Trading Desk Insights
Risk assets caught a strong bid after Fed Chair Powell delivered dovish signals at Jackson Hole, noting that the balance of risks “may warrant adjusting policy” and flagging downside risks to employment. The remarks cemented expectations for a September rate cut, lifting equities and crypto while the dollar weakened.
Ethereum surged 10%, breaking $4,350 resistance to test $4,650. Spot ETH ETFs brought in a record $7.88B across July and August, pushing custodial holdings to 6.42M ETH, up 58% since early July. Total ETF and treasury holdings now stand at 10.5M ETH, with whale addresses above 10k ETH also rising, underscoring deepening accumulation. Momentum now points toward a retest of the all-time high at $4,868, with $4,800–4,850 as the next resistance zone.
Bitcoin rebounded to $116,000 after dipping to six-week lows near $111,600 earlier in the session. The move higher followed Powell’s speech, triggering a swift 3% reversal as BTC defended key support at $112,000. With ETF outflows still heavy earlier in the week, the bounce reflected both short-covering and renewed confidence in Fed easing.
Macro focus now turns to September’s FOMC, where futures price a near-certain 25 bp cut. Inflation data remain a swing factor, keeping markets sensitive to incoming prints.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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