Overview

• Ether set a new all-time high near $4,885 on Coinbase after a 14–15% jump, while Bitcoin rose roughly 4–5% with far smaller swings.
• Jerome Powell’s Jackson Hole remarks boosted market-implied odds of a September rate cut to roughly 80–90%, triggering a broad risk-on shift.
• Spot ETH ETFs and corporate treasuries have funneled substantial capital into Ethereum, with August data showing about $2.5 billion added to ETH funds versus outflows from Bitcoin products.
• Derivatives leverage reset sharply, with more than $340 million in ETH longs and shorts liquidated in 24 hours, accounting for over half of crypto-wide wipeouts.
• On-chain signals pointed to rotation and tightening supply, including dormant BTC whales buying and longing ETH and persistent net ETH outflows from exchanges.