Recently, the cryptocurrency market has experienced significant fluctuations, attracting widespread attention from investors. The price of Bitcoin (BTC) has dropped from $118,000 to $112,500, while Ethereum (ETH) has fallen from $4,500 to $4,060. This trend has forced the closure of over $400 million in long positions, continuing last week's 5% pullback trend. Notably, the liquidation scale in the Decentralized Finance (DeFi) sector has surpassed the $1 billion mark.

Market sentiment is becoming cautious, with funding rates turning negative, and the options market also showing a bearish tendency. These signs indicate that investors are generally taking a wait-and-see approach ahead of the upcoming Jackson Hole Global Central Bank Conference. Federal Reserve Chairman Powell's speech will undoubtedly become the focus of the financial markets this week.

However, the demand from institutional investors remains strong. It is reported that Metaplanet increased its holdings by 775 Bitcoins over the weekend, showing confidence in the long-term development of the market. Although the latest monthly Producer Price Index (PPI) data was higher than expected at 0.9% (expected 0.2%), which adds uncertainty to the Federal Reserve's policy, the price of Bitcoin still fluctuates within the range of $112,000 to $120,000.

Currently, all parties in the market are closely following Powell's speech at the Jackson Hole meeting on August 22. This speech could become a key factor in breaking the current price range of Bitcoin and Ethereum. At the same time, investors are also closely observing the reaction of institutional investors to the future direction of the market.

How will the results of the Jackson Hole meeting impact the crypto assets market? Will it become a trigger point for a new round of market changes? The answers to these questions may gradually be revealed in the coming days. In any case, in this uncertain market environment, investors need to remain vigilant, closely follow market trends, and manage risks effectively.