Bitcoin ETFs Lose Billions While Ethereum Gains

Over $1.1 billion has left these funds in just five days. This is happening as people get ready for a big speech by the head of the U.S. Federal Reserve, Jerome Powell. The speech is at the Jackson Hole symposium, and it's making everyone nervous.

Bitcoin's Price Takes a Hit

Bitcoin's price has dropped by 10% since its peak on August 14. Other investments, like U.S. stocks, are also feeling the heat. The S&P 500 index has fallen by 1.72% since its high on August 13. This is all because of some bad news about inflation. It's made people think the Fed might not cut interest rates as much as they hoped.

Ethereum's Strange Behavior

On August 21, Ethereum saw a big inflow of $286.7 million. This broke a four-day streak of people pulling money out. It's a strange time for Ethereum, though. There's a lot of buying happening, but the price isn't moving much. This is despite good news, like a company planning to pay dividends in Ethereum.

There's also some selling pressure on Ethereum. Over $3.8 billion worth of staking validator exits have added to this. But in the long run, big investors are still a good thing. They control 5% of Ethereum's supply, which helps keep the price stable.

Bitcoin's Current Price and Liquidations

Meanwhile, Bitcoin's price is around $112,500. This drop has caused over $100 million in liquidations in just one hour. In the past 24 hours, $317 million worth of positions have been forced to close. Traders are keeping a close eye on the $120,000 and $110,000 levels. These are key prices to watch as everyone waits for Powell's speech.