Bitcoin couldn’t care less about Jerome Powell’s Jackson Hole speech. While the traditional financial world was glued to their screens, trying to decode every word from Powell, Bitcoin is busy doing its own thing. Which is now apparently consolidation.
Sure, investors and traders are watching, waiting to see if Powell hints at any changes to interest rates. Some expect him to signal a potential rate cut, which might send Bitcoin’s price soaring.
A cut could push Bitcoin past the $61,000 mark, where it’s been hanging around lately. But let’s be real here—Bitcoin has a mind of its own. It doesn’t always follow the same rules as the traditional markets.
If Powell doesn’t deliver the dovish tone that some are hoping for, we might see a bit of a shakeup in the crypto market. But that’s nothing new for Bitcoin. The market is used to volatility, and honestly, some traders thrive on it.
A hint at future tightening could cause a short-term drop in Bitcoin’s price, but for those who know how to play the game, that’s just another opportunity. Volatility is where the money is made, after all.
While Bitcoin might be riding the waves, Ethereum seems to be struggling a bit more. The divergence in ETF flows between these two giants is telling. Bitcoin spot ETFs are seeing a steady stream of inflows, showing that investor sentiment is still bullish.
Meanwhile, Ethereum-based products are bleeding out, with outflows continuing as Powell’s speech looms. It’s clear that investors are favoring Bitcoin over Ethereum right now, as they almost always do.
