According to CoinMeta, Bitcoin fell below $77,000 following the hawkish remarks of Kevin Warsh (Kevin Warsh), which reignited concerns about interest rate hikes and drove up Treasury yields and the strength of the US dollar. In his speech at Jackson Hole, Warsh emphasized that further interest rate increases might be necessary if inflation continues to exceed targets. This move reversed Bitcoin's recent rebound towards $80,000, and traders quickly re-priced expectations for the September Federal Reserve meeting, with the probability of a 25-basis-point rate hike rising to 55.7% in interest rate futures. The July PCE inflation rate was 3.7%, leaving policymakers with limited room to claim victory over price pressures. The yield on two-year Treasury bonds rose to around 4.31%. Despite the unfavorable macro environment, institutional demand remained strong, and on August 27, US spot Bitcoin ETF attracted $242.3 million in funds, with a cumulative inflow of approximately $3.04 billion.