The cryptocurrency market has experienced a significant pullback over the past two days, with Ethereum (ETH) leading the decline. ETH briefly fell below $4,100, recording a cumulative drop of over 8% within 48 hours—nearly erasing all gains from the previous week. Bitcoin (BTC) touched a low of $112,500, while other major cryptocurrencies and high-beta altcoins generally declined by 7%–10%.

Market Performance

In the derivatives market, liquidations totaled $452 million over 24 hours, with ETH accounting for $175 million in liquidations—making it the hardest-hit asset. Whales transferred over 34,000 ETH (approximately $140 million) to exchanges within 12 hours, intensifying selling pressure.

Fund Flows

Ethereum spot ETFs saw a single-day net outflow of $197 million, the second-highest in history. Both BlackRock and Fidelity’s products experienced significant capital outflows.

Macro Factors

The Fed’s hawkish stance and the U.S. Treasury’s TGA replenishment plan (expected to drain $500–600 billion in liquidity) are pressuring the market. Attention is focused on Fed Chair Powell’s speech at the Jackson Hole Symposium, as his tone could influence short-term risk asset trends.

Divergent Institutional Views

Some institutions, like Santiment, suggest extreme pessimism may signal a rebound opportunity. Others, such as Delphi Digital, warn that high-beta assets could remain under pressure amid tightening liquidity. Bernstein remains bullish on BTC long-term, with a target of $150,000–$200,000.

Technical Perspective

BTC’s key range is $112,000–$130,000. The market awaits a breakout signal to confirm direction.

While short-term pressure is evident, extreme pessimism could pave the way for a rebound. Future trends depend heavily on macro policy developments and BTC’s ability to stabilize.

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Original | Odaily Planet Daily

Author | Ethan

The cryptocurrency market has corrected again over the past two days, with major coins breaking below key support levels and ETH leading the decline.

OKX data shows BTC fell to a low of $112,500 and is currently trading at $113,580, with a maximum 24-hour drop of over 3%. ETH’s decline was more severe, hitting a low of $4,062 intraday—a 5% drop—before slightly recovering to $4,180. Over 48 hours, ETH’s cumulative decline exceeded 8%, nearly wiping out last week’s gains.

Other assets, including SOL (briefly below $176, now at $180.51), and high-beta altcoins like DOGE, PEPE, and TRUMP, fell by 7%–10%.

Sector-wise, SoSoValue data indicates that as of August 20, the PayFi sector—which held up relatively well previously—fell 5.65%, with XRP down 5.52% and TEL down 7.17%. The Layer 1 sector dropped 3.35%, led by Cardano (ADA) falling 8.83%. Layer 2 declined 3.75%, though Mantle (MNT) rose 5.51% against the trend. The DeFi sector fell 4.25%, with Lido DAO (LDO) up 1.01%. Meme coins overall dropped 5.25%, while MemeCore (M) gained 6.91%.

In derivatives, Coinglass data shows $452 million in liquidations over 24 hours, with long positions accounting for $373 million. BTC liquidations were around $102 million, while ETH liquidations reached $175 million—the highest among major assets.

Lookonchain monitoring revealed that in just 12 hours, multiple whale addresses transferred over 34,000 ETH (worth ~$140 million) to centralized exchanges. This concentrated selling is exacerbating market panic.

Fund flows also lack support. SoSoValue data shows Ethereum spot ETFs had a net outflow of $197 million on August 19—the second-highest on record. BlackRock and Fidelity’s products each saw outflows exceeding $80 million.

With BTC and ETH testing key support levels for two consecutive days, market sentiment has turned sharply pessimistic. Outflows, whale selling, and ETF withdrawals are amplifying the downturn. Amid growing investor divergence, the question remains: Is this a temporary adjustment or the prelude to a deeper correction?

Odaily Planet Daily has compiled the latest insights from on-chain data platforms, institutional research, and traders for reference.

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Has Bitcoin Stabilized? What’s Next for ETH?

Santiment: Retail Sentiment Turns Extremely Bearish, Possibly a Reversal Signal

On-chain data platform Santiment noted that after BTC fell below $113,000, retail trader sentiment turned sharply pessimistic over 24 hours—reaching its lowest level since the sell-off triggered by geopolitical conflicts on June 22. Historical data suggests extreme pessimism often signals a potential rebound, which may offer opportunities for long-term investors.

Though ETH led the decline, Bitcoin remains the market’s focal point. As BTC broke below $113,000, institutions began sharing their outlooks.

Delphi Digital: TGA Replenishment Could Drain $500–600 Billion in Liquidity

Delphi Digital stated that the U.S. Treasury will soon begin replenishing its General Account (TGA), planning to withdraw $500–600 billion from the market within two months. Unlike previous cycles, this round lacks buffers: the Fed continues quantitative tightening (QT), the Reverse Repo Facility (RRP) is nearly depleted, banks face capital constraints, and foreign buying from countries like China and Japan has waned. This means funding will directly drain market liquidity.

This shift is particularly sensitive for crypto. Historical data shows that in 2021, stablecoin supply expanded despite TGA replenishment amid loose liquidity. In 2023, however, stablecoin supply shrunk by over $5 billion, and the crypto market stagnated. With tighter liquidity in 2025, if stablecoin supply contracts again, high-beta assets like ETH could face larger declines relative to BTC—unless offset by ETF or corporate inflows.

Greeks.Live: BTC Trends Divergent, Watch $112K–$130K Range

Options analysis platform Greeks.Live noted in a community brief that market views on BTC are split: some traders believe further downside is likely, while others think long liquidations are nearing an end and a rebound is imminent. Technically, BTC remains in a consolidation range between $112,000 and $130,000. Traders are widely using "short strangle" strategies within the $112,000–$120,000 range, awaiting a breakout signal.

BMO Senior Strategist: Powell May "Dash" Hopes for September Rate Cut

Ian Lyngen, Head of U.S. Rates Strategy at BMO Capital Markets, noted that while markets currently price in an 80% chance of a 25-basis-point cut in September—with even 325,000 options betting on a 50-basis-point cut—the real risk is that Powell’s speech on Friday "pours cold water" on aggressive easing expectations. If the Fed maintains a hawkish stance, broader risk assets, including crypto, could remain under pressure.

Arthur Hayes: "Uncertain" on Powell’s Speech, Choosing to Step Aside

BitMEX co-founder Arthur Hayes stated he is "completely unable to predict market reactions" to the upcoming Jackson Hole symposium and will "enjoy the late summer" instead of over-speculating. While lighthearted, this reflects high uncertainty around macro variables and divided investor expectations.

Tom Lee: Speech Could Be "Dovishly Interpreted," Boosting Stocks and Crypto

Fundstrat’s Tom Lee suggested that while most institutional investors expect Powell to maintain a hawkish tone at Jackson Hole, since this is already priced in, the speech might be "dovishly interpreted," triggering a phased rebound in U.S. stocks and risk assets after the event. For BTC, this could open a window for technical recovery after short-term declines.

Bernstein: Bull Run May Extend to 2027, Bitcoin Target $200,000

Bernstein analysts reported that the current crypto bull cycle—driven by U.S. policy support and growing institutional participation—could extend into 2027. They raised BTC’s price target to $150,000–$200,000 within a year, providing a key reference for long-term investors.

Summary: Short-Term Pressure Persists, Rebound Signals Await Confirmation

The Fed’s hawkish tone has unsettled markets, triggering a concentrated crypto correction amid outflows and whale selling. ETH fell below $4,100, BTC tested $113,000, and derivative liquidations expanded.

Despite clear short-term pressure, Santiment data shows retail sentiment has entered extreme pessimism—a historical precursor to rebounds. As Powell’s key speech approaches, whether BTC can stabilize will be critical in determining the market’s next direction.

The cryptocurrency market has experienced a significant pullback over the past two days, with Ethereum (ETH) leading the decline. ETH briefly fell below $4,100, recording a cumulative drop of over 8% within 48 hours—nearly erasing all gains from the previous week. Bitcoin (BTC) touched a low of $112,500, while other major cryptocurrencies and high-beta altcoins generally declined by 7%–10%.

Market Performance

In the derivatives market, liquidations totaled $452 million over 24 hours, with ETH accounting for $175 million in liquidations—making it the hardest-hit asset. Whales transferred over 34,000 ETH (approximately $140 million) to exchanges within 12 hours, intensifying selling pressure.

Fund Flows

Ethereum spot ETFs saw a single-day net outflow of $197 million, the second-highest in history. Both BlackRock and Fidelity’s products experienced significant capital outflows.

Macro Factors

The Fed’s hawkish stance and the U.S. Treasury’s TGA replenishment plan (expected to drain $500–600 billion in liquidity) are pressuring the market. Attention is focused on Fed Chair Powell’s speech at the Jackson Hole Symposium, as his tone could influence short-term risk asset trends.

Divergent Institutional Views

Some institutions, like Santiment, suggest extreme pessimism may signal a rebound opportunity. Others, such as Delphi Digital, warn that high-beta assets could remain under pressure amid tightening liquidity. Bernstein remains bullish on BTC long-term, with a target of $150,000–$200,000.

Technical Perspective

BTC’s key range is $112,000–$130,000. The market awaits a breakout signal to confirm direction.

While short-term pressure is evident, extreme pessimism could pave the way for a rebound. Future trends depend heavily on macro policy developments and BTC’s ability to stabilize.

---

Original | Odaily Planet Daily

Author | Ethan

The cryptocurrency market has corrected again over the past two days, with major coins breaking below key support levels and ETH leading the decline.

OKX data shows BTC fell to a low of $112,500 and is currently trading at $113,580, with a maximum 24-hour drop of over 3%. ETH’s decline was more severe, hitting a low of $4,062 intraday—a 5% drop—before slightly recovering to $4,180. Over 48 hours, ETH’s cumulative decline exceeded 8%, nearly wiping out last week’s gains.

Other assets, including SOL (briefly below $176, now at $180.51), and high-beta altcoins like DOGE, PEPE, and TRUMP, fell by 7%–10%.

Sector-wise, SoSoValue data indicates that as of August 20, the PayFi sector—which held up relatively well previously—fell 5.65%, with XRP down 5.52% and TEL down 7.17%. The Layer 1 sector dropped 3.35%, led by Cardano (ADA) falling 8.83%. Layer 2 declined 3.75%, though Mantle (MNT) rose 5.51% against the trend. The DeFi sector fell 4.25%, with Lido DAO (LDO) up 1.01%. Meme coins overall dropped 5.25%, while MemeCore (M) gained 6.91%.

In derivatives, Coinglass data shows $452 million in liquidations over 24 hours, with long positions accounting for $373 million. BTC liquidations were around $102 million, while ETH liquidations reached $175 million—the highest among major assets.

Lookonchain monitoring revealed that in just 12 hours, multiple whale addresses transferred over 34,000 ETH (worth ~$140 million) to centralized exchanges. This concentrated selling is exacerbating market panic.

Fund flows also lack support. SoSoValue data shows Ethereum spot ETFs had a net outflow of $197 million on August 19—the second-highest on record. BlackRock and Fidelity’s products each saw outflows exceeding $80 million.

With BTC and ETH testing key support levels for two consecutive days, market sentiment has turned sharply pessimistic. Outflows, whale selling, and ETF withdrawals are amplifying the downturn. Amid growing investor divergence, the question remains: Is this a temporary adjustment or the prelude to a deeper correction?

Odaily Planet Daily has compiled the latest insights from on-chain data platforms, institutional research, and traders for reference.

---

Has Bitcoin Stabilized? What’s Next for ETH?

Santiment: Retail Sentiment Turns Extremely Bearish, Possibly a Reversal Signal

On-chain data platform Santiment noted that after BTC fell below $113,000, retail trader sentiment turned sharply pessimistic over 24 hours—reaching its lowest level since the sell-off triggered by geopolitical conflicts on June 22. Historical data suggests extreme pessimism often signals a potential rebound, which may offer opportunities for long-term investors.

Though ETH led the decline, Bitcoin remains the market’s focal point. As BTC broke below $113,000, institutions began sharing their outlooks.

Delphi Digital: TGA Replenishment Could Drain $500–600 Billion in Liquidity

Delphi Digital stated that the U.S. Treasury will soon begin replenishing its General Account (TGA), planning to withdraw $500–600 billion from the market within two months. Unlike previous cycles, this round lacks buffers: the Fed continues quantitative tightening (QT), the Reverse Repo Facility (RRP) is nearly depleted, banks face capital constraints, and foreign buying from countries like China and Japan has waned. This means funding will directly drain market liquidity.

This shift is particularly sensitive for crypto. Historical data shows that in 2021, stablecoin supply expanded despite TGA replenishment amid loose liquidity. In 2023, however, stablecoin supply shrunk by over $5 billion, and the crypto market stagnated. With tighter liquidity in 2025, if stablecoin supply contracts again, high-beta assets like ETH could face larger declines relative to BTC—unless offset by ETF or corporate inflows.

Greeks.Live: BTC Trends Divergent, Watch $112K–$130K Range

Options analysis platform Greeks.Live noted in a community brief that market views on BTC are split: some traders believe further downside is likely, while others think long liquidations are nearing an end and a rebound is imminent. Technically, BTC remains in a consolidation range between $112,000 and $130,000. Traders are widely using "short strangle" strategies within the $112,000–$120,000 range, awaiting a breakout signal.

BMO Senior Strategist: Powell May "Dash" Hopes for September Rate Cut

Ian Lyngen, Head of U.S. Rates Strategy at BMO Capital Markets, noted that while markets currently price in an 80% chance of a 25-basis-point cut in September—with even 325,000 options betting on a 50-basis-point cut—the real risk is that Powell’s speech on Friday "pours cold water" on aggressive easing expectations. If the Fed maintains a hawkish stance, broader risk assets, including crypto, could remain under pressure.

Arthur Hayes: "Uncertain" on Powell’s Speech, Choosing to Step Aside

BitMEX co-founder Arthur Hayes stated he is "completely unable to predict market reactions" to the upcoming Jackson Hole symposium and will "enjoy the late summer" instead of over-speculating. While lighthearted, this reflects high uncertainty around macro variables and divided investor expectations.

Tom Lee: Speech Could Be "Dovishly Interpreted," Boosting Stocks and Crypto

Fundstrat’s Tom Lee suggested that while most institutional investors expect Powell to maintain a hawkish tone at Jackson Hole, since this is already priced in, the speech might be "dovishly interpreted," triggering a phased rebound in U.S. stocks and risk assets after the event. For BTC, this could open a window for technical recovery after short-term declines.

Bernstein: Bull Run May Extend to 2027, Bitcoin Target $200,000

Bernstein analysts reported that the current crypto bull cycle—driven by U.S. policy support and growing institutional participation—could extend into 2027. They raised BTC’s price target to $150,000–$200,000 within a year, providing a key reference for long-term investors.

Summary: Short-Term Pressure Persists, Rebound Signals Await Confirmation

The Fed’s hawkish tone has unsettled markets, triggering a concentrated crypto correction amid outflows and whale selling. ETH fell below $4,100, BTC tested $113,000, and derivative liquidations expanded.

Despite clear short-term pressure, Santiment data shows retail sentiment has entered extreme pessimism—a historical precursor to rebounds. As Powell’s key speech approaches, whether BTC can stabilize will be critical in determining the market’s next direction.