Bitcoin Below $80K as Traders Position Ahead of Jackson Hole Speech
Bitcoin's price has slipped below $80,000 as traders position themselves ahead of Kevin Warsh's keynote speech at Jackson Hole. Despite this pullback, Bitcoin remains higher on the week by nearly 9%. Meanwhile, Solana is leading major cryptocurrencies with a 20% weekly gain.
Solana gained over 4% in the last 24 hours to trade near $101, while other large-cap tokens also remained higher. Ether added just over 1% to around $2,492, and XRP increased by nearly 2% to approximately $1.43.
Bitcoin's recent strength is supported by continued demand through U.S. spot Bitcoin ETFs, which recorded roughly $2.8 billion in inflows across eight consecutive sessions. This inflow streak has not been seen since April, and August inflows have already exceeded $3 billion, putting the month on track to become the strongest for Bitcoin ETF demand this year.
The focus is now firmly on Kevin Warsh's Jackson Hole speech, which could provide a clearer indication of how policymakers are approaching the September Federal Open Market Committee meeting. If Bitcoin can hold above $80,000 and eventually break through the May high near $83,000, the recent rally could gain another layer of momentum.