Macro Overview
- Jackson Hole Symposium – Powell’s Remarks: In his August 22 speech, Fed Chair Jerome Powell signaled the Fed may consider an interest rate cut in September amid labor market risks and slowing growth. He also noted challenges from tariffs and immigration policies. Following his remarks, the crypto market jumped, with ETH hitting a new all-time high.
- US Unemployment Claims (Weekly): Came in at 235K vs 226K expected, higher than forecast. This is seen as positive for crypto.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a -1.75% fall, bringing the total market capitalization to $3.75 trillion. Notably, BTC saw a fall of -3.70% and ETH saw a rise of 5.50%. Bitcoin’s dominance stands at 58.50%, while Ethereum’s holds at 14.28%.
- Philippines Proposes 10,000 BTC Reserve: A new bill suggests the central bank accumulate 2,000 BTC annually for 5 years and lock it in cold storage for 20 years. The goal is to strengthen economic resilience, with restrictions on selling except for debt repayment. If passed, it would mark one of the most ambitious national Bitcoin reserve strategies to date.
- Crypto Funds See $1.4B Outflows: Digital asset funds recorded their biggest weekly outflows since March, with $1B leaving Bitcoin products and $440M from Ether. Outflows were led by the U.S., Sweden, and Switzerland, while Germany and Canada saw small inflows, signaling cooling investor appetite amid rising market uncertainty.
- Strategy Buys More Bitcoin: Strategy added 3,081 BTC ($357M), raising its treasury to 632,457 BTC worth nearly $70B. With an average cost of $73,527 per coin, the firm now holds $23.5B in unrealized gains, solidifying its position as the largest public corporate Bitcoin holder.
Top Altcoins Update
- BitMine Treasury Tops $8.8B: Tom Lee’s BitMine Immersion Technologies (BMNR) now holds 1.71M ETH (~$7.9B), making it the largest corporate Ethereum holder. The firm, which began its ETH treasury program in June, aims to acquire up to 5% of ETH’s total supply, signaling aggressive long-term accumulation.
- Galaxy, Jump & Multicoin Target $1B Solana Treasury Play: Galaxy Digital, Jump Crypto, and Multicoin Capital are raising $1B to form a Solana-focused treasury firm, Bloomberg reports. The plan involves acquiring a publicly traded company and converting it into a Solana treasury vehicle, with Cantor Fitzgerald as lead banker. The Solana Foundation is backing the initiative, with a deal expected to close in early September.
- Ripple, SBI to Launch RLUSD Stablecoin in Japan by Q1 2026: Ripple has teamed up with SBI Holdings to roll out its RLUSD stablecoin in Japan, targeting launch in early 2026 via SBI VC Trade. Ripple says the move will expand stablecoin options, while SBI calls it a step toward greater reliability and convenience in Japan’s digital asset market.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Aug-28 | 6:00 PM | US Prelim GDP q/q | Actual’ less than ‘Forecast’ is good for crypto |
| Aug-28 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| Aug 29 | 6:00 PM | US Core PCE Price Index m/m | Actual’ less than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral. (Uncertain)
- On the higher time frame, Bitcoin remains bullish as long as price holds above the 50–60 EMA (Daily), which continues to act as a major support zone. A potential pullback toward this EMA would be healthy consolidation and nothing to panic about.
In the near term, price action remains uncertain, with $109K standing out as the key level to watch. With CME gaps open both above and below, losing $109K could trigger a sharper drop. Until then, expect continued choppy sideways movement in the coming days. - Key support levels to consider are around $95,000 and $91,000. On the upside, resistance level is at $117,000 & $124,500.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral.
- As highlighted in last week’s report, ETH pulled back toward $4,000 before resuming strength, once again outperforming BTC. ETH has now created a new all-time high (ATH) and will likely consolidate/chop around these levels in the short term.
- The 22 EMA (Daily) remains the key support to watch — as long as ETH holds above it, the short-term bias stays positive. For the coming days, expect sideways price action with consolidation near highs.
- Significant support levels include $4000 and $3525, while resistance level to watch is at around $4900.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent
Solana Technical Analysis
Summary:
- The current sentiment around SOL is Neutral.
- SOL continues to chop within range but is gradually climbing higher. Given the broader market conditions, price action is likely to remain sideways in the near term.
- Keep an eye on the key levels marked in the chart — sustained moves above resistance could open further upside, while failure to hold support may trigger short-term weakness.
- Key support levels to consider are around $185 and $159. On the upside, resistance level is at $206 and $220.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
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