Jackson Hole Speech to Decide BTCs Next Move
Bitcoin (BTC-USD) held above $113,600 as traders await Fed Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium on Friday, a key event that could shape market sentiment into autumn.
Investors are also eyeing preliminary S&P Global PMI data later today for fresh economic signals. According to CryptoQuant’s weekly report, slowing demand and profit-taking remain the main forces behind the recent correction.
Traders are positioning ahead of Powell’s speech, with the put-to-call ratio on Aug. 22 Bitcoin options at 1.33 on Deribit. With $3.8B in BTC options expiring, markets appear more vulnerable to a hawkish surprise than a dovish one.
A CryptoQuant report this week noted that slowing demand and profit-taking remain key drivers of the recent pullback.
Market Snapshot:
- Global Market Cap: $3.92T (+0.18% in 24h)
- Bitcoin (BTC): $113,406 (-0.26% in 24h, +93% YTD), with 315 Million dollars outflows from ETFs
- Ethereum (ETH): $4,281 (+1.41% in 24h), market cap $498.07B, with 240 million dollars of ETF outflows…
- Altcoins: BNB (+2.52%), Dogecoin (+2.01%). Standout gainers: HOPR (+31.35%), Chrono.tech (+19.58%), Inverse Finance (+19.72%).
Key Market Factors:
- Solana (SOL): Now the 6th largest cryptocurrency (market cap >$100B), continues strong DeFi momentum.
- BNB: Surpassed $880, hitting a new ATH on institutional flows and ecosystem growth.
Markets are on edge: a hawkish Powell could trigger risk-off moves across crypto, equities, and bonds, while a dovish signal may extend the rally into September.
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