Asia Morning Briefing: Traders Show Caution for BTC and ETH as Retail Interest Wanes

Overview

Traders have adopted a bearish stance toward Bitcoin (BTC) and Ethereum (ETH), as the latter reports price drops of 1.1% and 3.8% respectively in the past day. This cautious sentiment emerges ahead of the Jackson Hole symposium, where Federal Reserve Chair Jerome Powell is expected to address inflation concerns.

Market Sentiment

With BTC trading around $116,263 and ETH at $4,322, market dynamics reflect strong institutional interest yet limited retail participation.
The CoinDesk 20 index, tracking major crypto assets, is down by 2.4% in the current period.

Potential Market Developments

Enflux, a market maker based in Singapore, highlighted a tension in the market between strong institutional backing and weak retail activity, especially in light of SEC delays impacting XRP and DOGE.

Furthermore, predictions indicate a 34% likelihood that BTC will settle below $111,000, while ETH might finish near $4,800 with a 43% probability.

Price actions suggest institutions are positioning themselves for future growth as highlighted by VanEck’s year-end Bitcoin target of $180,000.

Conclusion

While the market shows structural support at higher levels, immediate tactical defenses are evident as investors await Powell’s remarks at the symposium.