Bitcoin Loses Post-Jackson Hole Momentum
- BTC slid to $110,956, erasing Friday’s Powell-fueled bounce.
- A $2.7B whale sell-off triggered leveraged liquidations and six straight ETF outflow sessions.
- Analysts warn of short-term weakness below $110K, but long-term bullish case remains with upside targets above $124K.
⚠️ Watch the $110K level — a breakdown could accelerate alt rotation.
Solana Tanks Despite $400M Treasury Backing
- SOL dropped 10%, making it the worst top-10 performer.
- Sharps Technology raised $400M to build a Solana treasury with backing from Pantera, ParaFi, and Arrington.
- Despite the news, SOL slid to $187; charts point to possible retest of $174 or even $152.
Bulls need to reclaim $213 for momentum to flip.
Ethereum Hits Fresh Highs as Wynn Returns to Leverage
- ETH surged to $4,867, powered by $287.6M ETF inflows and nearly $30B corporate reserves.
- High-stakes trader James Wynn resurfaced, opening a 25x ETH long and 10x DOGE long after his $100M BTC liquidation earlier this year.
- Wynn’s trades highlight speculative froth, but institutional flows keep ETH’s trajectory strong.
Webull Reopens Crypto Trading in the US
- Webull resumed US crypto trading after its 2023 suspension.
- Users can access 50+ assets, including BTC, ETH, and SOL.
- Regulatory shifts under Trump and the GENIUS law have opened doors for fintechs to re-enter the crypto space.
Webull now positions itself as a one-stop shop for both traditional and digital assets.
Hyperliquid Defies the Pullback
- HYPE gained 21.7% in August, nearing its ATH at $49.75.
- Platform hit $3B spot daily volume, generating $87M revenue this month.
- Now controls 80% of decentralized perpetuals, eclipsing dYdX.
- Risks: heavy reliance on trading volumes and only 16 validators raising centralization concerns.
Arthur Hayes floated a 126x price prediction, but execution risks remain.
Ontology Soars 55% Against the Tide
- ONT spiked 55% to $0.22, its highest in six months.
- Trading volume jumped 4,600% to $337M.
- Market narrative: decentralized identity solutions amid AI deepfake concerns.
- RSI at 81 suggests overbought, but open interest up 617% shows strong trader conviction.
Key support at $0.20, resistance at $0.27.
LayerZero Targets Expansion After Stargate Deal
- ZRO dipped 7.5% to $2.01, despite Stargate DAO approving LayerZero’s acquisition.
- Competing offers from Wormhole and others failed to derail the vote (95% approval).
- Price outlook: reclaiming $2.38 could fuel run to $2.60; downside risk to $1.62.
Altcoin Divergence Deepens
- While majors like BTC and SOL falter, select altcoins (ONT, HYPE) are outperforming.
- The trend suggests capital rotation into mid-cap narratives like identity, DeFi, and high-throughput DEX platforms.
- Market remains volatile, with ETF flows and Fed policy as key macro drivers.
Closing Take
This cycle shows stark divergence: Bitcoin faces distribution pressure, Solana underdelivers despite adoption news, yet Ethereum thrives on institutional inflows and alts like Ontology and Hyperliquid seize breakout momentum. Exchange reopenings (Webull) and ecosystem consolidations (LayerZero) add fuel to sector churn. The next moves hinge on macro liquidity and whether BTC can hold the line at $110K.
Disclaimer: Educational commentary only. Crypto is volatile; do your own research.