Overview

• Bitcoin fell roughly 9% from last week’s record near $124,000, with ether slipping below $4,200 after nearing its own all-time high.
• Forced unwinds of leveraged longs reached into the hundreds of millions of dollars, with estimates ranging from about $270 million to more than $550 million depending on the data source.
• Traders are focused on Wednesday’s FOMC minutes and Friday’s Jackson Hole speech for direction on September policy, with odds of a cut easing to roughly 85% from as high as 98% last week.
• Crypto‑linked stocks and corporate treasury plays underperformed, with names such as MSTR, MARA and COIN dropping around 6%–8% into the close.
• ETF funds still posted sizable weekly inflows despite some daily outflows during the pullback, and Treasury clarified any strategic bitcoin reserve would be limited to coins forfeited to the government.