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The crypto market leaned lower as BTC broke below $116k, slicing through its 50-day moving average and now probing support near $112k. ETH lost the $4,200 handle and is tracking toward its 20-day at $4,080. Pressure is building under the surface, with over $4 billion in ETH eligible to unstake, potentially adding to sell pressure. ETF outflows didn’t help, jumping more than $300 million on the day.
On-chain data from Glassnode frames this as a classic profit-taking phase. BTC tends to retrace after setting new highs, and this time looks no different. That macro unwind showed up in options too, ETH’s 7-day implied volatility popped to 73% while 30-day IV held steady, pointing to expectations of short-term turbulence without longer-term panic.
Tether made a quiet but notable hire, bringing on Bo Hines, formerly with the White House Crypto Council, as U.S. strategy advisor. He’s tasked with steering the company’s push into the American market, an effort that could shift tone given Tether’s historically offshore posture.
Over in rates, fed funds futures now price in an 83% chance of a 25 bp cut at the September FOMC. Jackson Hole could be the stage for Powell to tee that up. As his final appearance there as Fed Chair, expect messaging that emphasizes Fed independence while opening the door to cuts ahead.
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