Most major cryptocurrencies moved higher over the past 24 hours, with HYPE the only notable exception. The gains extended a strong weekly performance, with Bitcoin up about 9% and Solana advancing roughly 20%.
Bitcoin was hovering below $80,000 during Asian trading on Friday after climbing nearly 2% over the previous 24 hours. BTC reached an overnight high of $81,280 before pulling back as traders positioned themselves ahead of Federal Reserve Chair Kevin Warsh’s first keynote appearance at the Jackson Hole Economic Policy Symposium.
The annual Jackson Hole gathering, hosted by the Kansas City Fed in Wyoming, is closely watched because speeches from Federal Reserve officials have historically influenced markets. Warsh has so far offered limited clues about his preferred interest-rate path, making Friday’s address an important opportunity for investors to assess his policy outlook before the Sept. 16 FOMC meeting.
Bitcoin’s rally continues to receive support from U.S. spot ETFs. The products have recorded $2.8 billion in inflows over eight consecutive sessions, their longest winning streak since April. August inflows have also surpassed $3 billion, putting the month on track to become the strongest for ETF demand in 2026 with only one trading day remaining.
Solana was among the biggest gainers, rising more than 4% to nearly $101 and extending its seven-day advance to about 20%. Ether climbed just over 1% to roughly $2,492, while XRP gained nearly 2% to around $1.43. BNB increased more than 1% to almost $714, and Tron edged up less than 1% to about $0.34. Dogecoin remained flat near $0.09. HYPE was the only major token in negative territory, declining less than 1% to approximately $82.
Over the week, Ether and XRP each gained close to 11%, while Dogecoin rose about 16% and HYPE added roughly 12%.
Ethena’s ENA was the strongest performer among the top 100 cryptocurrencies, gaining about 6% in 24 hours and 45% over seven days. Its surge followed a governance decision to direct protocol revenue toward token buybacks and revise venture-token unlock arrangements.
Oil Adds Support to the Macro Backdrop
Falling oil prices provided an important macro tailwind. Brent crude slipped below $90 a barrel and was down more than 5% over the week after Iran and Oman reached terms concerning management of the Strait of Hormuz.
The development eased fears of a fresh energy-driven inflation shock as investors assess whether the Federal Reserve has reached the end of its rate-hiking cycle.
The 10-year Treasury yield held around 4.67%, down seven basis points for the week, while the two-year yield stood near 4.23%. The U.S. dollar index traded just above 99, and gold declined to approximately $4,587 an ounce.
U.S. equities also benefited from Nvidia’s latest results. The chipmaker posted quarterly revenue of $96.2 billion and projected more than $105 billion in third-quarter revenue. Its stock jumped 9%, adding about $442 billion to its market capitalization and helping lift the Nasdaq 1.3%.
The Wall Street Journal separately reported that Nvidia had paused some arrangements under a financing initiative designed to support AI cloud providers with credit in return for a share of their revenue. The report cited people familiar with the matter.
Warsh Speech Becomes Bitcoin’s Next Catalyst
Several traders remain optimistic that any near-term Bitcoin pullback will be limited while the broader trend remains constructive.
Joel Kruger, a market strategist at LMAX Group, said in an email that “setbacks should now be limited,” pointing to the May high just below $83,000 as the next important reference point.
Rate markets are currently assigning a 35% probability to a September hike and fully pricing a rate increase by December. Bitcoin’s ability to rise roughly 9% over the past week despite those expectations highlights a notable divergence heading into Warsh’s speech.
That disconnect could become a source of volatility when Warsh delivers his first Jackson Hole keynote at 7:30 p.m. India time.
Bitfinex analysts said Bitcoin’s rally has developed into a squeeze against a concentrated group of sellers. They identified the $77,100-$80,000 area as a major supply zone, with spot buying currently absorbing much of the available overhead supply.
Bitcoin ETF flows could provide another important signal. August needs only one additional session to surpass October 2025 as the largest monthly inflow period since the funds launched. Continued buying around Warsh’s speech would strengthen the case that institutional demand remains resilient even as traders prepare for potentially hawkish Federal Reserve guidance.
