HYPE, SUI Lead Altcoin Losses as Ethereum Dips Under $4,300
Hyperliquid (HYPE) plummeted 8.7% to $43.38 while Sui (SUI) crashed 7.3% to $3.55, leading a brutal selloff across altcoins.
Ethereum (ETH) shed 5.4%, Solana (SOL) tumbled 5.6%, and Cardano (ADA) declined 6.2%, according to CoinGecko data.
XRP (XRP) fell 4.5%, Stellar (XLM) dropped 5.4%, and Dogecoin (DOGE) retreated 4.6% in the last 24 hours.
'This looks like a fairly natural pullback after the strong run many cryptocurrencies had seen in recent weeks, with liquidations amplifying the downside across the market,' Nansen analyst Nicolai Sondergaard told Decrypt.
'Since altcoins tend to react more sharply during these periods, tokens like HYPE and SUI experienced even steeper declines,' Sondergaard noted, pointing out that Bitcoin's sell-off triggered the declines.
Traders brace for Jackson Hole meeting
The liquidation cascade comes ahead of Thursday's Jackson Hole symposium, with QCP Capital analysts sharing in their latest report how "some traders believe that the overnight washout reflects de‑risking ahead of the symposium," where Fed Chair Jerome Powell takes the stage.
Held each August in Jackson Hole, Wyoming, the symposium gathers the Fed, global central bankers, and policymakers.
QCP analysts added that "BTC funding rates had been warning of trouble" with rates turning negative by Saturday despite spot prices rising over the weekend.
"The U.S. PPI came in higher than expected, forcing markets to quickly scale back September rate-cut bets that earlier signs of labor market softness had elevated," Dan Chen, analyst at crypto exchange Bitunix, told Decrypt.
Chen called the selloff "a corrective pullback within an uptrend" and said the market may consolidate through Jackson Hole if Ethereum "can hold support near $4,150" before resuming its advance.
However, he warned that "a breakdown risks further cascading liquidations with downside targets in the $3.9k–$3.6k range, where altcoins—especially HYPE and SUI—are likely to stay relatively weaker."
Billions in Ethereum Waiting to Be Unstaked Could Add Sell Pressure to ETH: Analyst
Some 75% of Ethereum's $206.79 million in liquidations in the last 24 hours came from long positions, totaling more than $180.52 million, according to CoinGlass data.
"The mounting queue of soon-to-be-unstaked ETH could be driving the asset's recent retracement," Juan Leon, Bitwise Senior Investment Strategist, previously told Decrypt.
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Walmart earnings China's $11 trillion stock market is a headache for both Xi and Trump US warns that India is 'cozying up' to Russia Tesla almost halves UK lease fee as sales slump: Report Goldman: S&P 500 earnings have blown past forecasts Bond market's rate-cut bets hit decisive stretch with Powell Novo Nordisk stock rises after Wegovy gets new US approval US-listed shares in Danish drugmaker Novo Nordisk (NVO) are gaining before the bell, as investors welcome a US boost for its flagship Wegovy. Novo is also reportedly planning to hold off from charging more at next year's launch of pill versions of its weight-loss injections, a departure from usual practice as President Trump puts pressure on pharma companies to cut US prices. Reuters reports: Shares in Novo Nordisk rose on Monday, after the Danish drugmaker got US approval for its weight-loss drug Wegovy to treat a serious liver condition. That was positive news for Novo which has lost more than one-third of its market value in recent weeks. ... Three weeks ago, investors wiped $70 billion off its market value, after Novo — which became Europe's most valuable listed company following the launch of Wegovy in 2021 — issued a profit warning and named a company veteran as new CEO. On Friday, the U.S. Food and Drug Administration granted accelerated approval for Wegovy to treat metabolic dysfunction-associated steatohepatitis, or MASH, making it the first GLP-1 class therapy cleared for the progressive liver condition that affects around 5% of adults in the United States. Read more here. US-listed shares in Danish drugmaker Novo Nordisk (NVO) are gaining before the bell, as investors welcome a US boost for its flagship Wegovy. Novo is also reportedly planning to hold off from charging more at next year's launch of pill versions of its weight-loss injections, a departure from usual practice as President Trump puts pressure on pharma companies to cut US prices. Reuters reports: Shares in Novo Nordisk rose on Monday, after the Danish drugmaker got US approval for its weight-loss drug Wegovy to treat a serious liver condition. That was positive news for Novo which has lost more than one-third of its market value in recent weeks. ... Three weeks ago, investors wiped $70 billion off its market value, after Novo — which became Europe's most valuable listed company following the launch of Wegovy in 2021 — issued a profit warning and named a company veteran as new CEO. On Friday, the U.S. Food and Drug Administration granted accelerated approval for Wegovy to treat metabolic dysfunction-associated steatohepatitis, or MASH, making it the first GLP-1 class therapy cleared for the progressive liver condition that affects around 5% of adults in the United States. Read more here. Powell at Jackson Hole, Walmart earnings: What to watch this week The investing world is gearing up for Jerome Powell's comments at Jackson Hole — the most important Fed monetary policy speech of the year, says Yahoo Finance's Myles Udland. The Fed chair's appearance dominates the week's calendar for markets, which also brings a clutch of retail giant earnings. Myles reports: Read more here. The investing world is gearing up for Jerome Powell's comments at Jackson Hole — the most important Fed monetary policy speech of the year, says Yahoo Finance's Myles Udland. The Fed chair's appearance dominates the week's calendar for markets, which also brings a clutch of retail giant earnings. Myles reports: Read more here. Goldman team likely to stay in Trump's crosshairs President Trump has recently offered a few choice words on the work from Goldman Sachs' economics team, led by long-time economist Jan Hatzius. The team is unlikely to garner some praise from Trump today. Here's what Hatzius and his team served up in a new note on Monday morning: "After the recent downward revisions to payrolls, our estimate of trend job growth is now clearly below even that . And while the picture could change again for better or worse, future revisions to job growth are more likely to be because the birth-death model is likely a bit too generous, changes in trend payroll growth can initially be partially misattributed to changes in seasonal factors, revisions to the raw payrolls data tended to be negative in past slowdowns, data from ADP raise doubts about officially reported payroll growth in healthcare, and the household survey is now overstating immigration and employment gains. Like the slowdown in activity growth this year, the slowdown in job growth appears to have arisen from more than just the direct effects of trade and immigration policy changes. We are particularly worried that 'catch-up hiring' in a few industries now appears over and job growth outside those industries has fallen to around zero. And while job openings remain at a decent level, they started to decline again earlier this year." President Trump has recently offered a few choice words on the work from Goldman Sachs' economics team, led by long-time economist Jan Hatzius. The team is unlikely to garner some praise from Trump today. Here's what Hatzius and his team served up in a new note on Monday morning: "After the recent downward revisions to payrolls, our estimate of trend job growth is now clearly below even that . And while the picture could change again for better or worse, future revisions to job growth are more likely to be because the birth-death model is likely a bit too generous, changes in trend payroll growth can initially be partially misattributed to changes in seasonal factors, revisions to the raw payrolls data tended to be negative in past slowdowns, data from ADP raise doubts about officially reported payroll growth in healthcare, and the household survey is now overstating immigration and employment gains. Like the slowdown in activity growth this year, the slowdown in job growth appears to have arisen from more than just the direct effects of trade and immigration policy changes. We are particularly worried that 'catch-up hiring' in a few industries now appears over and job growth outside those industries has fallen to around zero. And while job openings remain at a decent level, they started to decline again earlier this year." Sign in to access your portfolio
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Gold Wavers as Traders Look to Jackson Hole and Ukraine Talks
(Bloomberg) -- Gold wavered as traders looked ahead to potential interest-rate signals from the Federal Reserve's annual gathering in Jackson Hole, as well as high-stakes diplomacy in Washington over efforts to end the war in Ukraine. Bullion traded in a narrow range over the past few sessions. Central bankers from around the world will gather at the retreat in Wyoming starting Friday, with markets largely expecting a reduction in US rates at the Fed's policy meeting next month. A Photographer's Pipe Dream: Capturing New York's Vast Water System Festivals and Parades Are Canceled Amid US Immigration Anxiety A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Princeton Plans New Budget Cuts as Pressure From Trump Builds The Fed's Raphael Bostic said after a tour of the southeastern US that he's open to adjusting rates soon, citing strains from Donald Trump's import tariffs and high borrowing costs squeezing business profits. Lower rates typically benefit gold because the precious metal doesn't bear interest. 'Markets increasingly expect the Federal Reserve to strike a more dovish tone at the upcoming Jackson Hole symposium, with traders largely looking past last week's slightly firmer U.S. inflation print,' said Priyanka Sachdeva, an analyst at Phillip Nova in Singapore. 'The broader market view is that inflationary pressures remain on a cooling path.' Meanwhile, Ukrainian leader Volodymyr Zelenskiy and his European allies were arriving at the White House to meet with Trump following his summit with Russia's Vladimir Putin last week, amid apprehension that he'll try to force Kyiv into making unpalatable concessions. Any signs of a ceasefire could ease demand for the precious metal as a haven. Gold has rallied by more than a quarter this year, reaching a record in April. Since then, prices have tracked sideways, with investors following the fallout from the US-led trade war, concerns over the strength of the global economy and geopolitical tensions. Central-bank buying has also helped to support bullion. Gold was little-changed at $3,333.06 an ounce as of 12:37 p.m. in New York. The Bloomberg Dollar Spot Index was up 0.2%. Silver, platinum and palladium edged higher. --With assistance from Laura Avetisyan and Yvonne Yue Li. Foreigners Are Buying US Homes Again While Americans Get Sidelined What Declining Cardboard Box Sales Tell Us About the US Economy Americans Are Getting Priced Out of Homeownership at Record Rates Living With 12 Strangers to Ease a Housing Crunch Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan ©2025 Bloomberg L.P.
