TL;DR New ATH mid-month above $124,000, closing ~ $108,000 (approximately -6/7% MoM). ETF USA: net outflows in August after strong summer inflows; mid-month momentum diluted. Macro: Fed dovish at Jackson Hole, market prices in cuts by the end of the year. Derivatives: High OI, liquidations in both directions, normalized funding. On-chain: outflow from exchanges and …

