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Crypto Markets Fall Across the Board as Bitcoin Drops Below $78,000

Crypto market triggers a sell-off wave as Bitcoin plunges below the $78,000 mark, with altcoins broadly following suit.

On August 31, the cryptocurrency market came under pressure and moved downward, with major coins falling broadly. Among them, Bitcoin (BTC) fell 0.33%, losing the 78,000 mark; Ethereum (ETH) fell 1.3%, losing the 2,500 mark; Binance Coin (BNB) fell 0.86%, breaching $690; and XRP fell 2.18%, losing $1.4.

Last Friday, Federal Reserve Chair Warsh emphasized data dependency and inflation risks at the Jackson Hole annual central banking symposium. As market optimism for a larger-than-expected rate cut in September moderated, capital previously betting on macro policy easing chose to lock in profits, triggering a sell-off on good news.

Michael Saylor Hints at First Bitcoin Purchase in Two Months

Michael Saylor hinted at Strategy’s first bitcoin purchase since June 22 as bitcoin neared $79,000, up almost 1% over the past 24 hours and more than 2.5% from Friday’s low, followed by Federal Reserve Chair Kevin Warsh’s hawkish Jackson Hole speech.

Strategy’s executive chairman posted “We’re Back” on X, most likely implying that the company has purchased bitcoin for the first time in two months.

The new post comes after the bitcoin accumulation company spent the last few months, starting in May, selling some of its bitcoin stash to help bolster its balance sheet. Most recently, however, it halted the sale of its bitcoin and sold MSTR shares instead to increase its U.S. dollar reserves and began buying back its preferred stock, Stretch or STRC

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Friday was $210.81 million. The total net asset value of Bitcoin spot ETFs is $97.59 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.28%.

The Bitcoin spot ETF with the highest net outflow on August 28 was ARK 21Shares Bitcoin ETF (ARKB), with a net outflow of $114.89 million, according to SoSoValue.

Source: SoSoValue

The overall net inflow of the US Ethereum spot ETF on Friday was $102.18 million. The total net asset value of Ethereum spot ETFs is $15.23 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.20%.

The Ethereum spot ETF with the highest net inflow on August 28 was iShares Ethereum Trust ETF (ETHA), with a net inflow of $83.79 million, according to SoSoValue.

Source: SoSoValue