QCP Capital: The market is watching whether Powell's speech will break the current range of $112,000 to $120,000

PANews reported on August 18th that according to a QCP Capital report, the price of BTC fell from $118,000 to $115,000 and ETH fell from $4,500 to $4,300, resulting in the liquidation of more than $400 million in long positions. This continued the 5% correction trend last week, when the liquidation amount in the DeFi field exceeded $1 billion, and the market saw profit-taking.

Funding rates have turned negative, and risk reversals are favoring put options, indicating a cautious market ahead of the Jackson Hole meeting. However, institutional demand remained strong, with Metaplanet increasing its holdings by 775 BTC over the weekend. Despite the unexpectedly strong PPI data (0.9% vs. 0.2%), which heightened uncertainty surrounding Federal Reserve policy, BTC prices remained within the $112,000 to $120,000 range. The market is focused on whether Fed Chairman Powell's speech will break the current range, or whether continued institutional accumulation will pave the way for further gains.