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What to know:

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin (BTC) and ether (ETH) have recovered slightly from late Tuesday lows, though both CoinDesk 20 and CoinDesk 80 indexes are lower over 24 hours, signaling a broad market weakness. Among the top 100 coins, only OKB and LINK have gained more than 3%.

The analyst community remains squarely focused on Fed Chair Jerome Powell's speech at Jackson Hole later this week.

"The recent sell‑off suggests that short‑term positioning remains fragile," Singapore-based QCP Capital said. "Risk assets may be vulnerable to further swings if Powell strikes a hawkish tone or if upcoming labor or inflation data surprise to the upside."

Powell's speech will come after publication of the minutes of the Fed's July meeting, due later today.

The latest decline in BTC has been marked by profit-taking by short-term holders, or wallets with a history of owning coins for less than 155 days, according to CryptoQuant. The last time this occurred, in January, the bitcoin rally lost momentum near $110,000, eventually leading to a deep sell-off in March and early April.

Here's another sign of investor disquiet: Spot bitcoin and ether ETFs registered almost $1 billion in total net outflows on Tuesday.

"At this stage, the market broadly expects cuts, so much of that is already priced in," Nicolai Sondergaard, a research analyst at Nansen, said in an email, referring to U.S. interest rates. "If Powell delivers exactly what’s anticipated, crypto could see sideways-to-slightly-bearish action, a classic 'sell the news' dynamic."

Sondergaard said markets will likely rally if Powell signals deeper or faster-than-expected rate cuts. Stay alert!

Grayscale’s New Income-Focused ETFs

Grayscale, the world’s largest crypto-native asset manager, now offers two new income-focused ETFs:

• Grayscale Bitcoin Covered Call ETF (BTCC) seeks to maximize potential income generation, and is designed to serve as a complement to existing Bitcoin ownership.
• Grayscale Bitcoin Premium Income ETF (BPI) seeks to balance upside participation with income generation, and is designed to serve as an alternative to direct Bitcoin ownership.

Through two different approaches to systematic covered call writing on Bitcoin, these two products deliver an alternative income stream for investors that’s less correlated to traditional income-oriented investments.

BTCC and BPI both offer monthly distributions for investors.* See the latest distribution amount on their respective product pages at etfs.grayscale.com

Important Disclosures

*The Funds intend to pay out dividends from net investment income, if any, and distribute any net unrealized capital gains to their shareholders at least annually.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (866)-775-0313 or visit our websites at etfs.grayscale.com/btcc and etfs.grayscale.com/bpi. Read the prospectuses or summary prospectuses carefully before investing.

Investing involves risk and possible loss of principal. There is no guarantee the investment strategy will be successful. The Fund is considered to be non-diversified. The Fund is actively managed and its performance reflects the investment decisions that the Adviser makes for the Fund.

Grayscale Bitcoin Covered Call ETF (“BTCC”) and Grayscale premium Income ETF ("BPI") (collectively, the "Funds") will not invest in digital assets directly. The Funds also will not invest in initial coin offerings. The Funds will, however, have indirect exposure to digital assets by virtue of its investments in derivatives on exchange-traded vehicles that hold digital assets as investments. Because the Funds will not invest directly in any digital assets, they may not track price movements of any digital assets.

BTCC and BPI are distributed by Foreside Fund Services, LLC and Grayscale Advisors, LLC is the adviser. Foreside is not related to GSA or its affiliates.

Crypto

• Aug. 20, 1 p.m.: Hedera (HBAR) plans to upgrade its mainnet to version 0.64. The process is expected to last around 40 minutes, during which network services may experience temporary interruptions.

• Aug. 20: Qubic (QUBIC), the fastest blockchain ever recorded, will undergo its first yearly halving event as part of a controlled emission model. Although gross emissions remain fixed at one trillion QUBIC tokens per week, the adaptive burn rate will increase substantially — burning some 28.75 trillion tokens and reducing net effective emissions to about 21.25 trillion tokens.

• Aug. 21: Layer-1 blockchain Viction (VIC), formerly known as TomoChain, finalizes the Atlas hard fork upgrade on mainnet. The update launched on July 23. All node operators must complete the upgrade by Aug. 21 to ensure full network functionality.

Macro

• Aug. 20, 11 a.m.: Fed Governor Christopher J. Waller will speak on “Payments” at the Wyoming Blockchain Symposium 2025. Watch live.

• Aug. 20, 2 p.m.: The Fed will release the minutes from the July 29-30 FOMC meeting.

• Aug. 21, 8:30 a.m.: Statistics Canada releases July producer price inflation data.

  • PPI MoM Prev. 0.4%

  • PPI YoY Prev. 1.7%

• Aug. 21, 9:45 a.m.: S&P Global releases (flash) August U.S. data on manufacturing and services activity.

  • Composite PMI Prev. 55.1

  • Manufacturing PMI Est. 49.5 vs. Prev. 49.8

  • Services PMI Est. 53.7 vs. Prev. 55.7

• Aug. 21-23: The Jackson Hole Economic Policy Symposium, which is hosted by the Federal Reserve Bank of Kansas City and held annually in Jackson Hole, Wyoming, brings together global central bankers and policymakers to discuss key economic challenges and monetary policy.

• Aug. 22, 8 a.m.: Mexico's National Institute of Statistics and Geography releases (final) Q2 GDP growth data.

  • GDP Growth Rate QoQ Est. 0.7% vs. Prev. 0.6%

  • GDP Growth Rate YoY Est. 0.1% vs. Prev. 0.8%

• Aug. 22, 10:00 a.m.: Fed Chair Jerome Powell delivers his keynote speech at the Jackson Hole Economic Policy Symposium.

• Aug. 22, 5 p.m.: The Central Bank of Paraguay announces its monetary policy decision.

  Policy Rate Prev. 6%

• Aug. 22, 8 p.m.: Peru’s National Institute of Statistics and Informatics releases Q2

  • GDP YoY growth data.

  • GDP Growth Rate YoY Prev. 3.9%

Earnings (Estimates based on FactSet data)

• Aug. 25: Windtree Therapeutics (WINT), pre-market, N/A

• Aug. 27: NVIDIA (NVDA), post-market, $1.00

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