Bitcoin fell below $78,000 on Friday after Federal Reserve Chair Kevin Warsh used his first Jackson Hole address to emphasize inflation above the Fed's 2% target and suggest that rate cuts were not assured. Bitcoin traded at $77,955 on Coinbase, down 3% in 24 hours but still up 0.7% over seven days, after reaching $81,479.50 overnight and falling as low as $76,845.71. Ether dropped 3.2% to $2,442.56, while Solana fell 3.1% to $105.57 and XRP declined 4.5% to $1.4001. The selling extended across markets: gold fell 2.4%, while the S&P 500 and Nasdaq Composite turned lower. Warsh said PCE inflation was 3.7% over 12 months and 4.1% over six months, and argued that the Fed should focus predominantly on prices until underlying inflation is moving toward its objective at sufficient speed. He also reiterated his opposition to early forward guidance and said money creation by the central bank and financial system should receive more attention. The speech, titled "In Our Time," made no mention of stablecoins (digital tokens designed to maintain stable value), tokenization or digital assets. Rate traders had not materially repriced the September meeting: Polymarket gave a 69% chance of no change, 28% for a quarter-point increase and 1.7% for a cut, based on $56.2 million in volume. U.S. spot bitcoin ETFs continued receiving inflows through Thursday, taking in $242.3 million that day and $1.13 billion during the week's first four sessions, while spot ether and Solana ETFs also recorded sizable inflows. The report also details an Ethena proposal to activate ENA buybacks and Solana's approved change to its disinflation schedule.