U.S. Job Revisions Cast Doubt on Risk-On Positions Ahead of CPI Data
The U.S. Department of Commerce’s new blockchain data is facing scrutiny just days after its release. A significant revision by the U.S. Bureau of Labor Statistics revealed nearly 1 million fewer jobs created than initially reported, raising concerns about previous labor market strength. This has led to speculation that the Federal Reserve may adopt aggressive easing measures soon, with bets on a possible 50 basis point rate cut by September 17.
Key market highlights:
- Bitcoin (BTC) is currently trading above $112,000, having dipped to around $110,800 recently.
- Upcoming U.S. producer and consumer price indices may indicate persistent inflation, potentially complicating Fed easing plans.
- Liquidity is tightening as reserve balances decrease due to rising Treasury General Account levels.
- Put options for Bitcoin and Ethereum are more expensive than calls, reflecting downside concerns.
Additional developments include:
- Crypto staking platform Kiln exited Ethereum validators following an exploit involving SwissBorg.
- Real-world asset protocols now exceed $15 billion in total value locked.
- A single entity earned $200 million from the MYX airdrop.
What to Watch
- Crypto events:
- Sept. 10: Comptroller of the Currency Jonathan V. Gould discusses digital assets at the CoinDesk Policy & Regulation Conference.
- Sept. 11: Dogecoin ETF shares begin trading on Cboe BZX Exchange under ticker DOJE.
- Macro indicators:
- Sept. 10: Brazil's August CPI expected at 5.1% YoY.
- Sept. 10: U.S. August PPI estimated at 3.3% YoY.
Market Movements
- BTC: Up 0.68% to $112,296.28
- ETH: Up 0.47% to $4,325.02
- S&P 500 futures indicate a positive open.
- Overall market sentiment remains cautious amid looming inflation data.
Derivatives Positioning
- BTC futures open interest steady ahead of U.S. CPI release.
- ETH, SOL, and HYPE open interest increased by over 2%; others like XRP, SUI, ADA saw outflows.
- BTC options open interest on CME reached a record $5.6 billion.
Token Stats
- BTC Dominance: 58.19%
- Ether-BTC ratio: 0.03848
- Total BTC holdings in ETFs: ~1.29 million
