Bitcoin and ether experienced further declines as traders took profits after the recent market rally and prepared for upcoming macroeconomic events.
According to The Block’s crypto price page, bitcoin is down 2.78% to $113,234. The world’s largest cryptocurrency traded as low as $112,709 earlier in the day. Ether dropped 5.44% to $4,108 as of 9:00 p.m. on Tuesday.
Kronos Research CIO Vincent said bitcoin’s price is pressured by profit-taking and leveraged liquidations following its all-time high earlier this month.
“Traders are in wait-and-see mode, and the market may consolidate until policy clarity emerges,” Liu said. In terms of ether, Liu saw $4,200 as the key liquidity pivot — “holding could invite bids, while a break risks flows toward $3,900.”
With the current market consolidation, the analyst said traders are keeping watch on exchange-traded funds as well as macroeconomic catalysts.
After a record-breaking July, spot Bitcoin ETFs have seen a slowdown in inflows and even experienced some net outflows this month. Ether ETFs, which saw strong inflows in the first two weeks of August, have recently begun to record outflows as well.
Traders are now keeping eyes on Wednesday’s release of the Federal Open Market Committee meeting minutes from the July meeting, and Federal Reserve Chair Jerome Powell’s speech at Jackson Hole scheduled for Friday.
“The most important event in the near-term is Powell’s Jackson Hole speech this Friday,” said Peter Chung, head of research at Presto Research. “The market is already expecting a rate cut in Sept. If he says something that contradicts that, expect sharp correction. But if he sounds more dovish than expected the market can rally.”
Chung said the market movements in the past few days are a result of investors positioning themselves for the outcome of this consequential event, which remains uncertain.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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