Macro: Fed futures price a -21.8 bps cut for September, with next week’s jobs report pivotal along with September 11’s CPI data. The EU has announced a willingness to remove tariffs on US industrial goods while tariff negotiations are ongoing with India.
Institutional demand: ETF flows continue to strengthen with $81 million for Bitcoin ETFs and $307 million for Ether ETFs over the past day. ETFs, corporates, and governments are now absorbing ~3,600 BTC/day, which translates to ~4x miner issuance. Metaplanet announced a new plan to raise $881 million to buy $837 million BTC in Sep–Oct, adding to its 18,991 BTC.
On-Chain Supply Stress: BTC trades at ~$112K, just below 1 month ($115.6K) and 3 month ($113.6K) cost bases, leaving short-term holders under stress. Key support lies at 6-month cost basis ($107K).
Flows: Spot demand remains neutral, as perpetuals tilt bearish with CVD negative. The current funding rate of ~0.01% points to a fragile neutrality. If price breaks above $112.4K with volume, it opens the pathway to $114K – $116K, while a rejection risks another downside to $110K – $108.7K.
Hash Rate ATH: BTC network security at record levels, which underscores miner conviction despite stressed short-term investor cohorts, with a steadily growing hashrate seen as a bullish indicator.
With Fed officials in blackout until the October 27–28 meeting, Treasury yields, oil and AI earnings will set the direction for a Bitcoin market pinned between $80,000 and $85,000.
The contracts give institutions a regulated hedge on two smaller-cap tokens, and six months of CME trading in UNI would matter for Bitwise's pending spot Uniswap ETF.
Ledger’s supply-chain attack exposes the uncomfortable trade-offs behind hardware wallets: the devices promising security can create new vulnerabilities through complexity, opaque manufacturing and misplaced trust.
The Global Money Platform is the first product to combine Mastercard's payout and card network with BVNK's stablecoin infrastructure since Mastercard acquired the startup in August.
