Key Notes

Bitcoin stalled below $120K while Ethereum surged to fresh all-time highs.

Weak whale demand and ETF outflows limited BTC upside.

Derivative market data shows a $3 billion cluster of short positions at $117,800.

Bitcoin’s price stalled at around $117,000 on Saturday, Aug 23, with intraday gains capped at just 3%. By contrast, Ethereum (ETH) surged more than 10% to reach a fresh all-time high of $4,900. This move followed dovish comments from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium, signaling lower interest rates.

Fed Watch Tool Shows 75% chance of rate cut after Fed Chair Speech on Friday | Source: CME Group

Powell noted that downside risks to employment have risen, opening the door for a possible rate cut in September. In response, CME Group’s Fed

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