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Key Takeaways
- ETF flip: BTC spot ETFs logged +$333 million on Sept. 2, led by Fidelity FBTC with +$133 million, while ETH spot ETFs posted –$135 million with no ETF seeing any inflows.
- Institutional bids: Strategy bought 4,048 BTC with total holdings rising to 636,505 BTC at $73,765 cost basis, and 25.7% YTD BTC yield. SharpLink added 39,008 ETH to raise total holdings to 837,230 ETH at an average cost basis of $4,531.
- Treasury & yield themes broaden: ETHZilla deploys $100 million ETH into EtherFi for restaking, while CEA Industries added 38,888 BNB, as holdings rise to 388,888 BNB with a goal for 1% of BNB supply by year-end. In addition, CleanCore raised $175 million for a DOGE treasury.
- Macro cross-currents: Gold hit a record $3,600/oz (+33% YTD) as BTC traded largely decoupled from a flat S&P 500; tariff headlines and push for “bigger” rate cuts add policy noise.
- Market structure: BTC currently holding $110k - $112k zone with dense cost basis at ~$110k (1–3m holders); only ~9% of supply sits in loss, which reflects a shallow dip by cycle standards. Mean coin-age for 3months and 6months on a gentle rise, signaling accumulation with 10k - 100k BTC cohort stable (no broad whale distribution).
