Over the past 48 hours, the global cryptocurrency market has shown high volatility, shifting from a sharp drop to a phase of local consolidation.
Amid intensified macroeconomic pressure, Bitcoin $BTC and Ethereum $ETH managed to stabilize their quotes thanks to renewed institutional demand through spot ETFs.
On September 2, U.S. funds recorded a net capital inflow of $101 million, offsetting the negative trend seen at the beginning of the week.
Key events over the past 24–48 hours:
Price dynamics: Bitcoin held above the key $77,000 support level (trading in the $77,500–$78,500 range), rising 0.4% over the day. Ethereum is consolidating around $2,420–$2,450 after breaking through a long-term descending trend line.
ETF funds: After a massive $236.5 million outflow on September 1, spot BTC ETFs returned to growth on September 2 with a net inflow of $101.15 million.
Market leaders: BlackRock's iShares Bitcoin Trust (IBIT) attracted $115.45 million in one day, bringing cumulative historical inflows to $63.48 billion.
Pressure factors: The Fed's increasingly hawkish rhetoric and the rise in 10-year Treasury yields above 4.8% are limiting bullish momentum.
ETF flow reversal and price dynamics
The beginning of September proved tense for digital asset holders. On September 1, the cryptocurrency market faced profit-taking and a wave of long liquidations, which dragged BTC below $77,000 and ETH to the $2,420 level. The main driver of the decline was the largest one-day outflow from spot Bitcoin ETFs in recent weeks, amounting to $236.46 million.
However, by September 2, institutional investors had resumed buying. According to the SoSoValue analytics platform, the final daily inflow into BTC ETFs amounted to $101.15 million.
The total net assets under management of spot Bitcoin ETFs reached $97.22 billion, which is about 6.26% of the total market capitalization of the leading cryptocurrency.
Ethereum's price, in turn, is testing support at $2,438 (the 0.618 Fibonacci level). Despite a local slowdown near resistance at $2,550, the medium-term outlook for ETH remains constructive due to sustained targeted inflows into spot altcoin ETFs ($10.95 million for the session).
Context:
The current cryptocurrency market consolidation is taking place against a difficult macroeconomic backdrop. Derivatives markets are pricing in the likely possibility of further tightening of the U.S. Federal Reserve's monetary policy at the September meeting, as indicated by rising Treasury yields and Brent crude oil prices above $95.
Nevertheless, in the cryptocurrency derivatives market, an active reshuffling of forces is underway:
Options: According to derivatives exchanges, more than 34% of the weekly options volume is concentrated in the September 25 expiration, while traders are actively selling CALL and PUT options, forming hedging ranges in anticipation of sideways movement.
Capital rotation: Institutional investors are taking a selective approach. The outflow from Bitcoin on September 1 was accompanied by targeted inflows not only into Ethereum, but also into Solana ($10.2 million) and XRP ($14.4 million).
Bottom line for investors
The cryptocurrency market successfully absorbed the initial macroeconomic shock of September.
Bitcoin's holding of the $77,000–$78,000 range and the swift return to positive balances in spot ETFs indicate sustained underlying demand from large players.
In the coming days, the publication of U.S. macroeconomic data on employment and inflation will be the key factor driving BTC and ETH prices.