Recap
- Pyth Network (PYTH) surged nearly 70% after the US Department of Commerce selected it to distribute official economic data on-chain, a landmark move for blockchain adoption in public infrastructure.
- XRP hit a key institutional milestone as CME Group’s XRP futures became the fastest product to surpass $1 billion in open interest, underscoring rising demand from traditional finance participants.
- Hyperliquid, a decentralized exchange run by just 11 contributors, has now outpaced Robinhood in trading volume for three straight months.
- Meanwhile, Bitcoin closed its third consecutive weekly red candle, slipping below $108,000, as over $1.9 billion in total long positions were liquidated last week across crypto markets.
Top Gainers
- CRO (Cronos) +87%
- PYTH (Pyth Network) +49%
- B (BUILDon) +36%
Top Losers
- PENDLE (Pendle) -22%
- AERO (Aerodrome Finance) -20%
- FARTCOIN (Fartcoin) -20%
Market Metrics
- Total Market Cap: $3.76T (-3.3% vs last week)
- BTC Dominance: 57.3% (vs 57.4% last week)
- Fear and Greed Index: 40/100 (vs 50 last week)
- Alt Season Index: 51/100 (vs 45 last week)
This week, we'll be monitoring (all times UTC):
Monday 1 September
Crypto Event (Token Unlock)
- Sui Token Unlock: Will release 44 million tokens (~1.25% of circulating supply), worth $144 million. Could introduce short-term selling pressure depending on recipient distribution and market liquidity.
Tuesday 2 September
Economic data
- 09:00 – Eurozone Inflation Rate YoY (August): A softer reading may strengthen risk sentiment if it increases expectations for earlier ECB easing. A hotter print could weigh on crypto by reducing near-term policy flexibility.
- 14:00 – US ISM Manufacturing PMI (August): A stronger-than-expected print would support risk appetite if interpreted as evidence of US economic resilience. A weaker reading could pressure crypto.
Wednesday 3 September
Economic data
- 14:00 – US JOLTS Job Openings (July): Higher-than-expected openings may delay Fed rate cuts, supporting the dollar and dampening risk-on flows. A weaker read would reinforce labour market softening and potentially boost crypto via easing expectations.
Thursday 4 September
Economic data
- 14:00 – US ISM Services PMI (August): A stronger-than-expected print would support risk appetite if interpreted as evidence of US economic resilience. A weaker reading could pressure crypto.
Friday 5 September
Economic data
- 12:30 – US Unemployment Rate (August): A higher rate would support the Fed’s pivot narrative, potentially aiding crypto and other risk assets despite broader economic concerns.
