Yesterday (August 28, 2026), after Federal Reserve Chair Kevin Warsh delivered his first-ever keynote at the Jackson Hole Global Central Banking Symposium, Bitcoin (BTC) and gold indeed experienced a rare synchronized sharp drop. $BTC At one point, BTC fell to around $77,000, down more than 3.5% over 24 hours. Gold $XAU also declined in tandem by more than 2%, at one point slipping to around $4,500.
In my view, this drop is not because gold’s safe-haven role has failed, nor is it a trend reversal for BTC. It’s the market repricing interest rates.
① Why did two assets fall together?
Warsh’s remarks were hawkish, and the market quickly raised its expectations that the Fed will keep tightening.
A few data points already explain the logic clearly:
• BTC: at one point fell to around $770,000; down more than 3.5% over 24H
• Gold: fell more than 2% at one point, pulling back to around $4,500
• U.S. Treasuries: 2-year yield rises to about 4.35%
• U.S. dollar: strengthens in sync
So what the money is trading is:
Rate-hike expectations ↑ → Treasury yields ↑ → the dollar ↑ → real rates ↑ → pressure on BTC/gold
So when both fall together, it actually suggests that BTC and gold are increasingly sharing the same macro-liquidity pricing logic.
② The market has already rallied a round ahead of time
This is the key to yesterday’s selloff.
Before Waller’s remarks:
BTC: 640k → $800,000
Gold: breaks above $4,600
Both types of assets had already priced in part of the “future improvement in liquidity” earlier.
As a result, Waller released a slightly hawkish signal—cutting down that portion of expectations by a notch.
So yesterday was more like:
Easing expectations fade → profit-taking → re-pricing at higher levels
Not some sudden new downside fundamental catalyst.
③ What’s truly worth worrying about?
Now don’t focus on “how much it fell yesterday”—instead watch two key variables:
BTC: $770,000
This is the important handoff zone for this rebound.
U.S. Treasuries: around 4.35% for the 2-year note
This is the core source of pressure on current risk-asset valuations.
After that, there are only two scenarios:
① BTC holds 770k + U.S. Treasury yields fall
→ More like a normal flush of the market
→ The logic behind the early upswing still holds
② BTC breaks below 770k + U.S. Treasury yields continue rising
→ The market begins to price in “higher rates maintained for longer”
→ The rally from 640k to 800k this time needs to be re-valued
④ My take
Short term: a bit cautious
This kind of synchronized selloff yesterday shows that macro expectations have started to affect risk assets, and the risk-reward for chasing longs in the short term has declined.
Medium term: still more bullish on BTC
Gold has already rallied a lot in advance, and if BTC can complete the handoff around $770k, it would actually prove that the market is still willing to absorb risk under macro pressure.
So the real thing worth watching next is not what Waller says next.
Rather, it’s:
U.S. dollar → Treasury yields → BTC $770k
These three variables.
If 770k holds, this is more like a washout; if 770k breaks and yields keep surging, then that’s when you truly need to worry about a trend change.
