Digital assets are under pressure as traders await Powell's closely watched speech on Friday. U.S. spot bitcoin and ethereum ETFs have seen outflows for four consecutive days, with investors withdrawing a cumulative $1.90 billion, according to data. Momentum fueled by a large number of corporate cryptoasset hoarding built to mimic the Strategy model now appears to be waning. Options trading activity shows investors turning defensive. The put/call ratio for contracts expiring on Aug. 22 rose to 1.33, when $3.80 billion worth of bitcoin options expire, according to Deribit derivatives exchange data. The largest unpositioned squaring contracts are concentrated in put options worth $110,000, indicating concerns about a short-term pullback.
Peter Chung, head of research at Presto, said: "This reflects that the market is more sensitive to hawkish signals from Powell than dovish rhetoric amid high expectations of a September rate cut. The volatility of the past few days is a reflection of investors' positioning for the outcome of this uncertain speech."
Analysis: Crypto Markets Under Pressure, Investors Withdraw 1.90 billion Dollars to Focus on Powell Speech
2025-08-21 09:49:29
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