On August 21, 2025, Bitcoin experienced volatility, decreasing to $113,600 from $114,800 amidst market anxiety ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Symposium. Ether remained relatively stable but also lost overnight gains, influenced by traders seeking downside protection. Concerns over Bitcoin's decentralization grew when it was revealed that two mining pools control nearly 50% of its hashrate. Meanwhile, cryptocurrency sentiment weakened, with a notable shift in preference favoring Ethereum over Bitcoin. Derivative trading activity suggested increasing investment in Ether futures, while Bitcoin options displayed stronger demand for puts, reflecting bearish sentiment. In other news, Kanye West's newly launched memecoin, YZY, saw a rapid, albeit brief, surge in value, highlighting the speculative nature of recent celebrity tokens. Amid these developments, traditional markets showed signs of volatility, indicating broader implications for cryptocurrency trading.

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