Bitcoin Slips Below $80K as Solana Leads Crypto Gains Ahead of Warsh’s Jackson Hole Speech

Nearly all major cryptocurrencies posted gains over the past 24 hours, with Solana leading the advance. The move capped a strong week in which Bitcoin gained about 9% and Solana climbed roughly 20%.

Bitcoin was trading just below $80,000 during Asian hours Friday after rising nearly 2% over the previous 24 hours. BTC briefly climbed to $81,280 overnight before traders reduced positions ahead of Federal Reserve Chair Kevin Warsh’s first keynote at the Jackson Hole Economic Policy Symposium later Friday.

Jackson Hole is the Kansas City Federal Reserve’s annual gathering in Wyoming, where comments from the Fed chair have frequently influenced financial markets. Warsh has provided limited guidance so far on his preferred path for interest rates, making his address the clearest opportunity yet for investors to assess his policy stance ahead of the Sept. 16 FOMC meeting.

U.S. spot Bitcoin ETFs continue to provide strong support for the market. The funds have attracted $2.8 billion across eight straight sessions, marking their longest positive streak since April. August inflows have now exceeded $3 billion, putting the month on track to become the strongest of 2026 with just one trading session remaining.

Solana jumped more than 4% to approach $101, bringing its seven-day gain to around 20%. Ether rose slightly above 1% to approximately $2,492, while XRP gained nearly 2% to about $1.43. BNB advanced more than 1% to almost $714. Tron added less than 1% to roughly $0.34, while Dogecoin was little changed near $0.09. HYPE was the only major token to decline, slipping less than 1% to approximately $82.

The broader weekly performance remained positive. Ether and XRP were each up close to 11%, Dogecoin gained about 16%, and HYPE advanced roughly 12%.

Among the top 100 cryptocurrencies, Ethena’s ENA was the strongest performer, gaining 6% over 24 hours and 45% over the week. The rally followed a governance vote that directed protocol revenue toward token buybacks and modified the schedule for venture-related token unlocks.

Oil Prices Ease as Inflation Concerns Fade

Oil markets provided the biggest macroeconomic boost. Brent crude fell below $90 a barrel and was down more than 5% for the week after Iran and Oman reached an agreement related to administration of the Strait of Hormuz.

The development reduced concerns about an energy-driven inflation shock just as investors assess whether the Federal Reserve is approaching the end of its tightening cycle.

The 10-year U.S. Treasury yield remained around 4.67%, although it was seven basis points lower over the week. The two-year yield stood near 4.23%, while the dollar index traded slightly above 99. Gold declined to roughly $4,587 an ounce.

Equity markets also received a boost from Nvidia. The chipmaker reported quarterly revenue of $96.2 billion and forecast third-quarter revenue above $105 billion. Its shares surged 9%, adding roughly $442 billion to its market value and helping push the Nasdaq 1.3% higher.

The Wall Street Journal also reported that Nvidia had paused some transactions under a new financing program designed to provide credit support to artificial-intelligence cloud providers in exchange for a portion of their revenue, citing people familiar with the situation.

Bitcoin Faces Key Test Ahead of Warsh Speech

Some market participants expect any Bitcoin pullback to remain relatively shallow as the broader trend stays positive.

“Setbacks should now be limited, with the May high just below $83,000,” Joel Kruger, a market strategist at LMAX Group, said in an email.

Markets are currently pricing a 35% probability of a rate hike in September and fully pricing in a move by December. That relatively hawkish outlook has done little to prevent Bitcoin from gaining 9% over the past week.

The disconnect between rate expectations and Bitcoin’s performance creates an important risk point ahead of Warsh’s first Jackson Hole keynote, scheduled for 7:30 p.m. India time.

Bitfinex analysts said Bitcoin’s recent rally has developed into a short squeeze that is now confronting a defined group of sellers. They pointed to strong spot demand absorbing available supply in the $77,100-$80,000 region.

August needs only one more trading session to overtake October 2025 as the strongest month for Bitcoin ETF inflows since the products launched. Another day of net purchases during the lead-up to or following Warsh’s speech could help establish that record, while also demonstrating whether ETF demand can withstand a potentially hawkish signal from the Fed chair.

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