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BTC & ETH THE MARKET JUST GOT A MACRO REALITY CHECK Jackson Hole delivered a very different message from what risk markets were hoping for. Instead of immediate policy relief, the Fed's tone reinforced a familiar problem: inflation remains a priority, and future rate decisions will depend heavily on incoming data. Markets reacted quickly. The dollar strengthened, Treasury yields moved higher, and risk assets came under pressure. Crypto wasn't spared. $BTC — THE $76K–$77K TEST Bitcoin fell from around $79K toward $77.5K, breaking below the psychological $78K level. Now the important question isn't whether BTC can immediately reclaim $80K. It's whether buyers are willing to defend the $76K–$77K region. If that area holds, the recent decline could simply represent a leverage reset after an aggressive rally. But a decisive breakdown would increase the probability of a deeper retracement toward $75K. For bulls, the priority should be rebuilding structure rather than chasing another immediate breakout. $ETH — MORE VULNERABLE AFTER THE DROP Ethereum also weakened sharply, falling toward the $2.47K area. ETH has been showing strong momentum recently, but that strength also created crowded positioning. When macro sentiment suddenly changes, assets with elevated leverage can experience much faster drawdowns. The first thing I'd watch is whether ETH can stabilize around $2.4K–$2.5K. If buyers defend the region and ETH eventually reclaims $2.5K, the correction could remain controlled. If support fails, $2.3K becomes an area worth monitoring. LIQUIDITY HAS BECOME THE STORY The most important change isn't simply that BTC and ETH fell. It's that the market's expectations around liquidity have shifted. A stronger dollar and higher Treasury yields generally make speculative assets less attractive, especially when traders are already heavily positioned. That's why leverage is becoming the biggest short-term risk. The market doesn't need another prediction right now. It needs time to digest the new macro information. #WalshPolicyFramework