Bitcoin and Ether Prices Decline Ahead of Jackson Hole Symposium
Crypto markets are showing signs of caution as bitcoin trades below $115,000 and ether drops to $4,220 ahead of Fed Chairman Jerome Powell's upcoming speech. The CoinDesk 20 Index has fallen over 4.5% in the last 24 hours.
- Bitcoin is below its 50-day simple moving average, down from a record high of $124,000.
- Ether faces potential liquidations at $4,170, with recent data indicating risk in long positions.
- Over $400 million in long positions were liquidated as BTC fell from $118,000 to $115,000 and ETH from $4,500 to $4,300.
- The decline follows a week of over $1 billion in DeFi liquidations and profit-taking.
- BlackRock's ether ETF recorded a trading volume of 364.25 million shares and inflows of $2.32 billion.
- Spot Bitcoin and Ethereum ETFs reached a total weekly trading volume of $40 billion.
- The Bitcoin-to-altcoin liquidations ratio is at its lowest since early 2024, suggesting increased speculative activity in altcoins.
In market movements:
- BTC is down 1.84% at $115,205.89.
- ETH is down 2.75% at $4,305.90.
- CoinDesk 20 index is down 1.93% at 4,057.54.
On derivatives positioning:
- Open interest for Bitcoin futures increased to 720,000 BTC.
- Open interest for Ether futures rose to 14.34 million ETH.
- CME Solana futures open interest is at a record high of over 4.6 million SOL.
ETF flows indicate:
- Daily net outflows from spot BTC ETFs are -$14.13 million.
- Daily net outflows from spot ETH ETFs are -$59.34 million.
As investors await key macroeconomic events and further developments, caution persists in the market amid rising volatility.