Bitcoin dipped toward USD 115 000 early Thursday, reversing a portion of its rally from record highs above USD 124 000 as markets entered a volatile session ahead of the Federal Reserve’s Jackson Hole symposium.
Bitcoin’s pullback to sub-USD 116 000 marks its third consecutive day of losses, driven by profit-taking among speculative positions and heightened macro uncertainty. The BTC/USD pair briefly slid 3% on a spot basis, mirroring patterns in U.S. equity futures and long-dated Treasuries, where yields climbed amid hawkish central bank forecasts.
Meanwhile, Ethereum outperformed, trading near USD 4 280 and remaining above its four-hour support trendline. Ethereum’s resilience is attributed to ongoing ETF inflows and robust network metrics, such as rising DeFi activity and growing open interest in futures markets. Traders view ETH as a diversified play contrasting with Bitcoin’s benchmark status.
Mid-cap altcoins exhibited mixed performance. XRP and Dogecoin saw moderate declines of 2–3%, under pressure from regulatory headlines around stablecoin frameworks. Layer-2 tokens such as Arbitrum showed 4% gains on optimism for upcoming protocol upgrades, while decentralized oracle providers maintained strength on partnership announcements.
Market participants anticipate remarks by Fed Chair Jerome Powell at Jackson Hole for guidance on the timing of rate cuts. The implied probability of a September cut stands near 30%, according to Fed funds futures. Crypto traders gauge cross-asset sentiment, given the correlation spike between risk assets and digital tokens since mid-year.
Overall, Bitcoin’s brief retracement and Ether’s stability suggest investors remain committed to digital assets as a long-term asset class, even amid short-term macro headwinds. Focus now shifts to Fed dialogue, ETF flow data and on-chain indicators for directional clarity in the coming week.
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