Crypto Wait & See: BTC Falls Slightly, All Eyes on Powell
Bitcoin (BTC) moved slightly lower at around US$112,000–113,000 per coin, while Ethereum (ETH) hovered around US$4,240. Pressure stemmed from cautious sentiment ahead of Fed Chairman Jerome Powell's speech in Jackson Hole, which could alter expectations for interest rate cuts and the risk appetite of crypto assets. Intraday movements show BTC and ETH both experiencing slight corrections, in line with market sentiment awaiting signals from the US central bank's policy stance.
On the fund flow front, recent reports indicate an interesting rotation: JPMorgan analysts believe Ether spot funds are still receiving inflows, while Bitcoin products saw outflows in August. These ETF dynamics indicate institutional investors are adjusting their positions ahead of policy catalysts, focusing on the utility narrative and staking potential in the Ethereum ecosystem. However, daily data also recorded a significant withdrawal from crypto ETFs, reinforcing the short-term profit-taking mood.
Looking ahead, Powell's tone will be key: a hawkish signal could potentially curb the crypto rally via a stronger dollar and yields, while an easing signal could trigger a relief rally across major currencies. Beyond US macro factors, the ecosystem calendar is also packed—regional events like Coinfest Asia in Bali (August 21–22) are keeping the spotlight on Web3 adoption and partnerships in Asia. In the meantime, traders are advised to anticipate volatility surrounding the speech, with strict risk management at the psychological levels of BTC and ETH.
Source: Newsmaker.id
