Your Daily Cryptocurrency Briefing

Bitcoin Experiences Outflows Amid Fed Rate Hike Concerns, While Solana Passes Key Disinflation Proposal

• Bitcoin's price fell to $77,678 on August 29, a 3.3% decline from its previous close of $80,275.34, following Federal Reserve Governor Warsh's remarks at Jackson Hole, which revived the possibility of a September rate hike. This price movement coincided with U.S.-listed Bitcoin exchange-traded funds (ETFs) recording $201.9 million in outflows on August 28, ending a nine-day streak of inflows.

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• Solana validators narrowly approved a proposal (SGP-0002) to double the network's annual disinflation rate from 15% to 30%, passing by a mere 0.33 percentage points. This critical vote was influenced by Kraken reversing most of its stake to "yes" in the final hours, after initially voting "no." The approval is expected to reduce the number of new SOL entering circulation by approximately 18.9 million over the next six years.

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• Ethereum ETFs extended their inflow streak to ten consecutive days, attracting $102.1 million on August 28, bringing their total inflows during this period to over $1.5 billion. This sustained institutional demand comes as Tom Lee, co-founder of Fundstrat, projected Ethereum could reach $6,000 by year-end 2026, contingent on Bitcoin hitting $150,000 and a recovery in the ETH/BTC ratio.

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