U.S. August PPI YoY came in at 2.6% and MoM at –0.1%. This reflected a material cooling of wholesale inflation, with markets rallying.
Bitcoin pushed to $114,000 after the print, crossing the decisive $113,000 level, while spot BTC ETFs recorded $757 million net inflows on Sept 10 (third straight day).
Ethereum spot ETFs posted $172 million in inflows yesterday while Bitmine received 46,255 ETH ($201 million), taking its holdings to 2,126,018 ETH ($9.24 billion).
Futures open interest jumped to 84.86 billion for BTC, as liquidations eased to 37.96 million, with shorts bearing the brunt.
CPI tomorrow is the near-term event risk; a second downbeat print would likely accelerate the current risk-on move.
SEC Commissioner Caroline Crenshaw’s departure leaves the agency without a Democratic voice, strengthening Republican control and clearing the path for a more crypto-friendly regulatory agenda in 2026.
Geopolitical risks from Venezuela to Greenland are fading into the background as investors refocus on US data and Fed rate cuts, but turbulence in crypto markets shows risk appetite remains fragile.
