According to ChainCatcher, QCP Capital's latest analysis pointed out that by analyzing Bitcoin's historical performance in September, it was found that there had been declines in 6 of the past 7 years, with an average decline of 4.5%. If this pattern is repeated this year, the price of Bitcoin may fall to about $55,000. However, analysts expect $54,000 to become a strong support level, a level that successfully supported prices in July and helped Bitcoin reach $70,000.
The report also mentioned that this week’s unemployment claims data (September 5) and non-farm payrolls report (September 6) may not have a significant impact on cryptocurrency prices, as the impact of macroeconomic data on cryptocurrencies has weakened recently.
Despite the short-term market downturn, QCP observed that the options market still showed medium-term bullish signals. The volatility curve is expected to steepen further, while more long options positions are rolled over to March next year. Bitcoin's March 28, 2025 call option with a strike price of $120,000 increased by 200 contracts today, reaching 2,100 open interests, indicating that investors remain optimistic about the medium-term outlook.
● Santiment: Bitcoin shows signs of recovery
According to BlockBeats, on September 3, crypto market analysis agency Santiment said that as the S&P 500 index was suspended due to Labor Day in the United States, Bitcoin showed signs of recovery. The growth of cryptocurrencies that do not rely on stocks shows that the industry is strong. Traders' bearish sentiment and FUD sentiment are growing, and signs of a rebound are obvious.
According to Odaily Planet Daily, data from The Block shows that the global CEX monthly trading volume reached 1.2 trillion US dollars in August this year, a month-on-month increase of 6.6%. Among them, Binance led the market with a trading volume of 448.45 billion US dollars. The North American market performed particularly well, with a monthly trading volume of 166.84 billion US dollars, a month-on-month increase of 21.6%. Crypto.com dominated the North American market, with a trading volume of 95.77 billion US dollars in August. Bitcoin trading volume still significantly exceeds Ethereum. As of yesterday, Bitcoin's 7-day average daily trading volume was 10.27 billion US dollars, while Ethereum was 6.52 billion US dollars.
According to BlockBeats, Nate Geraci, president of The ETF Store, posted on social media that 13 of the top 25 ETFs launched in the United States this year are related to Bitcoin or Ethereum. About 400 new ETFs have been listed in the United States this year, and the top four inflows so far this year are all spot Bitcoin ETFs.
● Brazil has 16 cryptocurrency ETFs, with Hashdex and QR Asset accounting for the majority
According to ChainCatcher, Brazil already has 16 cryptocurrency ETFs, as well as other crypto-related funds. Brazil's first crypto ETF was approved in 2020, and management company BLP launched a crypto investment fund in Brazil in 2017. BLP, Hashdex and QR Asset are the main cryptocurrency fund management companies in Brazil. More than half of the 16 cryptocurrency ETFs come from Hashdex (6 funds) and QR Asset (4 funds). Hashdex and QR have a 100% exposure to crypto assets.
● CoinShares: Net outflow of digital asset investment products was $305 million last week
According to BlockBeats, according to the latest weekly data from CoinShares, the total net outflow of digital asset investment products reached $305 million last week. Negative sentiment was mainly focused on Bitcoin, with an outflow of $319 million. Solana had an inflow of $7.6 million. In addition, blockchain stocks bucked the trend, with an inflow of $11 million, especially investment products specific to Bitcoin miners.
● The Brazilian Supreme Court upholds the ruling to suspend the operation of X platform
According to Cointelegraph, a panel of the Brazilian Supreme Court upheld the ruling to suspend the operation of social media platform X in the country. On September 2, five Supreme Court judges unanimously supported the August 30 ruling by Judge Alexandre de Morais to suspend X's operations in Brazil. Morais' decision stemmed from X's owner Elon Musk's refusal to appoint legal representatives for the company's operations in Brazil.
