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2h ago

Powell Hint Propels Ether to the Brink of a Record as Bitcoin Whales Pivot to ETH

Dovish Fed signals lifted a market already tightened by heavy spot ETH ETF inflows.

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Overview

  • Ethereum jumped roughly 12%–15% after Jerome Powell’s Jackson Hole remarks, coming within about 1% of its 2021 peak, with some outlets even reporting a brief new all-time high.
  • Derivatives saw a shakeout as CoinGlass data showed more than $259 million in ETH shorts and over $340 million in total ETH positions liquidated in 24 hours.
  • On-chain data from Lookonchain identified a long-dormant Bitcoin holder selling BTC to buy 62,914 ETH spot and opening a 135,265 ETH long, signaling a high-profile rotation into Ether.
  • Structural demand remains firm with record summer inflows to U.S. spot ETH ETFs, corporate treasury purchases by firms like BitMine Immersion and SharpLink Gaming, and roughly 30% of the supply staked, which has drained exchange balances.
  • With Bitcoin’s volatility sliding to near blue-chip levels and investors adding billions to Ether funds in August, traders seeking larger swings have shifted toward ETH even as elevated leverage keeps near-term downside risks in focus.