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23m ago

Record Liquidations Drive Bitcoin and Ethereum Down From New Peaks

Waning Fed rate-cut expectations triggered profit-taking that has pushed Bitcoin toward its $116,000 support on the eve of Powell’s Jackson Hole remarks.

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Overview

  • Bitcoin has retraced sharply from mid-August highs, trading around $115,000 and testing its $116,000–$117,000 support band while Ethereum slid to the low-$4,000s beneath resistance near $4,500.
  • Liquidations topped $800 million in long futures positions as elevated leverage magnified the downturn across crypto markets.
  • Blockchain data show whales picked up about 2 billion Dogecoin last week even as firms including Metaplanet and Amdax added to Bitcoin treasuries during the pullback.
  • Spot ETF inflows have cooled after earlier August records, with recent short-term outflows reflecting investor profit-taking.
  • Traders are bracing for renewed volatility as forthcoming Fed minutes and Powell’s Jackson Hole address are set to influence the market’s next direction.