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.
The fund gives stablecoin issuers a regulated vehicle for holding the liquid assets required to back payment tokens, as asset managers race to capture reserve management mandates in a market forecast to reach $4 trillion.
The departure of Hsiao-Wei Wang leaves the Ethereum Foundation without a permanent co-executive director for the second time this year, as eight senior figures have now left the organization in five months.
The new Fed chair held rates, dropped forward guidance, and delivered a dot plot that reset rate-hike expectations — and in doing so, reminded crypto markets that macro correlation isn't a solved problem.
The listing is not a ban or a finding of wrongdoing, but it signals that Singapore users dealing with Bybit have no regulatory recourse if something goes wrong.
