Bitcoin fell to $77,678 as Polymarket's rate-hike contract went from under 50% entering Thursday to roughly 68% at the close, the market's verdict on the Jackson Hole speech. He stopped short of committing to a September move but left the door open. Nansen told crypto.news the hawkish tone hit crowded long positions directly, made worse by $6.4 billion in CME options expiring the same morning, which removed a natural hedging buffer right as the selling started.