Bitcoin Holds Steady Ahead of Powell’s Jackson Hole Address
August 22, 2026 — Bitcoin (BTC) defended a key support level at $112,500 overnight, aligning with the 61.8% Fibonacci retracement of its April–July rally. However, gains remain limited as traders adopt a cautious stance ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium on Friday.
In July, BTC rallied sharply from the same Fibonacci level, and a similar move is possible if Powell signals dovish policy intentions, such as accelerated rate cuts. Markets currently anticipate a 25 basis point cut in September, with another expected before year-end.
Options markets reflect expectations for moderate movement: BTC options are pricing in a ±2% swing surrounding Powell’s speech, according to Orbit Markets’ Head of Trading, Pulkit Goyal.
“If Powell sounds more balanced than dovish, markets could retrace,” Goyal noted, citing growing demand for downside protection. “Overnight 25-delta risk reversals show a six-vol premium for puts over calls.”
Derivatives Positioning Mixed Across Major Tokens
Global futures open interest (OI) for BTC and ETH rose by 1% over the past 24 hours, suggesting capital inflows despite muted price action. Some of these positions likely reflect hedging ahead of Powell’s remarks.
In contrast, open interest in tokens like SOL, DOGE, LINK, XRP, and ADA declined, signaling capital outflows. Meanwhile, lesser-known coins such as MAT, ULTIMA, and LUMIA saw a notable rise in OI, indicating a rotation into speculative assets.
Trading activity remains subdued: volumes across major altcoins (excluding BTC) have fallen over 20% as investors await macro clarity.
On CME, ETH futures remain strong with open interest near 2 million ETH. BTC futures, however, remain below July lows, showing limited appetite. Options markets tell a different story — ETH options OI hit $1 billion, the highest in 2026, while BTC options jumped to $4.44 billion, the most since May.
BTC options on Deribit indicate a potential 2% move over the next 24 hours, slightly above the 30-day average of 1.18%. Puts continue to trade at a premium to calls, reflecting downside anxiety — a sentiment mirrored in Nasdaq-linked ETFs.
Block trading on OTC platform Paradigm showed a mix of calls, puts, and risk reversals.
On-Chain Investigation Reveals Insider Gains in YZY, LIBRA Token Launches
Blockchain sleuth Dethective uncovered evidence of insider trading tied to the launches of YZY and LIBRA tokens, revealing coordinated wallet activity that netted insiders more than $23 million.
In one instance, a wallet acquired $250,000 worth of YZY tokens at $0.20 — well below market rates — and flipped them for $1 million in just eight minutes. The same address was linked to a “treasury wallet” involved in LIBRA’s earlier launch, which showed similar behavior.
Two addresses used during LIBRA’s rollout booked $9 million and $11.5 million respectively, exiting positions before the broader public could react. These wallets appeared only during the launches and moved large sums rapidly — activity analysts say would be impossible without prior access or information.
While speculation has tied the wallets to LIBRA founder Hayden Davis, no direct evidence has been presented.
A report by Defioasis found over 60% of YZY traders lost money, with most gains going to a small number of insider-linked wallets. Of 56,050 wallets that traded YZY, only 406 made more than $10,000. Just five exceeded $1 million in profits. One retail participant lost more than $1 million in a single day.
Ripple and SBI to Launch RLUSD Stablecoin in Japan by Q1 2026
Ripple and SBI Holdings have announced plans to launch RLUSD, a U.S. dollar-backed stablecoin, in Japan in early 2026. The initiative aims to capitalize on the country’s evolving digital asset regulations.
The stablecoin will be distributed by SBI VC Trade, a licensed electronic payment instruments exchange provider, under a memorandum of understanding signed Friday.
RLUSD, launched in December 2024, is backed by U.S. dollar deposits, short-term Treasuries, and cash equivalents. Monthly attestations by a third-party auditor offer transparency and regulatory compliance — a key differentiator from competitors, according to Ripple.
SBI VC Trade CEO Tomohiko Kondo said the initiative will “expand stablecoin options” in Japan and enhance trust in the country’s digital financial infrastructure.
Ripple’s SVP of Stablecoins, Jack McDonald, described RLUSD as “an industry-standard bridge between traditional and decentralized finance.”
The move reflects Ripple and SBI’s longstanding partnership and follows Japan’s recent approval of its first yen-backed stablecoin, signaling increasing regulatory support for digital assets.
