Crypto |
BTC |
ETH |
Weekly High |
$ 113,225 |
$ 4,482 |
Weekly Low |
$ 107,424 |
$ 4,242 |
Nonfarm payrolls showed only 22k jobs added, the weakest in five years except October 2024. While boosting rate cut odds, it signals economic weakness, causing markets to rally then retreat. Crypto treasury stocks declined following the Nasdaq's announcement of increased oversight on equity offerings used to finance cryptocurrency acquisitions. Bitcoin began September under pressure, having fallen 6.5% in August and ending a four-month winning streak.
Upcoming Macro Calendar - Source: Trading Economics
BTC and ETH both experienced a cooldown this week. ETH relinquished most of its gains from the post-Jackson Hole speech rally, while BTC fell more significantly, dipping below $110,000 for the first time since early July. Realized volatility surged, with BTC approaching 40 and ETH exceeding 80. Implied volatility moved in sync but trended lower as the market approached the extended U.S. Labor Day weekend. ETH call skew softened across the curve, while long-term BTC call skew remained steady. In the near term, puts are now favored.
The August jobs report delivered a significant shock with only 22,000 new positions added, marking the weakest employment growth in five years except for October 2024. Unemployment ticked higher from 4.2% to 4.3%, reinforcing concerns about economic softening. Markets initially rallied on increased rate cut expectations, with September cut odds climbing to nearly 90%. The S&P 500, Nasdaq, and Dow all posted solid gains, with the S&P hitting its 21st record close this year. Bond markets reflected dovish sentiment as two-year Treasury yields dropped to 3.6% while the 10-year held steady at 4.2%.
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Amber Group
Amber Group
Amber Group