish signal at the Jackson Hole Annual Meeting of Global Central Banks and announces a rate cut in September, the main line of U.S. stock interest rate cuts may be re-clarified, and the interest-rate sensitive sector is expected to strengthen again. 4E reminds investors that both ETH pledge unlocking and BTC strategic holdings may bring about structural changes in the market. It is recommended to continue to pay attention to chain liquidity and macro policy trends, rationally allocate positions, and grasp the long-term and short-term rhythm.