[Chain News] On August 18, it was reported that the price of BTC fell from $118,000 to $115,000, and ETH dropped from $4,500 to $4,300, leading to over $400 million in long positions being liquidated. This continues the 5% pullback trend from last week, during which the liquidation amount in the DeFi sector exceeded $1 billion, while the market experienced profit-taking.

The funding rate has turned negative, and the risk reversal is leaning towards put options, indicating that the market is adopting a cautious stance ahead of the Jackson Hole meeting. However, institutional demand remains strong, with one institution increasing its holdings by 775 BTC over the weekend. Despite the PPI data exceeding expectations (0.9% vs 0.2%), which adds uncertainty to the Federal Reserve's policy, the BTC price has remained in the range of $112,000 to $120,000. The market is focused on whether Federal Reserve Chair Powell's speech will break the current range or if institutions will continue to accumulate.