Powell's statement "no rush to cut interest rates" directly ignited the market. In half an hour, 1.2 billion in funds vanished, and the panic index surged to 23.8. The screen was filled with blood red.

But upon closer inspection—the market's expectation for a rate cut in December remains at 86%, and the trend of liquidity easing has not changed. What is truly noteworthy is another matter.

The Ethereum block gas limit is set to jump directly from 15 million to 60 million. A threefold expansion. This is not just a minor fix; it is paving the way for the Fusaka upgrade in December. The performance ceiling has been broken.

Flipping through historical ledgers reveals patterns:
After the Byzantine upgrade, the price surged from $300 to $1400;
During the Berlin upgrade, starting from 1600 US dollars, it eventually reached 4371 US dollars.
Last May, it soared from $1,300 to $4,956.

Every time there is a technological leap, the price has never been polite.

The current situation is a bit delicate: the crash has wiped out leverage, the Gas expansion has opened up imagination space, and the probability of a rate cut in December is on the table. If the upgrade lands smoothly, this wave of market activity at the end of the year may not be too gentle.

Is the crash a trap or a gift? The market never provides a standard answer. However, signals of technological upgrades, expectations of macro policies, and the resonance of historical data are all clues laid out on the table.

The rest depends on how you interpret it.