Crypto Markets Hold Steady as Traders Digest Inflation Data Ahead of Fed Meeting

Crypto markets are mostly flat today, Sept. 11, holding onto recent gains, with total market capitalization still above $4 trillion after fresh inflation data was released in the latest United States. The Consumer Price Index (CPI) report for August strengthened expectations that the Federal Reserve will cut interest rates at its next policy meeting, set for next week.

Bitcoin (BTC) continues to trade at about $114,400, up 0.5% over the past 24 hours and 3.4% on the week, while Ethereum (ETH) is still standing at around $4,400, flat on the daily and weekly timeframes.

Most other large-cap altcoins are following the trend, with the exception of Solana (SOL) and Dogecoin (DOGE), which are both up about 2% today. SOL just broke through the $220 mark for the first time since February, currently trading around $226, bringing weekly gains above 9%.

DOGE is up 15% on the week, fueled by news that the first Dogecoin exchange-traded fund (ETF) in the U.S. is set to launch today.

XRP is holding steady at $3, flat on the day and up about 5.6% on the week.

Data from Coinglass’ altcoin season index shows a score of 78 out of 100, which is the highest level since December 2024, indicating continued shifting interest into altcoins from BTC.

In commentary to The Defiant, Max Rabinovitch, chief strategy officer at Chiliz, said the current trend feels very different from the late-2024 memecoin frenzy, noting that this time the momentum among altcoins appears to be tied to “deeper” factors.

“What stands out is how different this feels from the late-2024 memecoin frenzy. This time, the momentum seems tied to something deeper; whether that’s fostering a sense of community through digital assets or enabling real interactions across digital and physical spaces,” Rabinovitch said.

As for ETFs, spot Ethereum ETFs saw $171.5 million in net new cash on Wednesday, Sept. 10. Spot Bitcoin ETFs did even better, raking in $757 million that day, the largest single-day net inflows since mid-July, according to SoSoValue.

Liquidations and Macro

Over the past 24 hours, about $275 million in leveraged positions were liquidated. Ethereum led with nearly $92.5 million in liquidations, followed by Bitcoin at $39 million, while other altcoins collectively saw $32 million, Coinglass data shows.

After yesterday’s produce price index (PPI) data for August came in lower than expected, the August CPI report released today showed a rise of 2.9% year-on-year, quickening from July’s 2.7% pace and in line with economist forecasts. The CPI shows the change in prices consumers pay for goods and services, making it one of the measures of inflation.

While still above the Fed’s 2% target, traders largely expect the Fed to deliver a rate cut at next week’s policy meeting in response to signs of a softening labor market, The Wall Street Journal reported today.