Dovish Powell Pops BTC, Europe Flirts With Public Chains, and YZY Whales Cash Out

Hey Degens,

Markets went from nerves to relief in a few minutes.

Powell’s Jackson Hole remarks leaned soft enough to pull the dollar lower and send risk higher.

Bitcoin ripped off six-week lows to tag 116k, and traders immediately started gaming the next leg.

Away from the macro drama, Europe is eyeing public chains for its digital euro, State Street just plugged into JPMorgan’s tokenized debt rails, and a certain celebrity token handed a handful of wallets eight-figure wins before doing what memecoins do.

TL;DR

• Powell hinted cuts “may be warranted,” and BTC jumped more than 2 percent to ~116k within minutes.

• EU officials are seriously exploring Ethereum or Solana for a digital euro design.

• State Street became the first custodian on JPMorgan’s tokenized debt platform, buying $100M in tokenized commercial paper.

• YZY launch on Solana: 13 wallets cleared $24.5M in profit, then price slid hard.

THE RUNDOWN

Powell Softens, BTC Springs
A few carefully chosen lines at Jackson Hole and Bitcoin snapped from ~111.6k to ~116k, while dollar strength faded. Traders flagged oversold reads on 4h to daily time frames into a key 112k support. Volatility likely sticks around into the weekly close.

EU Kicks the Tires on Public Rails
Officials are weighing Ethereum or Solana for a digital euro, not just a private chain. If they go public, that is a huge signal for open infrastructure in core payments. If they go private, it will look closer to China’s model.

YZY Made Millionaires, Then Did Memecoin Things
Thirteen wallets pulled more than $1M each trading YZY. It spiked about 1,400 percent to around $3, then slipped roughly 74 percent within a day. Over 56k wallets touched it, but only nine of the first 99 buyers still hold. Snipers ate first.

State Street Joins JPM’s Tokenized Debt
The custodian used JPMorgan’s Digital Debt Service to buy $100M in tokenized commercial debt from OCBC. Tokenized securities are quietly getting real distribution, helped by friendlier US policy vibes this year.

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Main Event: Powell’s Hint, Bitcoin’s Bounce

Jackson Hole is where the Fed telegraphs.

Powell said the mix of inflation and labor “may warrant adjusting” policy.

Markets heard September cut. BTC had already flushed bid liquidity into ~111.6k, so the dovish tone was the spark.

Price jumped more than 3 percent off the lows, reclaiming the mid-range and erasing a two-week slide in minutes.

What matters next:

• Support check: 112k held on the sweep. If that level survives any retest, the setup favors another attempt higher.

• Timeframe alignment: Multiple traders pointed to bullish divergence from 4h up toward daily. That does not guarantee upside, but when it lines up with macro news, it often fuels extension moves.

• Cut odds: Market tools leaned to a 25 bp cut in September. If that sticks, dips into support are likely well bid.

My read: first move is noisy, second move decides the week. If BTC holds above the sweep and the dollar stays soft, 116k to 118k becomes a launchpad, not a ceiling.

Deeper Cuts

Public Chains for a Digital Euro
EU officials are seriously considering Ethereum or Solana for the euro’s digital form. Public rails would mean composability and transparency by default. Going private keeps tighter control but loses the network effects that public chains already have. The fact this is even on the table is the story.

Tokenized Debt Finds a Home
State Street stepping in as the first custodian on JPM’s platform is the bridge institutions needed. A clean $100M ticket in tokenized commercial debt is not about the number, it is about the pipes finally existing at scale.

Memecoin Mechanics on Full Display
The YZY launch was textbook. Early wallets, rapid markup, heavy profit taking, then a slide. If you are not early and you do not know who is, you are the exit liquidity. The onchain data told the whole story in real time.

Macro finally blinked. BTC listened. Europe might build on our rails. Institutions are buying tokenized debt while CT chases the next meme. Same market, same rules: respect levels, follow flows, do the boring work.

Catch you next time,

— Dr P & The DegenDen Team

Meme of the Day