Bitcoin held $80,000 on Thursday as solana led major tokens higher, setting up Kevin Warsh's debut at the Jackson Hole Economic Symposium as the next macro test for crypto.
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Bitcoin holds $80,000 as solana leads majors with 20% weekly gain
Bitcoin holds $80,000 on Thursday, up 9% weekly, as solana leads majors with a 20% gain ahead of Warsh's Jackson Hole debut.
CoinGecko data showed every major token except HYPE gained over 24 hours, capping a week that added 9% to bitcoin and 20% to solana.
The recovery follows a two-day pullback that saw bitcoin reject above $81,000 on Aug. 25 and slide toward $77,600 before buyers stepped back in. US spot bitcoin ETFs recorded $314.37 million in net inflows on Aug. 25, according to SoSoValue data, extending a seven-session inflow streak led by BlackRock's IBIT at $284.42 million.
Warsh's first Jackson Hole address carries outsized weight for risk assets. A dovish tone could extend the rally toward the $81,000-$83,000 resistance zone, while hawkish signals risk a retest of $75,000, the level holding the largest call open interest heading into Friday's options expiry.
Derivatives positioning turns cautious
Bitcoin futures open interest dropped below 700,000 BTC by Aug. 26, with shorts accounting for roughly 51.6% of taker volume, according to CryptoQuant. The shift followed the largest single-day short liquidation event since 2019 on Aug. 19, when shorts made up about 85% of liquidations, according to Glassnode data.
Around 81,700 bitcoin options worth $6.44 billion are scheduled to expire on Deribit at 08:00 UTC on Aug. 28. The $75,000 strike holds $236 million in call open interest, while another $157 million sits at $80,000, according to market reports. More than $500 million in notional value sits within 5% of bitcoin's current price, which Deribit chief risk officer Shaun Fernando said could increase gamma hedging into the expiry.
Solana's 20% weekly gain outpaced every major token, while XRP and Cardano showed signs of leveraged unwind. XRP fell toward $1.41 after reaching nearly $1.70, with roughly $18.9 million in positions liquidated over one 24-hour period, including about $15 million in longs, according to CoinGlass. Cardano's open interest declined nearly 2% to $494.17 million, with funding turning negative at -0.0019%.
The divergence shows how the current rally is driven by macro beta rather than token-specific drivers. Bitcoin's 23% surge from the mid-$60,000 range lifted high-beta alts mechanically, leaving them exposed to sharper pullbacks when leverage unwinds.
For traders, the immediate question is whether Warsh strikes a dovish tone that keeps risk assets bid, or whether the Fed's newest voice leans hawkish. Bitcoin's daily RSI remains elevated near 79 after the August breakout, leaving the market vulnerable to profit-taking even as the trend structure stays bullish above all four daily EMAs.
This article is for informational purposes only and does not constitute investment advice.
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