Key Takeaways
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Macro Environment: On Friday, U.S. nonfarm payroll data came in weak, with a sluggish labor market reinforcing expectations for rate cuts. Investors are now betting on three Fed cuts this year, with the probability of a 50 bps cut in September rising. However, the weak jobs data also raised recession fears, leading U.S. equities to open higher but close lower, with all three major indices ending in the red.
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Crypto Market: Following the jobs report, Bitcoin quickly rallied to the $113k cost resistance level but then mirrored U.S. equities in retreat, stabilizing around $110k over the weekend. ETH/BTC slipped slightly for two consecutive days, while altcoins remained largely stable.
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Outlook for Today: U.S. August New York Fed 1-Year Inflation Expectations
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 6,481.51 | -0.32% |
| NASDAQ | 21,700.39 | -0.03% |
| BTC | 111,137.90 | +0.87% |
| ETH | 4,305.57 | +0.76% |
Crypto Fear & Greed Index: 51 (vs. 44, 24h prior), neutral.
Project Highlights
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HYPE: Hyperliquid is advancing plans to launch its own stablecoin USDH. Multiple major institutions have submitted proposals, including Paxos, Frax Finance, Agora, and Native Markets. Ethena has also hinted at joining the competition.
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ENA: ENA’s treasury company secured $530 million in refinancing, with $310 million allocated for public ENA buybacks.
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RED: Upbit listed the RED/KRW trading pair, quickly pushing KRW pair trading volume share up to 55%.
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KTA/NOICE: Coinbase roadmap added Keeta (KTA) and Noice (NOICE).
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OMNI: Omni Network officially rebranded to Nomina, with token migration at a 1:75 ratio.
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PYTH: Pyth expanded its macroeconomic indicators coverage to include employment and inflation data.
Macro Economy
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U.S. August seasonally adjusted nonfarm payrolls: +22k (vs. +75k expected).
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U.S. August unemployment rate: 4.3%, in line with expectations, highest since Oct 2021.
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Fed’s “mouthpiece” noted the jobs report nearly guarantees a September cut, though subsequent policy remains uncertain.
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Fed Chair shortlist narrowed to three; Trump reiterated support for Hassett.
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SEC & CFTC proposed 24/7 trading for traditional financial markets.
Industry Highlights
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SEC announced creation of a cross-border task force to combat fraud harming U.S. investors.
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Paraguay’s Vice President to host talks on building strategic Bitcoin reserves.
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Michael Saylor shared another Bitcoin tracker update, possibly hinting at further BTC accumulation.
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Biotech sample procurement company iSpecimen plans to build a $200M digital asset treasury, with OTC purchases of SOL.
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Robinhood to be added to the S&P 500 index; Strategy not included.
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Bitcoin mining difficulty rose 4.89% to 136.04 T, a new all-time high.
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ETH withdrawals from the PoS network queue fell for 9 straight days, with ~$3B in ETH pending exit.
This Week’s Outlook
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Sep 8: U.S. August NY Fed 1-Year Inflation Expectations.
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Sep 9: U.S. Bureau of Labor Statistics releases preliminary benchmark revision of nonfarm payrolls; SOL Strategies approved to list on Nasdaq under ticker STKE; S unlock (5.02% of supply, ~$45.4M); MOVE unlock (1.89% of supply, ~$5.9M).
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Sep 10: U.S. August PPI; LINEA TGE.
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Sep 11: U.S. August CPI; ECB rate decision; APT unlock (2.20% of supply, ~$48M).
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Sep 12: U.S. September 1-Year Inflation Expectations (prelim); U.S. September Michigan Consumer Sentiment Index (prelim).
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