$NVDA Chair Wosh said at the Jackson Hole annual meeting, “Inflation remains too high; another rate hike cannot be ruled out.” Expectations for a September hike surged from 35% to 60%, sending risk assets to new highs, but over half the gains were erased within three days—a typical “prices rise, people get liquidated” event, totaling about $470 million, with long liquidations accounting for over 70%. Before the pullback, spot Bitcoin ETFs saw net inflows for 8 consecutive trading days, accumulating yuan, while institutional funds had previously shown clear...