Traders Adjust BTC and ETH Targets Amid Weak Retail Demand
Market Overview
As East Asia begins trading, key cryptocurrency prices are:
- BTC at $116,263, down 1.1% daily and 2% weekly
- ETH at $4,322, off 3.8% in the last 24 hours but up 2.6% weekly
The CoinDesk 20 (CD20) index is down 2.4%. Prediction markets indicate a likelihood of BTC closing below $111,000 (34% probability) and ETH near $4,800 (43% probability).
Market Dynamics
Enflux highlights mixed market signals:
- Institutional buying persists, evidenced by Strategy Inc.'s 430 BTC purchase
- Retail interest lacks momentum due to SEC delays on ETF approvals
- VanEck maintains a $180,000 year-end target for BTC
- Solana shows strength in USDC transfers despite broader caution
- Negative perpetual funding rates reported, indicating tactical defensiveness ahead of the Jackson Hole symposium
Price Movements
- BTC traded between $114,993 and $117,620 on August 18
- ETH fell 3% to $4,330.61 amid volatility, countered by significant inflows into U.S. spot ETFs
- Gold trading between $3,333–$3,394 per ounce, reacting to geopolitical factors and expectations from the Fed
- Nikkei 225 slightly increased by 0.1%, while other Asia-Pacific stocks slipped
- S&P 500 showed little change as market sentiment stabilizes before major economic events