Bitcoin & Ethereum hold firm on ETF demand

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Global markets produced another week of mixed signals. At Jackson Hole, central bankers acknowledged progress on inflation and confirmed that rate cuts are approaching, while stressing that decisions remain data dependent. The cautious tone kept investors alert to shifting policy paths.

In the United States, business surveys showed resilience. Manufacturing returned to expansion and services held steady, suggesting growth has not slowed as much as expected. Treasury yields dropped to multi-month lows, reinforcing bets on a September cut. Across the Eurozone, manufacturing expanded for the first time in three years, though cost pressures re-emerged. China’s industrial profits fell again, pointing to fragile demand. Japan’s inflation eased slightly but stayed above target. In Australia, July CPI came in hotter than expected at 2.8% year-on-year, driven by higher electricity prices, which may delay early easing.

For crypto, the crosscurrents kept majors in consolidation while Solana led the alt coin rotation. ETF inflows provided steady support, anchoring sentiment against broader uncertainty.

State of Crypto

• Bitcoin stabilises between US$111K–115K as ETF inflows reinforce sentiment
• Ethereum secures levels above US$4.5K with US$907M in weekly ETF inflows
• Solana reclaims US$200, leading the alt coin rotation
• XRP trades sideways near US$3.00 with momentum stalling
• Bitcoin dominance slips to 58.2% as flows rotate toward ETH and SOL
• Crypto market cap holds near US$3.9T with selective altcoin outperformance

Bitcoin stabilises between US$111K–115K as ETF inflows reinforce sentiment

BTC traded in a narrow band this week between US$111K–115K. The range shows a market in consolidation, with neither buyers nor sellers in control. On the daily chart, BTC remains above the 50-day moving average near US$116K. That level keeps the medium-term uptrend intact.

ETF demand added steady support. Bitcoin products recorded US$261.9M in net inflows last week, lifting year-to-date totals to US$18.8B. Consistent inflows anchor sentiment during periods of range-bound trade.

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Ethereum secures levels above US$4.5K with US$907M in weekly ETF inflows

ETH built on last week’s momentum after reaching an intraday high of US$4,955. Strong ETF demand added further support, with US$907M in net inflows for the week and year-to-date totals above US$10.4B.

ETH trades above US$4,550 and sits well clear of the 200-day moving average near US$4,130. Resistance remains in focus at US$4,750–4,800, a zone that has capped rallies in recent weeks. The structure signals healthy consolidation after new highs.

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Solana reclaims US$200, leading the alt coin rotation 

SOL gained 11% this week and closed back above the US$200 level. The 4-hour chart shows a series of higher lows that confirm a constructive trend. On the daily chart, SOL sits above the 50-day moving average at US$180.

Speculation on potential SOL ETF products and growth in DeFi and NFTs added support. Traders positioned SOL as the high-beta play of the current rotation. Support stands near US$200, while the next resistance sits at US$220.

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XRP trades sideways near US$3.00 with momentum stalling

XRP held in a narrow range around US$3.00 this week. Resistance sits at US$3.10–3.20, while support remains close to US$2.95. On the daily chart, XRP stayed above the 200-day moving average at US$2.47.

Momentum has slowed compared with peers. XRP often reacts quickly to shifts in sentiment, but this week it showed no clear catalyst to drive a breakout.

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Bitcoin dominance slips to 58.2% as flows rotate toward ETH and SOL

Bitcoin dominance fell to 58.2%, down from levels above 65% earlier this year. The decline highlights a shift of capital into altcoins, led by strong inflows into Ethereum and Solana’s rally above US$200.

For seasoned traders, weaker dominance signals rotation into alt coins. For newer investors, the metric offers a quick read on whether capital is concentrating in BTC or spreading across alts.

Crypto market cap holds near US$3.9T with selective altcoin outperformance

Total crypto market cap ended the week near US$3.9T. The figure reflects consolidation in majors alongside selective gains in altcoins.

Cronos (CRO) surged 120% after Trump Media announced a US$1B CRO treasury strategy. Hyperliquid (HYPE) advanced 14% on rising DEX activity, while Solana (SOL) added 11% as ecosystem demand strengthened. These moves point to rotation rather than a broad-based rally.

At the same time, Venezuela’s economic crisis has accelerated the use of stablecoins such as USDT for everyday payments, highlighting crypto’s role in fragile economies.

Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

Cointelegraph: Crypto liquidations hit US$900M as Bitcoin sheds Jackson Hole gains

“Capital is rotating out of risk, with thin weekend liquidity amplifying swings. Ethereum remains a focus for institutions, but the market is now weighing whether this is a pause in the uptrend or the start of a deeper pullback,” said Rachael Lucas, crypto analyst at BTC Markets.

AFR: US$1.6B pulled from crypto ETFs as correction looms

“If we’re following the four-year bitcoin market cycle, it is normal for price to come off in September after a halving cycle, before picking up around November to December,” said crypto analyst and the head of marketing at BTC Markets, Rachael Lucas.

Tech in Asia: Bitcoin falls under US$110K as investors turn risk-off

Rachael Lucas, crypto analyst at BTC Markets, said the drop was driven by profit-taking, technical resistance, and shifting rate expectations.

Lucas also noted that a single large holder sold 24,000 bitcoins (about US$2.6 billion), triggering further liquidations in derivatives markets.

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The week ahead: Economic events

Thursday, August 28th 

• United States GDP Growth Rate

Friday, August 29th

• Japan Consumer Confidence
• France Inflation Rate
• Italy Inflation Rate
• Germany Inflation Rate
• India GDP Annual Growth Rate
• Canada GDP Growth Annualized; GDP Growth Rate
• United States Core PCE Price Index MoM, Personal Income, Personal Spending

Sunday, August 31st

• China NBS Manufacturing PMI

Monday, September 1st 

• China Caixin Manufacturing PMI

Tuesday, September 2nd

• Euro Area Inflation Rate
• United States ISM Manufacturing PMI

Wednesday, September 3rd

• Australia GDP Growth Rate
• United States Job Openings

Source: Trading Economics

Market reflections

• United States: Growth holds firm as markets price a September rate cut
• Eurozone: Manufacturing returns to growth while cost pressures rise
• China: Industrial profits fall again as stimulus stays limited
• Japan: Inflation eases as the BOJ sticks to gradual normalisation
• Australia: CPI surprise complicates the outlook for early rate cuts

United States: Growth holds firm as markets price a September rate cut

August PMI surveys showed resilience, with manufacturing back in expansion and services steady. At Jackson Hole, Fed Chair Jerome Powell acknowledged progress on inflation and confirmed a September cut is possible, while stressing decisions remain data dependent. Other Fed officials warned against moving too quickly, noting inflation is still closer to 3% than 2%. Treasury yields moved lower, and futures markets priced in a strong chance of a 25-bps cut. 

For crypto investors: expectations of near-term easing support risk appetite, though sticky prices may keep volatility elevated.

Eurozone: Manufacturing returns to growth while cost pressures rise

The composite PMI rose to 51.1, the fastest pace since mid-2024. Manufacturing expanded for the first time in three years, though services softened. ECB speakers at Jackson Hole emphasised patience, pointing to sticky inflation. Rising input costs reinforced concerns that broad easing may not begin until year-end. 

For crypto investors: improving activity but rising costs could limit euro-based liquidity and add volatility.

China: Industrial profits fall again as stimulus stays limited

July profits dropped 1.5% year-on-year, extending the trend of weak domestic demand. The PBoC kept benchmark lending rates unchanged and opted for targeted measures instead of broad easing. Equity markets reflected the mix of limited policy support and property-sector pressure.

For crypto investors: subdued profits and limited stimulus keep near-term Chinese flows into digital assets constrained.

Japan: Inflation eases as the BOJ sticks to gradual normalisation

Core CPI edged down to 3.1% from 3.3% in June, while a broader measure excluding food and fuel rose to 3.4%. At Jackson Hole, the BOJ reaffirmed its gradual path toward policy normalisation. Long-dated yields climbed to record highs, influenced by global bond markets more than local data.

For crypto investors: higher yields affect yen-funded positioning, including crypto trades.

Australia: CPI surprise complicates the outlook for early rate cuts

July CPI increased 2.8% year-on-year, above consensus expectations. Electricity prices jumped 13% and pushed core measures higher. The RBA emphasised caution, and traders scaled back expectations for a September cut.

For crypto investors: stronger inflation may delay easing and soften domestic demand for digital assets.

Closing thoughts: Range-bound majors, selective alt coin strength

This week’s crypto market reflected a mix of macro crosscurrents, steady ETF inflows, and rotation into select altcoins. Bitcoin held within a defined range, Ethereum drew further institutional support, and Solana led the alt coin rotation.

The broader backdrop remains constructive, but consolidation signals caution after recent gains. Liquidity stays thin, and sentiment may shift quickly as macro data and policy signals emerge. For now, institutional demand continues to provide a base, while near-term volatility remains.

Scam alert

Unexpected money scams: Don’t take the bait

Scammers continue to target Australians with promises of money you never expected, from tax refunds and grants to prize winnings or inheritances. These claims are designed to steal your funds or personal information.

You may be asked to cover “processing fees” or “taxes” upfront, or to provide banking or identity details. Some scammers impersonate government agencies, banks, or well-known companies to appear legitimate.

By creating urgency and excitement, these scams pressure you to act before confirming if the offer is real.

Warning signs it could be a scam

• Messages claiming you are owed money, compensation, or an inheritance.
• Requests to pay fees or taxes upfront to unlock funds.
• Emails or letters that appear official but ask for identity or banking details.
• Social media messages about prizes that may not have come from your friend.

How to protect yourself

• Stop and check before acting. Genuine refunds or prizes don’t require payment.
• Never pay fees to claim winnings or inheritance.
• Don’t share your bank account, crypto wallet, or ID details with unverified contacts.
• Verify claims through official websites, not through links in a message.
• If in doubt, speak with your bank or a trusted adviser.

Report scams and find more advice at scamwatch.gov.au.

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