Bitcoin Remains Below $113,000 Ahead of Powell’s Key Speech

Bitcoin (BTC) is currently priced at approximately $113,000, failing to break the $115,000 resistance. The CoinDesk 20 Index (CD20) dropped to 3,996, indicating a broad market pullback. Over $1 billion has been withdrawn from Bitcoin funds in recent days, signaling caution among investors ahead of Fed Chair Jerome Powell's upcoming speech at Jackson Hole.

Key points include:

• Ether ETFs experienced net inflows yesterday but lost another half a billion this week.
• Current prices: ETH around $4,289, down from recent highs; XRP and Solana (SOL) each fell over 6% this week.
• Options markets are anticipating a ±2% price swing following Powell's address.
• If Powell signals potential rate cuts, risk assets, including crypto, may rally; otherwise, BTC could test the $108,000 support level.
• Long-term market sentiment remains bullish, with predictions suggesting Bitcoin could reach $200,000 driven by pension fund investments.

Market movements report:

• BTC: $113,062.98 (-0.47%)
• ETH: $4,329.01 (+0.69%)
• CoinDesk 20: 3,999.94 (-0.6%)

In derivatives, global futures open interest for BTC and ETH increased by 1%, while speculative activity has decreased as traders await Powell's remarks. Options on CME indicate heightened interest, with BTC options open interest reaching $4.44 billion, the highest since May.

Token events include:

• Aug. 22: Polygon Labs CEO Marc Boiron will host an AMA.
• Aug. 27: Mantle Network to launch mainnet upgrade.

Ripple and SBI Holdings plan to introduce the RLUSD stablecoin in Japan by Q1 2026, aiming to leverage new digital asset regulations.