Top cryptocurrencies update local lows amid Fed statements

On Friday, August 22, 2025, the leading cryptocurrencies declined amid expectations of a speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium. Thus, Bitcoin BTC $118,476.00 Mezo Wrapped BTC 3.36% Market capitalization $42.84 million VOL. 24 hours $2.44 billion dropped below $ 112,000 for the first time in more than a month, Ethereum ETH $4,744.63 Bridged Ether (StarkGate) 12.17% Market capitalization $0.11 billion VOL. 24 hours $4.34 billion fell to an intraday low of $ 4,205, and Solana SOL $196.11 Binance-Peg SOL 7.94% Market capitalization $0.22 billion VOL. 24 hours $1 billion and Dogecoin DOGE $0.24 Binance-Peg Dogecoin 9.26% Market capitalization $0.6 billion VOL. 24 hours $0.46 billion lost more than 3% and 2.5% respectively. The total market capitalization decreased by 1.87% to $ 3.81 trillion.

Outflows from spot bitcoin ETFs continue: on August 21, it amounted to $ 66.84 million, marking the fourth consecutive day with a negative balance. At the same time, the open interest in Bitcoin increased by 0.93% per day, which usually indicates the emergence of new short positions. Over the past 24 hours, more than $ 220 million has been liquidated from the market, with 72% of it coming from long positions.

Ethereum has maintained a positive trend since the beginning of August, rising by 14.5%, while Bitcoin lost 2.56%. The Fear and Greed Index is in the neutral zone, indicating a balance between bearish and bullish sentiment.

Activity on the stock markets was also negative: The Dow Jones dropped 152.81 points to 44,785, the S&P 500 fell 0.4% to 6,370, and the Nasdaq closed at 21,100 (-0.34%). Investors are lowering their expectations of a September rate cut: according to CME FedWatch, the probability of this step has dropped from 82.6% to 75%.

Despite the general decline, major players took advantage of the drop in Bitcoin. According to CryptoQuant, whales have bought more than 16,000 BTC over the past week. Analysts believe that this repeats the scenario of early August, when large-scale purchases on the decline contributed to the formation of a local bottom and a short-term price recovery.