Crypto Markets Show Mixed Moves as ETFs See Divergent Flows

Cryptocurrency markets are moderately higher today, Sept. 8, as softer-than-expected U.S. jobs data for August fuels expectations for a Federal Reserve interest rate cut in September.

Bitcoin (BTC) is trading around $112,200, down slightly from recent highs, but up 1% on the day and 3% on the week. Ethereum (ETH) is holding out above $4,300, also up about 1% today, but still down 1% over the past week. The total crypto market capitalization stands near $3.97 trillion, up roughly 1.1% over the past 24 hours.

Among large-cap crypto assets, XRP, Solana (SOL) and Dogecoin (DOGE) are leading the pack in 24 hour gains. XRP is up over 5% and trading at $2.98, while SOL gained nearly 6% over the past 24 hours. SOL continues to be viewed as a key player alongside Ethereum in DeFi. As The Defiant reported earlier, Solana’s total value locked (TVL) has surged nearly 30% since July, climbing from $10 billion to $13 billion.

DOGE is leading in 24-hour gains among the top-ten assets, up almost 9% today, evidently driven by speculation around the launch of a DOGE exchange-traded product.

ETFs and DATs

Investor attention has turned to crypto ETFs, which are showing sharply divergent flows. According to SoSoValue, spot Ethereum ETFs saw a five-day streak of net outflows, and recorded their largest weekly outflow on record, with $787.7 million leaving the market the week ending Sept. 5. Spot Bitcoin ETFs saw a mix of inflows and outflows last week, with net inflows exceeding $246 million for the week.

Meanwhile, crypto treasury firms continue to add to their stockpiles. Per a press release today, BitMine now holds over 2 million ETH, holding its place as the largest public ETH holders, and one of the largest digital asset treasury (DAT) companies overall. Among Bitcoin treasuries, Strategy reported today that the firm added 1,955 BTC last week, bringing its total to 638,460 BTC.

Liquidations and Macro

Over the past 24 hours, more than $250 million in leveraged crypto positions were liquidated, according to CoinGlass. Unusually, BTC and ETH 24-hour liquidations were both exceeded by MYX Finance (MYX), the native asset of a decentralized derivatives exchange, with over $41 million liquidated. Ethereum followed with $32 million in liquidations, while BTC and SOL both accounted for around $19 million each.

In terms of upcoming macro signals, investors are eyeing the Sept. 10 Producer Price Index (PPI) and the Sept. 11 Consumer Price Index (CPI) — both metrics used to gauge inflation — for further guidance on the Fed’s Sept. 16-17 meeting.

Analysts at Keyrock pointed out in their weekly overview that markets are now leaning toward a “more aggressive easing path that the Fed has yet to justify with the data.” They noted that Bitcoin and equities “have already priced in the near-term cut, leaving momentum muted,” while gold’s breakout signals a defensive bid.

Still, with cuts already priced and CPI risk ahead next week, chasing upside “may offer less reward than positioning defensively into September,” the analysts concluded.