According to Fixygen, the cryptocurrency market ended the week of September 7–11 mostly lower: Bitcoin (BTC) fell to approximately $77,000, while Ethereum (ETH) remained in the range of $2,450–$2,460. Pressure on digital assets intensified due to rising oil prices, accelerating inflation in the U.S., and a sharp increase in expectations of further monetary tightening by the Federal Reserve (Fed).
According to CoinGecko data as of September 11, Bitcoin is trading at around $77,100, down from approximately $79,700 on September 4, marking a weekly decline of roughly 3%. Ethereum is trading at around $2,460 and has remained virtually unchanged compared to the end of the previous week. XRP has fallen to approximately $1.34, and Solana to $99–100.
The total market capitalization of the cryptocurrency market is about $2.73 trillion, with a daily trading volume of about $95 billion. Bitcoin accounts for approximately 56.8% of the market, while Ethereum accounts for about 11%. For comparison: on September 4, the market capitalization was about $2.81 trillion, meaning the market lost approximately 3% over the week.
The week began with Bitcoin trading above $80,000: on September 6, the price rose to $80,350, but by September 7 it had fallen to $79,100, to $78,500 on September 8, and dropped below $77,000 on September 10. The main external factor was a shift in expectations regarding U.S. interest rates.
Data released on September 11 showed that U.S. consumer prices rose 0.4% month-over-month in August, following a rise of just 0.1% in July. Following the release of the statistics, the market raised the probability of a 25-basis-point rate hike by the Fed at its September 15–16 meeting to approximately 85%. Prior to the release of the Consumer Price Index (CPI) data, that probability was estimated at approximately 67%.
Oil prices added to the pressure. During the week, the price of Brent crude rose above $100 per barrel for the first time since May, reaching $109.97 amid an escalating conflict in the Middle East and risks to shipping through the Strait of Hormuz. By Friday, oil prices had retreated slightly but remain on track for a weekly gain of more than 8%. High oil prices heighten inflation risks and thereby reduce the likelihood of a rapid easing of central bank policy.
Flows into U.S. spot Bitcoin ETFs also deteriorated. According to data from Farside Investors, net outflows totaled $46.6 million on September 8, $120.2 million on September 9, and approximately $32.4 million on September 10. Thus, over three trading sessions, investors withdrew about $199 million from Bitcoin ETFs. The U.S. market was closed on September 7 for Labor Day.
The situation with Ethereum ETFs was more stable. On September 8, the funds lost $24.3 million; on September 9, they received $34.7 million; and on September 10, they again recorded an outflow of approximately $25.2 million. The cumulative balance over the three sessions was negative by approximately $15 million.
At the same time, Ethereum appeared noticeably more stable than Bitcoin throughout the week. After a 37% rise over ten days in late August, the ETH price consolidated within a range of approximately $2,400–$2,550. On September 9, Reuters noted the formation of a pattern on the chart that technical analysts view as potentially positive, although a drop below the $2,350–$2,360 range would undermine this scenario.
Despite the weakness in prices, the industry’s institutionalization continued. On September 10, Nasdaq announced a $100 million investment in Payward, the parent company of the Kraken crypto exchange. The parties intend to expand their cooperation in the areas of tokenized stocks, 24/7 trading infrastructure, and market surveillance systems.
At the same time, the battle over crypto industry regulation intensified in the U.S. Ahead of a key Senate vote on September 15, cryptocurrency companies and the banking sector stepped up their lobbying campaigns regarding the Clarity Act, which is intended to define the legal status of digital tokens and allocate authority among financial regulators.
A negative development of the week was an attack on the Bitcoin-related Liquid Network. On September 7, the project reported the withdrawal of approximately $320 million, or about 4,000 BTC, from a federated wallet. Following the incident, new transactions on the network were suspended.
On September 10, the European regulator ESMA also warned that the strengthening of ties between the crypto market and the traditional financial system increases the likelihood of potential shocks spreading. The regulator paid particular attention to the rapidly growing prediction markets and the risks of manipulation and insider trading.
