Macro Overview
- US Core PCE (m/m) – The latest Core PCE Price Index came in line with expectations, making it a neutral outcome for markets with no immediate shift in macro outlook.
- US Prelim GDP (q/q) – Reported at 3.3% vs. 3.1% expected, a stronger-than-expected print that is negative for risk assets as it reduces the likelihood of near-term rate cuts. Markets reacted bearishly, with a post-announcement selloff.
- US Unemployment Claims (weekly) – Came in almost in line with expectations, signaling no major surprises.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a -2.65% fall, bringing the total market capitalization to $3.74 trillion. Notably, BTC saw a fall of -2.75% and ETH saw a fall of -3.30%. Bitcoin’s dominance stands at 58.12%, while Ethereum’s holds at 14.32%.
- Metaplanet hits 20,000 BTC milestone: Japan’s top bitcoin treasury firm bought 1,009 BTC ($112M) at an average of $111K, lifting total holdings to 20,000 BTC. This makes Metaplanet the sixth-largest public bitcoin holder, doubling its stash in under three months as it pushes toward its new 30,000 BTC year-end target.
- Dormant Bitcoin whale shifts $1.1B BTC, doubles down on ETH: A Bitcoin whale, active again after 7 years, moved $1.1B in BTC and resumed aggressive ETH buying through Hyperliquid. Last week, the same whale snapped up 641,508 ETH ($2.9B). On-chain trackers suggest the whale is rotating part of a $5B+ BTC stash into ETH, signaling strong conviction in Ethereum’s upside.
- US Commerce Dept puts key economic data on-chain: The Department of Commerce has begun publishing six major indicators — including GDP and PCE inflation — on-chain via Chainlink and Pyth, across 10 blockchains such as Ethereum, Arbitrum, and Base. Coinbase, Gemini, and Kraken are supporting the rollout. Commerce Secretary Howard Lutnick said the move makes America’s economic data “immutable and globally accessible,” reinforcing the U.S. push to be the blockchain capital of the world.
- Pudgy Penguins enters mobile gaming with Pudgy Party: NFT brand Pudgy Penguins and Mythical Games launched Pudgy Party, a web3 mobile party-royale game. Players compete in fast-paced mini-games featuring the brand’s signature penguin characters with unique traits and abilities, promising a fun and unpredictable gaming experience.
- Pump dot fun spends $62M on PUMP buybacks to support token price: Pump dot fun has repurchased over 16.5 billion PUMP tokens, spending more than $62.6 million at an average of $0.003785 per token. Funded by platform revenue from memecoin launches, daily buybacks have ranged from $1.3M to $2.3M over the past week.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Sep-2 | 7:30 PM | US ISM Manufacturing PMI | Actual’ less than ‘Forecast’ is good for crypto |
| Sep-3 | 7:30 PM | US JOLTS Job Openings | Actual’ less than ‘Forecast’ is good for crypto |
| Sep 4 | 7:30 PM | US ISM Services PMI | Actual’ less than ‘Forecast’ is good for crypto |
| Sep-5 | 6:00 PM | US Unemployment Rate | Actual’ greater than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bearish.
- Bitcoin remained rangebound as noted in last week’s report. Currently trading below a key support/resistance level, BTC looks technically weak, and a short-term decline is expected in the coming days.
- Key support levels to consider are around $95,000 and $91,000. On the upside, resistance level is at $110,500 & $117,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral.
- Ethereum moved in a sideways range last week, as noted in our previous report. The $4000 level remains crucial, and price action is expected to stay choppy over the coming days.
- The 22 EMA (Daily) remains the key support to watch — as long as ETH holds above it, the short-term bias stays positive. For the coming days, expect sideways price action with consolidation near highs.
- Significant support levels include $4000 and $3525, while resistance level to watch is at around $4900.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
Solana Technical Analysis
Summary:
- The current sentiment around SOL is Neutral.
- SOL continues to chop within range but is gradually climbing higher. Given the broader market conditions, price action is likely to remain sideways in the near term.
- Keep an eye on the key levels marked in the chart — sustained moves above resistance could open further upside, while failure to hold support may trigger short-term weakness.
- Key support levels to consider are around $185 and $159. On the upside, resistance level is at $209 and $223.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
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