BTC is trading nearly $112,000, while ETH is over $4,300 after recording weekly ETF spills.
The cryptocurrency market is moderately high today as flexible US employment data for the expected September 8th, and US employment data for the Federal Reserve interest rate cuts in September.
Bitcoin (BTC) has fallen slightly from its recent highs, but is trading around $112,200, up 1% a day and 3% a week. Ethereum (ETH) is above $4,300, rising about 1% today, but still falling 1% last week. Crypto’s total market capitalization has nearly $3.97 trillion, an increase of around 1.1% over the past 24 hours.
Among the large crypto assets, XRP, Solana (SOL) and Dogecoin (Doge) lead the pack with 24-hour profits. XRP has grown by more than 5% and is trading at $2.98, while Sol has earned almost 6% in the last 24 hours. Sol continues to be considered a key player along with Defi’s Ethereum. As previously reported by the rebels, Solana’s total value is locked (TVL) has skyrocketed nearly 30% since July, rising from $10 billion to $13 billion.
It is clear that Doge is being driven clearly by speculation about the launch of its Doge Exchange-Traded product.
ETFs and data
Investor attention has been changed to crypto ETFs. According to Sosovalue, Spot Ethereum ETFS saw its five-day net spill and recorded the largest weekly spill on record, with $787.7 million leaving the market in the week ending September 5th.
Meanwhile, cryptocurrency companies continue to be added to their stockpiles. According to today’s press release, Bitmine currently owns more than 2 million ETHs, is the largest public ETH holder and holds its position as one of the largest Digital Asset Treasury (DAT) companies. Within Bitcoin’s Treasury, the strategy reported today that the company added 1,955 BTC last week, bringing the total to 638,460 BTC.
Liquidation and macros
Over the past 24 hours, more than $250 million leveraged crypto positions have been settled, according to Coinglas. Anomalously, the BTC and ETH 24-hour liquidation both exceed MYX Finance (MYX), native assets of decentralized derivative exchanges, with over $41 million being liquidated. Ethereum continued with a $32 million liquidation, while BTC and SOL each accounted for around $19 million.
Regarding future macro signals, investors are focusing on the Producer Price Index (PPI) for September 10th and the Consumer Price Index (CPI) for September 11th. Both metrics used to measure inflation are for further guidance at the Fed’s September 16-17 meeting.
In a weekly overview, Keyrock analysts noted that the market is leaning towards “a more aggressive mitigation pathway that the Fed has yet to justify the data.” They said Bitcoin and stocks were “already priced in short-term cuts and the momentum has settled,” but the gold breakout has shown a defensive bid.
Still, the cuts are already priced, and CPI is at risk next week, and “it’s less rewarding than positioning defensively in September,” analysts concluded.