Key TakeawaysCleveland Fed President Beth Hammack said current data does not justify a September rate cut.Her remarks signal support for Fed Chair Jerome Powell’s hawkish stance ahead of Jackson Hole.Bitcoin fell nearly 10% in a week, slipping to a session low near $112,800.Rate cut odds for September dropped to 71%, down from near certainty just a week ago.Hammack Pushes Back Against September Rate CutCleveland Federal Reserve President Beth Hammack said Wednesday that the current economic data “do not make the case” for cutting rates in September, reinforcing Fed Chair Jerome Powell’s hawkish position.“We have inflation that’s too high and has been trending upwards over the past year,” Hammack told Yahoo News in Wyoming. “If the meeting was tomorrow, I would not see a case for reducing interest rates.”She added that the impact of tariffs on inflation is only starting to be reflected in data and that the full effect will be seen in 2026.Hawkish Consensus Builds Ahead of Jackson HoleHammack’s comments come as Powell faces pressure from President Donald Trump and some former Fed officials to ease policy. Earlier this week, former St. Louis Fed President Jim Bullard called for rates to be cut by 100 basis points.Despite these dovish calls, Hammack’s remarks show Powell retains broad support inside the Fed. Two dissident votes for cuts at the last FOMC meeting appear to be outweighed by hawkish consensus.Markets now expect Powell to reaffirm his wait-and-see stance during his keynote speech at the Jackson Hole Economic Symposium on Friday.Bitcoin Drops as Rate Cut Odds RecedeCrypto markets reacted swiftly. Bitcoin (BTC) fell to $112,800, nearly 10% below last week’s record high above $124,000. According to CME FedWatch, the probability of a September rate cut dropped from nearly 100% to 71% in just seven days.Other risk assets also weakened as traders recalibrated expectations. Hammack’s remarks add to the growing view that the Fed will hold rates higher for longer until inflation shows clearer signs of easing.With Hammack’s hawkish comments and Powell’s speech looming, markets are bracing for more volatility. For Bitcoin, which has closely tracked monetary policy expectations, the next move may depend on whether Powell leaves the door open—or firmly shuts it—on rate cuts in 2025.

Key TakeawaysBitcoin’s long-term sentiment gauge flipped bearish for the first time since June 2023.DOGE, XRP, and SOL weakened, while Ether (ETH) showed resilience.Analysts cite Donald Trump’s backing of crypto in 401(k) plans as structural long-term support.Futures and options data show rising institutional preference for ETH over BTC.Bitcoin Sentiment Turns Bearish for First Time in Over a YearBitcoin’s late Wednesday rebound to $144,700 proved short-lived as a key measure of long-term sentiment flipped bearish for the first time since mid-2023. The shift comes amid growing caution in crypto markets, with DOGE, XRP, and SOL sliding alongside BTC. Ether, however, held up relatively stronger.Despite the sentiment downturn, broader market gauges remained in positive territory. The CoinDesk 20 Index rose 0.7% over 24 hours, while the CoinDesk 80 gained 0.4%.Analysts Remain Optimistic on BTC’s Structural OutlookSome analysts argued that long-term fundamentals remain intact. Donald Trump’s approval of crypto assets being included in 401(k) retirement plans is viewed as a step toward embedding digital assets deeper into U.S. capital markets.“This will shift flows from speculative to strategic, pension-style allocation,” said Jag Kooner, head of derivatives at Bitfinex. “It strengthens crypto’s structural outlook, though the effect will take time to play out.”Derivatives Show Diverging BTC and ETH TrendsIn derivatives markets, BTC and ETH futures open interest stalled above 700K BTC and 14.2M ETH, reflecting directionless trading ahead of the Jackson Hole central banking conference.CME: BTC futures’ three-month premium eased to 7%, while ETH open interest neared 2M ETH, signaling institutional preference for Ether.Deribit: BTC’s 180-day options skew fell to -0.42, its strongest demand for downside protection since June 2023. By contrast, ETH options maintained a bias toward calls.Paradigm OTC flows: Showed demand for BTC puts financed by selling calls, alongside mixed ETH activity.Meanwhile, Chainlink (LINK) futures open interest stayed near record highs as LINK climbed to $27, its strongest level since January.Volatility Steady Ahead of Fed’s Jackson HoleVolmex’s seven-day implied volatility indices held at 36% for BTC and 70% for ETH, suggesting markets are not anticipating a major volatility spike from Fed Chair Jerome Powell’s Jackson Hole speech.While Bitcoin sentiment has turned bearish for the first time in over a year, Ether’s resilience and growing institutional preference highlight shifting dynamics in the crypto market. With Powell’s remarks looming, traders may see more clarity on risk appetite in the days ahead.

Key Takeaways65% of investors holding both stocks and crypto expect digital assets to deliver stronger growth than equities over the next 10 years.Nearly 70% plan to increase crypto allocations in the coming year, with men showing higher conviction than women.42% said crypto outperformed their stock portfolio in the past 12 months, compared to 31% for equities.During global uncertainty, more investors choose crypto (33%) over stocks (20%) and cash (19%).Investors Turn to Crypto for Long-Term GrowthA majority of investors who hold both equities and crypto believe digital assets will outperform stocks over the next decade, according to a new Kraken survey.The poll of more than 1,000 U.S. adults found that 65% of dual-asset investors expect crypto to deliver stronger growth than equities in the next 10 years, while only 35% favored stocks.The survey also revealed shifting portfolio strategies: nearly 70% plan to boost their crypto holdings in the coming year, with men (74%) showing stronger conviction than women (59%).Crypto Already Outperforming for ManyOver the past year, 42% of respondents said their crypto investments outperformed their stock portfolios, while 31% reported better returns from equities.Confidence levels also leaned toward digital assets, with 61% saying they’ve grown more confident in crypto, compared with 53% for stocks.“Dual-asset investors are no longer treating crypto as a speculative outlier. They’re viewing it as a core growth driver,” said Mark Greenberg, Kraken’s global head of consumer.Crypto Emerging as a ‘Crisis Trade’The survey also highlighted crypto’s role as a potential safe haven. When asked where they would allocate fresh capital during global uncertainty, 33% chose crypto, compared to 20% for equities and 19% for cash.The findings suggest that crypto is increasingly viewed as an alternative to traditional safe-haven assets, particularly among younger investors seeking long-term upside.Blurring Lines Between Crypto and EquitiesThe results come as major exchanges—including Kraken—expand beyond digital assets by offering equities trading alongside crypto, underscoring how the lines between traditional finance and blockchain markets are fading.With a majority of dual-asset investors backing crypto for stronger growth, the survey reflects a paradigm shift in portfolio construction that could reshape how retail investors balance stocks and digital assets in the years ahead.

Key TakeawaysEther (ETH) futures premium stayed above the neutral 5% threshold, signaling resilience despite recent losses.Onchain metrics highlight Ethereum’s dominance in fees and TVL, strengthening long-term recovery prospects.ETH found support near $4,070 after a sharp 15% drop, with traders showing no panic despite macro headwinds.Ethereum’s seven-day fees surged 38% to $11.2M, reinforcing demand for blockspace.ETH Finds Support After 15% CorrectionEthereum price (ETH) stabilized near $4,070 on Wednesday following a six-day, 15.1% decline that erased more than $817 million in leveraged long positions. Despite the sell-off, ETH derivatives suggest traders remain relatively calm, with many still targeting the $4,700 level as a near-term recovery point.The ETH six-month futures annualized premium held above 5% throughout the downturn, indicating that professional traders did not expect extended downside. Although optimism has not fully returned since ETH’s 100% rally earlier this summer, the absence of bearish positioning reflects resilience.Macroeconomic Uncertainty Weighs on SentimentCaution in ETH futures also reflects broader economic uncertainty. U.S. inflation remains sticky, and concerns over overvalued tech stocks pressured the Nasdaq for a second straight day. CNBC reported traders trimmed exposure ahead of Fed Chair Jerome Powell’s Jackson Hole speech, which could set the tone for rate cuts—or further delays.Carol Schleif, chief market strategist at BMO Private Wealth, noted that if Powell’s remarks lean hawkish, “that could pressure tech stocks even further.” Meanwhile, disappointing earnings from Target highlighted consumer and profitability stress.ETH options markets also remain balanced, with the 30-day delta skew at 4%, showing nearly equal demand for puts and calls. Analysts warn that the lack of enthusiasm—even after ETH briefly topped $4,700—is a sign of trader hesitation toward calling new highs.Onchain Data Paints Bullish PictureWhile derivatives remain cautious, Ethereum’s onchain activity continues to strengthen. According to DeFiLlama, Ethereum commands about 60% of total value locked (TVL) across blockchains, far ahead of competitors.Network fees climbed 38% in a week to $11.2 million, per Nansen, underscoring rising demand for blockspace. By contrast, Solana fees gained just 3% while BNB Chain’s fell 3%. Ethereum also dominated decentralized exchange (DEX) volumes, processing $129.7 billion over the past 30 days, according to Cointelegraph.OutlookEthereum’s recovery depends heavily on broader market sentiment and macro signals. Still, the combination of solid derivatives positioning and strengthening onchain demand suggests ETH’s fundamentals remain intact. If investor fears ease after Powell’s Jackson Hole remarks, analysts say Ether could retest $4,700 sooner than expected.

According to BlockBeats, Federal Reserve official Collins indicated that a short-term interest rate cut might be appropriate if the labor market outlook deteriorates. Collins emphasized that waiting for complete clarity on inflation before considering a rate cut is not advisable.

Key TakeawaysBitcoin sentiment shifted from “fear” to neutral after rebounding from a sharp correction.BTC dropped 10% from its August peak before recovering above $114,000.Santiment warns “FUD may not be over” as markets remain sensitive to crowd psychology.All eyes are on Fed Chair Jerome Powell’s Jackson Hole speech for the next major market move.Bitcoin Sentiment Shifts From Fear to NeutralBitcoin (BTC) recovered Thursday after dipping into the “fear” zone earlier in the week. The leading cryptocurrency fell to $112,350 on Coinbase Wednesday, a 10% correction from its August high above $124,000. The drop pushed the Bitcoin Fear & Greed Index to 44—its lowest in two months.BTC has since rebounded, reclaiming $114,500 in early Thursday trading, according to TradingView. The index has now returned to a neutral 50, signaling improved sentiment.“As anticipated, crypto markets have begun to rebound,” analysts at Santiment said, while cautioning that further fear, uncertainty, and doubt (FUD) could still pressure prices. The firm also highlighted growing social interest around Bitcoin, Tether (USDT), XRP, Cardano (ADA), and the memecoin SNEK.Sentiment Remains FragileBitcoin entrepreneur and U.S. presidential crypto adviser David Bailey noted how quickly market emotions swing. “One moment euphoria, moments later panic,” he said, urging investors to zoom out and stay focused on the long-term trend.Macro headwinds also weighed on sentiment. Augustine Fan, head of insights at SignalPlus, said crypto prices have been “treading water” as uncertainty builds. Treasury Secretary Scott Bessent briefly fueled concern by stating the U.S. government would not expand its Strategic Bitcoin Reserve, though he later appeared to soften his stance in an X post.Total crypto market capitalization has since recovered to $3.96 trillion, up 2% in 24 hours, but analysts caution that volatility is far from over.Powell’s Jackson Hole Speech in FocusThe next major catalyst for crypto markets may come Friday when Federal Reserve Chair Jerome Powell speaks at the Jackson Hole conference, an event historically known for moving both equities and crypto.“Markets brace for Jackson Hole as Powell’s tone could jolt equities and crypto,” said BitGo.Traders remain divided: some expect Powell to maintain a hawkish tone and delay rate cuts, while others see potential for a dovish surprise. “If he comes in soft and leans that rate cuts are likely, we turbo rip,” author Jason Williams said.Ran Neuner of CNBC added: “Jackson Hole will shape crypto’s direction moving forward. Trump is pushing for a rate cut, but will Powell listen?”According to the CME FedWatch tool, markets currently price in an 82% chance of a rate cut on September 17, though expectations have been slipping.OutlookBitcoin’s rebound has stabilized market sentiment, but caution dominates ahead of Powell’s speech. With sentiment fragile and macro uncertainty rising, analysts say crypto markets could face sharp swings in the days ahead, according to Cointelegraph.

Despite some market predictions that Bitcoin’s historic four-year halving cycle is fading due to rising institutional interest, on-chain analytics firm Glassnode reports that Bitcoin’s current price action still “echoes prior patterns” and appears to be tracking its typical cycle.Key Insights from GlassnodeBitcoin’s price movements continue to reflect its traditional four-year halving cycle.Profit-taking among long-term holders (holding BTC for over 155 days) is comparable to previous euphoric phases, indicating the market may be in a late cycle stage.Capital inflows into Bitcoin are showing signs of fatigue, with spot Bitcoin ETFs experiencing outflows of approximately $975 million over the past four trading days.Since reaching a recent high of $124,128 on August 14, Bitcoin has corrected by about 8.3%, trading near $113,940 at publication.The decline in demand has pushed traders toward riskier bets, with open interest in major altcoins briefly hitting a record $60 billion before a $2.5 billion correction.Glassnode suggests that if Bitcoin continues to follow its historical cycle, the market peak could arrive as early as October 2025, consistent with previous cycles where highs occurred 2-3 months after the current stage measured from the cycle low.Supporting Analyst ViewsCrypto analyst Rekt Capital also forecasts a potential peak in October 2025, approximately 550 days after the Bitcoin halving event in April 2024, aligning with the 2020 cycle pattern.Contrasting Opinions: Is the 4-Year Cycle Over?Not all experts agree that the four-year cycle remains intact:Jason Williams, author and investor, highlights that the top 100 treasury companies hold nearly 1 million Bitcoin, suggesting institutional accumulation could alter traditional cycle dynamics.Data from BitcoinTreasuries.NET shows publicly traded Bitcoin treasury companies hold about $112.17 billion worth of BTC.Matt Hougan, Bitwise’s Chief Investment Officer, argues the Bitcoin cycle is “dead” and predicts an “up year” in 2026 instead.Hougan believes the halving cycle’s influence is diminishing, with macro factors like the interest rate cycle playing a more significant role in crypto’s future price action.SummaryWhile some industry voices claim the four-year Bitcoin cycle is obsolete due to growing institutional demand and changing market dynamics, Glassnode’s on-chain data and several analysts suggest Bitcoin’s price action still aligns with its historic halving cycle. The next few months, especially leading into October 2025, will be critical in confirming whether Bitcoin’s traditional cycle remains relevant, according to Cointelegraph.

Anchorage Digital, the first federally chartered digital asset bank, is no longer under an OCC consent order after reaching "compliance. " source: https://decrypt.co/336273/occ-pulls-consent-order-crypto-bank-anchorage

MetaMask introduces mUSD, a stablecoin backed by high-quality assets, on Ethereum and Linea, enhancing DeFi composability. source: https://coincu.com/356539-metamask-musd-stablecoin-launch

Coinbase CEO Brian Armstrong has predicted that Bitcoin will be worth $1 million by 2030, citing the regulatory clarity that the industry is experiencing. Armstrong shared this take in a recent interview. In the crypto executive’s appearance on Stripe co-founder John Collison’s podcast, Cheeky Pint, Armstrong noted that many datapoints support his predictions of Bitcoin […] source: https://www.cryptopolitan.com/coinbase-ceo-points-to-1m-bitcoin-in-2030-as-whales-buy-the-latest-dip/

Bài viết này đi sâu vào kết quả tài chính quý 2 năm 2025 của Galaxy Digital khi nhà cung cấp giải pháp trung tâm dữ liệu và tài sản kỹ thuật số này chuẩn bị cho quá trình chuyển đổi.

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