Bitcoin The ETF continued its five-day spill winning streak, cutting over $1.1 billion last week as investors resolved risk ahead of US Federal Reserve Chair Jerome Powell's final speech at the Jackson Hole Symposium on Friday.
This broad sale in risk-on assets coincides with a 10% crash in Bitcoin prices since $124,545 from its thorough high on August 14th.
US stocks are suffering from similar fate, with the S&P 500 index falling 1.72% since its high on August 13th.
The massive risks across ETFs and cryptocurrency markets can be attributed to those relating to inflation data released in August, and will significantly shift to market rate reduction perspectives.
As a result, the rate cut odds dropped from 90% to 75%, triggering the outflow rate of the Bitcoin ETF.
Ethereum However, ETF flows have broken the bearish trend by ending a four-day runoff streak on August 21, focusing on a $286.7 million inflow.
“Ethereum has been experiencing one of the strangest weeks these days,” said Arthur Azizov, founder and investor of B2 Ventures. Decryption.
The market is “stuck between adoption and stress,” Aziziv said, highlighting that buyers are unable to move prices despite positive news like BTCS' plans to pay dividends at Ethereum.
The recent exit of the $3.8 billion staking variator has put sales pressure on Ethereum, but it has revealed that long-term institutional trends are a “significant tailwind” as the long-term institutional trends control 5% of Ethereum's supply and “tighten the float.”
Volatility could continue to rise, as investors speculate about what Powell says.
According to Coinglass data, a decline in the price of Bitcoin of around $112,500 has led to liquidation of over $100 million in the past hour alone, forcing positions worth $317 million to close in the last 24 hours.
Deribit's options data show that it focuses on strike prices of $120,000 and $110,000 on roughly $120,000 and $110,000 deals, showing a powerful fight for control at these levels ahead of Powell's highly anticipated speech.
