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杰克逊霍尔年会：美联储主席讲话Jackson Hole: Fed Chair speech

为什么会影响加密价格Why it moves crypto

杰克逊霍尔（Jackson Hole）年会是堪萨斯城联储每年 8 月下旬举办的经济会议，美联储主席的讲话常被用来释放未来几个月的政策方向。讲话如果比市场预期更偏向降息，风险资产往往上涨；如果比预期更强调对抗通胀，则往往下跌。它每年只有一次，日期由堪萨斯城联储提前公布。

Jackson Hole is the Kansas City Fed's late-August economic conference, and the Fed Chair's speech there is often used to signal policy for the months ahead. A speech that leans more toward cuts than expected tends to lift risk assets; one that stresses fighting inflation more than expected tends to weigh on them. It happens once a year, on dates the Kansas City Fed announces in advance.

历次公布后市场怎么反应How the market reacted each time

8月28日（具体时间以官方为准）Aug 28, 2026 (time approximate)

讲话后1小时成交量放大至平时4倍多，但BTC、ETH在随后24小时内转为下跌2%-3%。Trading volume jumped over 4x in the hour after the speech, but BTC and ETH both turned down 2%-3% over the next 24 hours.

公布前 3 小时：BTC -0.3%、ETH +0.1%。公布后 1 小时：BTC +0.3%（成交量是平时的 4.2 倍）、ETH +0.1%（成交量是平时的 4.3 倍）。公布后 24 小时：BTC -2.0%，期间最大振幅 3.7%；ETH -2.9%，期间最大振幅 4.8%。3 hours before: BTC -0.3%, ETH +0.1%. First hour after: BTC +0.3% (volume 4.2x normal), ETH +0.1% (volume 4.3x normal). 24 hours after: BTC -2.0% (range 3.7%); ETH -2.9% (range 4.8%).

公布后 24 小时24h after: BTC -2.0% · ETH -2.9%

这些记录只描述公布前后发生了什么，不代表事件就是涨跌的原因，也不是对下一次的预测，不构成投资建议。These notes describe what happened around each release; they don't prove the release caused the move and aren't a forecast. Not investment advice.