Golden Financial reports that digital assets are under pressure as traders await Powell's highly anticipated speech on Friday. Relevant data shows that U.S. spot Bitcoin and Ethereum ETFs have experienced outflows for four consecutive trading days, with investors withdrawing a total of $1.9 billion. The momentum driven by a large number of corporate crypto asset accumulations established through mimicking the Strategy pattern seems to be weakening. Options trading activity indicates that investors are shifting towards defense. Data from the Deribit derivatives exchange shows that the put/call ratio for contracts expiring on August 22 has risen to 1.33, at which time $3.8 billion worth of Bitcoin options will expire. The largest open interest is concentrated on put options at $110,000, indicating market concerns about a short-term pullback. Presto's research director Peter Chung stated, "This reflects that, with a high expectation for a rate cut in September, the market is more sensitive to Powell sending hawkish signals than to dovish remarks. The market fluctuations over the past few days are a manifestation of investors positioning themselves for this uncertain speech outcome."

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