According to Gate Research Institute analysis, recent increases in macroeconomic uncertainty have put pressure on crypto assets, leading to a pullback. Perpetual swap funding rates have turned negative, and market sentiment has become more cautious. Regarding options, the BTC and ETH skews have turned bearish, with significant buying of August put spreads and September 110K put options. Investors are using options to hedge downside risk. Market focus is on Powell's speech at the Jackson Hole Summit this Friday. If the upcoming labor or inflation data exceeds expectations, crypto assets could trigger another round of volatility.

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