Macro Headwinds and Quantum Concerns Weigh on Bitcoin, Which Pulled Back in Early September

The cryptocurrency market once again felt the chill of the macroeconomic climate in early September. As of the evening of September 8, Bitcoin (BTC) was trading at $78,475.12, down 0.9% on the day; Ethereum (ETH) edged down 0.1% to $2,484.36; and Solana (SOL) slipped 0.6% to close at $103.37. The overall market pressure stemmed primarily from investor concerns that the Federal Reserve might raise interest rates again, as well as from the recent surge in crude oil prices, which broadly suppressed risk assets. At the same time, the Liquid Network, a Layer-2 blockchain network designed to enhance transaction speed, suffered a hacker attack, adding additional short-term selling pressure on Bitcoin.

ETF Inflows Pause as Market Awaits Clear Macro Policy Signals

Spot Bitcoin ETFs recorded positive inflows at the end of last week, with the iShares Bitcoin Trust ETF (IBIT) seeing net inflows exceeding $117 million on Friday. However, as U.S. stock markets were closed on Monday, the specific movements of ETFs will not become clear until subsequent trading days. For now, market attention is firmly fixed on the Federal Reserve’s policy meeting later this month. Data from the CME FedWatch Tool shows that traders are pricing in more than a 60% probability of a rate hike at this meeting, an expectation that has made investors more cautious.