Bitcoin fell to a two-month low of around $107,274 before stabilizing near $107,995, down roughly 0.8%. The selling pressure was mainly driven by large dormant wallets returning to the market, moving substantial amounts of Bitcoin into Ethereum, signaling broad profit-taking by major holders.
Notably, spot Bitcoin ETFs continued to see outflows, while Ethereum ETFs recorded strong inflows during August, highlighting a shift in investor preferences within the digital asset market. This shift reflects a search for more attractive alternatives amid growing Bitcoin volatility.
Markets are currently pricing in an 89% probability that the Federal Reserve will cut interest rates by 25 basis points at its September 16–17 meeting, especially after Jerome Powell’s comments at Jackson Hole, where he emphasized the Fed’s readiness to act should inflation continue to ease and labor market conditions weaken. Recent inflation data aligned with expectations, reinforcing these bets, while focus now turns to Friday’s U.S. nonfarm payrolls report.
Meanwhile, EOS posted a sharp drop on Monday, closing at $0.6562 with a daily loss exceeding 10% its steepest one day decline since June 12. This sell off pushed its market capitalization down to extremely low levels compared to its historical peak of $17.5 billion.
Across the altcoin space, most tokens traded lower: Ethereum slipped 0.8% to $4,398, Ripple dropped 3.3% to $2.73, Solana fell 1.6%, and Cardano lost 2.8%. Polygon bucked the trend, gaining 3.6%. Among meme tokens, Dogecoin fell 2.8%, while $TRUMP rose 3.3%. Overall, sentiment in the crypto market remains cautious, with technical focus on Bitcoin’s support level around $107,000 as a key pivot for the next move.
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