The crypto market steadied in the past 24 hours. Bitcoin is currently at $113,500, (approximately Rs. 94.2 lakh) after reaching an ATH of $124,000 last week. On the other hand, Ether is relatively steady, rising 2-3 percent to hover near $4,280 (around Rs. 3.57 lakh), as per the data by CoinMarketCap. The move comes as crypto traders anticipate policy cues from the US Federal Reserve Chair, Jerome Powell, at Jackson Hole on Friday.
ETF flows indicated a cautious shift, with Fidelity’s Ethereum fund recording an inflow of $8.6 million, while its Bitcoin fund saw a $7.5 million outflow. Analysts said this reflects a subtle rotation towards Ether amid mixed sentiment. On the other hand, macro concerns weighed, after Cleveland Fed President Beth Hammack said inflation remains “too high” and opposed a rate cut, keeping pressure on crypto prices.
ETF Flows, Options Expiry, and Inflation Risks Seen as Key Drivers Behind Market Shift
“Bitcoin is trading range-bound as investors wait for Federal Reserve Chair Jerome Powell’s speech at Jackson Hole. A dovish tone in the speech could trigger a relief rally. However, a hawkish stance on the rate cut could put more pressure on BTC. While BTC shows strong resilience despite recent US unemployment data concerns, bulls are required to defend the $110,000 to $112,000 range to avoid further weakness,” said Edul Patel, Co-founder and Chief Executive Officer of Mudrex.
Avinash Shekhar, Co-founder and Chief Executive Officer of Pi42, pointed to market fatigue and said, “Bitcoin trading near $113,000 reflects a market caught between fatigue and anticipation. The looming $13.8 billion options expiry is a major stress test, with bulls and bears locked in a tight contest for direction. Signals suggest the current bull cycle could be maturing, which naturally makes investors more cautious, yet history shows such phases often precede defining breakouts.”
“Bitcoin is trading just under $113,000, nearly 8% lower in August from its $124K peak, while Ethereum holds near $4,280 with a 2–3% daily gain. ETF flows showed rotation, with Fidelity’s ETH fund seeing $8.6M inflows and Bitcoin funds losing $7.5M. On the macro side, Cleveland Fed President Beth Hammack reinforced a hawkish stance, saying inflation remains too high and opposing a rate cut,” the CoinSwitch markets desk said on Friday
While Powell’s speech is in focus, experts believe the coming sessions will hold the key to whether Bitcoin’s persistence can turn into a fresh bullish season.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
