Fed Chair Warsh's hawkish Jackson Hole remarks drag Bitcoin below $78K and pull most of crypto lower

The day's main driver was Fed Chair Kevin Warsh's speech at Jackson Hole, Wyoming — the annual gathering where central bankers signal their policy intentions. Warsh said the Fed still has "work to do" on inflation, a phrase the market read as a commitment to keeping interest rates higher for longer. That's a headwind for risk assets broadly, and crypto felt it immediately: Bitcoin fell 2.96% to $77,546, pulling back from 3-month highs it had reached in the prior session. XRP dropped 4.64%, Solana fell 3.57%, and Hyperliquid shed 6.45% — the kind of broad, correlated decline that typically follows a macro shock rather than any asset-specific news. Solana had its own subplot. A governance vote to accelerate the rate at which new SOL tokens are issued — specifically, to double the speed at which that issuance rate declines over time — passed by a narrow margin. The vote introduced uncertainty about SOL's future token supply dynamics just as the price was digesting a 12% rally from the prior day. At the same time, the Bitwise Solana ETF crossed $1 billion in assets under management, a milestone that underscores sustained institutional demand even as the spot price retreated. The one corner of the market that held up was tokenized real-world assets. Figure Heloc, which represents a tokenized home equity line of credit product, gained 3.32% — a small move in absolute terms, but notable on a day when almost everything else fell. TRON and Monero also posted small gains, though without a clear shared catalyst.

• –Circle secured a front-of-shirt sponsorship with Chelsea FC featuring USDC branding — the first Premier League jersey deal for a crypto company, putting stablecoin branding in front of a global football audience.
• –SBI Holdings invested $270 million for a 20% stake in Indonesian broker Ajaib, with plans to expand yen stablecoin distribution across Southeast Asia — a sign of accelerating institutional commitment to stablecoin infrastructure in the region.
• –The Bitwise Solana ETF crossed $1 billion in assets under management, becoming the first Solana ETF to reach that milestone despite SOL's price pullback from recent highs.