Encrypt investors shift to defense Market focuses on Powell's speech

Digital assets are under pressure, with traders waiting for Federal Reserve Chair Powell's highly anticipated speech on Friday. According to data, the US spot Bitcoin and Ethereum ETFs have seen outflows for four consecutive trading days, with investors withdrawing a total of $1.9 billion. The momentum driven by a large number of corporate cryptocurrency accumulations using an imitation Strategy mode now appears to be weakening. Options trading activity shows investors are turning to defense. Data from the Deribit derivatives exchange shows that the put/call ratio for contracts expiring on August 22 has risen to 1.33, with $3.8 billion worth of Bitcoin options set to expire. The largest open interest contracts are concentrated in $110,000 put options, indicating concerns in the market about a short-term pullback. Presto research director Peter Chung said, "This reflects the market's sensitivity to hawkish signals from Powell rather than dovish rhetoric, given the high expectations for a rate cut in September. The market volatility in the past few days is a reflection of investors positioning themselves for the uncertain outcome of this speech."