Nasdaq's Crypto Push and a Labor Market Shocker Description: This week, we're analyzing a market that's showing a clear divergence. Bitcoin is seeing strong inflows of over $620 million, while Ethereum is experiencing significant outflows of $880 million. Price action reflects this, with Bitcoin holding a tight range, Ethereum trading flat, and Solana outperforming with a 9% gain. We'll look at what healthy perp funding rates tell us about market sentiment. The dominant theme is the shifting macro landscape. We received a major reality check on the U.S. labor market with large downward revisions to annual payroll data. This, combined with last week's weak JOLTs data, is increasing the odds of a larger Fed rate cut ahead of next week's FOMC meeting. All of this sets the stage for a critical CPI report on Thursday. We'll also touch on the latest OPEC+ announcements. This comes as traditional finance makes huge moves into the space. Nasdaq is investing $50 million in the Gemini crypto exchange and has also filed with the SEC to trade tokenized securities alongside traditional stocks. We'll also cover Ant Digital's plan to tokenize $8 billion in assets and the latest onchain news from MegaETH and Ethena. Topics Covered: Market Update: Diverging ETF Flows: BTC inflows ($620m) vs. ETH outflows (-$880m). Price Action: BTC range-bound, ETH flat, and SOL outperforming (+9%). Market Sentiment: Healthy perp funding rates and a rising COIN50 index. Macro Deep Dive: Labor Market Shocker: The 911k downward revision to benchmark payrolls. Fed Outlook: Increased odds of a rate cut ahead of the FOMC meeting. Key Data: What to expect from Thursday's CPI report. Fiscal & Geopolitics: OPEC+ news. Regulatory & Adoption Breakthroughs: Nasdaq invests $50 million in Gemini. Nasdaq seeks SEC approval to trade tokenized securities. Ant Digital plans to tokenize $8 billion in assets. Onchain & Ecosystem News: MegaETH launches a native stablecoin with Ethena to subsidize fees. Coinbase News & Product Launches: Coming September 22: Mag7 + Crypto Equity Index Futures CB Research Coinbase Research Speakers: Ben Floyd, Head of Execution Services David Duong, Global Head of Research Colin Basco, Institutional Research Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
