By Omkar Godbole

The bearish sentiment that followed Friday’s disappointing U.S. nonfarm payroll data quickly ran out of steam over the weekend. That has allowed a few coins, including Ethena’s ENA, worldcoin WLD$1.2280, hyperliquid (HYPE) and dogecoin DOGE$0.2339, to post impressive gains in the last 24 hours.

Bitcoin BTC$111,998.19, which dropped below the key support level of $112,000 after the report, now appears to be forming a bullish inverse head-and-shoulders pattern, often a precursor to a strong rally. BTC’s mining difficulty hit a new high and Strategy (MSTR) Executive Chairman Michael Saylor hinted at additional BTC purchases.

On-chain indicators, however, paint a more nuanced picture for the largest cryptocurrency: The proportion of illiquid supply has surged to record highs, signaling holder conviction. Yet, as CryptoQuant points out, whales are offloading coins at the fastest pace since 2022.

Meanwhile, a lively debate unfolded on X regarding the health of the Ethereum blockchain. One observer pointed to August’s revenue of $39.2 million, the fourth-lowest since 2021, proclaiming, “Ethereum is dying.”

In response, Tom Dunleavy, a senior research analyst at Messari, pushed back strongly, noting that Ethereum and Solana are thriving in terms of total value locked (TVL), active addresses, transaction volume, application revenue and stablecoin activity. He emphasized that revenue alone is a misleading metric for blockchain networks, as it contradicts their fundamental goal of enabling low-friction, decentralized financial activity and could ultimately hinder ecosystem growth.

Ethena’s governance token, ENA, surged to three-week highs after StablecoinX, a treasury company linked to a synthetic dollar issuer planning a Nasdaq listing, raised $530 million saying it intended to buy the tokens. The protocol’s robust fundamentals, highlighted by seven-day revenues of $53 million — more than double those of Hyperliquid — combined with anticipated benefits from StablecoinX’s Nasdaq listing and potential Federal Reserve interest-rate cuts, position ENA as a compelling investment opportunity, according to pseudonymous observer Crypto Stream.

Speaking of Hyperliquid, the layer-1 blockchain and decentralized exchange’s plans to launch its own USDH stablecoin sparked a governance battle, with the community facing backlash over a proposal tied to Stripe’s Bridge platform’s centralized influence.

On the macro front, the yen held steady against the dollar, shrugging off Prime Minister Shigeru Ishiba’s resignation. France, meanwhile, seemed headed toward government collapse.

In the U.S., the Bureau of Labor Statistics (BLS) will release annual benchmark revisions on Tuesday, which are expected to show significantly weaker job growth earlier in the year, with some surveys suggesting that between 500,000 and 1 million jobs could be revised away. Stay alert!

What to Watch

• Crypto
  • Sept. 9: Shares of SOL Strategies (HODL), a Canadian company focused on investing in and providing infrastructure for Solana’s ecosystem, are expected to start trading on the Nasdaq Global Select Market under the ticker symbol STKE. OTCQB trading as CYFRF will end, and shares will continue on the Canadian Securities Exchange as HODL.
  • Sept. 10, 9:15 a.m.: Comptroller of the Currency Jonathan V. Gould will talk about digital assets at the CoinDesk: Policy & Regulation Conference in Washington.
• Macro
  • Sept. 9, 8 a.m.: Mexico’s National Institute of Statistics and Geography releases August consumer price inflation data.
    • Core Inflation Rate MoM Prev. 0.31%
    • Core Inflation Rate Prev. 4.23%
    • Inflation Rate MoM Prev. 0.27%
    • Inflation Rate YoY Prev. 3.51%
  • Sept. 9, 10 a.m.: The U.S. Bureau of Labor Statistics releases preliminary annual benchmark revision to employment data.
    • Nonfarm Payrolls Annual Revision Prev. -818K
  • Sept. 10, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases August consumer price inflation data.
    • Inflation Rate MoM Prev. 026%
    • Inflation Rate YoY Prev. 5.23%
  • Sept. 10, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases August producer price inflation data.
    • Core PPI MoM Est. 0.3% vs. Prev. 0.9%
    • Core PPI YoY Prev. 3.7%
    • PPI MoM Est. 0.3% vs. Prev. 0.9%
    • PPI YoY Prev. 3.3%
• Earnings (Estimates based on FactSet data)
  • Sept. 9: GameStop (GME), post-market, $0.19

Token Events

• Governance votes & calls
  • Lido DAO is voting on a proposal to migrate Nethermind’s ~7,000 Ethereum validators to infrastructure operated by Twinstake, a staking provider co-founded by Nethermind. Voting ends Sept. 8.
  • Uniswap DAO is voting to establish “DUNI,” a Wyoming DUNA as its legal entity, preserving decentralized governance while enabling off-chain operations and liability protections, with $16.5M in UNI for legal/tax budgets and $75K UNI for compliance. Voting ends Sept. 8.
  • Uniswap DAO is voting on an updated Unichain-USDS Growth Plan to accelerate adoption through performance-based incentives and DAO-guided distribution. The proposal introduces minimum KPIs, a “no result, no reward” model. Voting ends Sept. 9.
  • Hyperliquid to vote on who issues its USDH stablecoin. Major contenders include Paxos, Frax and a coalition involving Agora and MoonPay. Voting takes place Sept. 14.
• Unlocks
  • Sept. 9: Sonic (S) to unlock 5.02% of its circulating supply worth $46.02 million.
  • Sept. 11: Aptos APT$4.3485 to unlock 2.2% of its circulating supply worth $48.86 million.
  • Sept. 15: Starknet (STRK) to unlock 5.98% of its circulating supply worth $15.66 million.
  • Sept. 15: Sei SEI$0.2975 to unlock 1.18% of its circulating supply worth $16.01 million.
  • Sept. 16: Arbitrum ARB$0.4996 to unlock 2.03% of its circulating supply worth $46.05 million.
• Token Launches
  • Sept. 8: Openledger (OPEN) to be listed on Binance Alpha, MEXC and others.
  • Sept. 8: OlaXBT (AIO) to be listed on Binance Alpha and others.

Conferences

The CoinDesk Policy & Regulation Conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB15 for 15% off your registration.

Token Talk

By Oliver Knight

• Memecoins are showing fresh signs of life after months in the doldrums, with several popular tokens posting gains on Monday. The rally comes despite lingering skepticism following a string of celebrity-linked launches that flamed out earlier this year.
• Bonk BONK$0.0₄2205, a Solana-based, dog-themed token, led the charge with a nearly 7% daily gain. Dogecoin DOGE$0.2339, the original memecoin, also climbed more than 7%, reaching $0.2335, while newer entrants like spx6900 SPX$1.0572 and pump.fun (PUMP) each outperformed the wider altcoin market.
• The CoinDesk Meme Index (CDMEME) has gained 2.20% in the past 24 hours, outpacing the broad market CoinDesk 20 Index measure, which added 1.27%.
• Other speculative assets, including the irreverently named fartcoin (FARTCOIN), also found buyers, adding to the sense of momentum across the sector. The rally suggests renewed appetite among retail traders for high-risk, high-reward bets after weeks of sideways action in the broader crypto market.
• The rally marks a sharp turnaround for the sector, which has been depressed for months. A series of celebrity-driven launches, including TRUMP and MELANIA coins, drew headlines in recent months but quickly collapsed under the weight of poor liquidity, questionable tokenomics, and investor fatigue.
• Layer-1 blockchain MemeCore (M), which is designed to cater to the memecoin sector, ignited the fuse last week, climbing 164% over a seven day period.
• The wider crypto market cap is up 0.57% to $3.84 trillion as majors bitcoin BTC$111,998.19 and ether (ETH) began to lift themselves away from a critical level of support, suggesting renewed strength for the altcoin and memecoin markets as a result.

Derivatives Positioning

By Omkar Godbole

• DOGE, SUI and HYPE have seen double-digit gains in futures open interest over the last 24 hours, significantly outpacing other top cryptocurrencies.
• Dogecoin OI surged to 16.88 billion DOGE, the highest since July 31, validating the 7.5% surge in the cryptocurrency’s price. The token has broken out of a descending trendline characterizing the pattern of lower highs since mid-July.
• BTC’s OI in USDT and USD-denominated perpetuals on major exchanges continues to hover in the recent range of 270K-290K BTC. An increase above 290K may be a harbinger of renewed price volatility.
• On the CME, BTC’s standard futures OI remains at April lows while the ETH futures OI has pulled back to 1.87 million ETH from the record high of 2.2 million ETH, indicating capital outflows.
• On Deribit, XRP and SOL calls trade at a premium to puts across all tenors, indicating a bullish bias. Meanwhile, BTC and ETH options signal lingering downside concerns.

Market Movements

• BTC is up 0.39% from 4 p.m. ET Friday at $112,087.64 (24hrs: +0.8%)
• ETH is up 0.26% at $4,328.09 (24hrs: +0.54%)
• CoinDesk 20 is up 1.25% at 4,079.43 (24hrs: +1.92%)
• Ether CESR Composite Staking Rate is down 9 bps at 2.81%
• BTC funding rate is at 0.0091% (9.9634% annualized) on Binance

• DXY is unchanged at 97.73
• Gold futures are unchanged at $3,651.60
• Silver futures are up 0.66% at $41.83
• Nikkei 225 closed up 1.45% at 43,643.81
• Hang Seng closed up 0.85% at 25,633.91
• FTSE is up 0.10% at 9,217.42
• Euro Stoxx 50 is up 0.49% at 5,344.27
• DJIA closed on Friday down 0.48% at 45,400.86
• S&P 500 closed down 0.32% at 6,481.50
• Nasdaq Composite closed unchanged at 21,700.39
• S&P/TSX Composite closed up 0.47% at 29,050.63
• S&P 40 Latin America closed up 1.14% at 2,801.75
• U.S. 10-Year Treasury rate is unchanged at 4.086%
• E-mini S&P 500 futures are up 0.19% at 6,502.25
• E-mini Nasdaq-100 futures are up 0.34% at 23,764.75
• E-mini Dow Jones Industrial Average Index are up 0.11% at 45,510.00

Bitcoin Stats

• BTC Dominance: 58.47% (unchanged)
• Ether-bitcoin ratio: 0.03853 (-0.56%)
• Hashrate (seven-day moving average): 973 EH/s
• Hashprice (spot): $51.88
• Total fees: 3.23 BTC / $358,958
• CME Futures Open Interest: 134,065 BTC
• BTC priced in gold: 30.8 oz.
• BTC vs gold market cap: 8.72%

Technical Analysis

• DOGE’s two-day price rise has taken it past the trendline characterizing the decline from July 21’s high of 28.7 cents.
• Prices now look to be crossing into bullish territory above the Ichimoku cloud, a widely tracked momentum indicator.
• That would shift the focus to 25.58 cents, the Aug. 14 high.

Crypto Equities

• Coinbase Global (COIN): closed on Friday at $299.07 (-2.52%), +0.81% at $301.50 in pre-market
• Circle (CRCL): closed at $114.56 (-2.49%), +0.7% at $115.35
• Galaxy Digital (GLXY): closed at $23.49 (+2.53%), -0.38% at $23.40
• Bullish (BLSH): closed at $52.35 (+6.81%), -0.78% at $51.98
• MARA Holdings (MARA): closed at $15.19 (+0.53%), +0.33% at $15.24
• Riot Platforms (RIOT): closed at $13.29 (+0.99%), +0.3% at $13.33
• Core Scientific (CORZ): closed at $13.62 (0%), +1.32% at $13.80
• CleanSpark (CLSK): closed at $9.24 (+1.76%), +0.54% at $9.29
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $29.45 (+0.96%)
• Exodus Movement (EXOD): closed at $24.03 (-1.15%)

Crypto Treasury Companies

• Strategy (MSTR): closed at $335.87 (+2.53%), -2.02% at $329.10
• Semler Scientific (SMLR): closed at $28.12 (+0.11%)
• SharpLink Gaming (SBET): closed at $14.94 (-3.21%), -0.37% at $14.88
• Upexi (UPXI): closed at $6.04 (-4.58%), +2.65% at $6.20
• Mei Pharma (MEIP): closed at $4.23 (-0.94%), -20.33% at $3.37

ETF Flows

Spot BTC ETFs

• Daily net flows: -$160.1 million
• Cumulative net flows: $54.47 billion
• Total BTC holdings ~1.29 million

Spot ETH ETFs

• Daily net flows: -$446.8 million
• Cumulative net flows: $12.74 billion
• Total ETH holdings ~6.42 million

Source: Farside Investors

Chart of the Day

• The chart shows that companies have significantly slowed their purchases of BTC in recent months.
• In August, Strategy and other firms cumulatively added 3,700 BTC to their stash, down from 134,000 BTC in November last year.
• The slowdown in buying helps explain BTC’s stalled price rally.

While You Were Sleeping

• EasyJet Founder Adds Crypto Trading to His Cut-Price Empire (Bloomberg): Stelios Haji-Ioannou will launch easyBitcoin this month with Uphold, saying President Trump’s election pushed crypto into the mainstream and promising lower-cost bitcoin and ether trading under his expanding “easy” brand.
• Hyperliquid Faces Community Pushback Against Stripe-Linked USDH Proposal (CoinDesk): Hyperliquid’s plan to replace USDC with a native stablecoin has drawn bids from Stripe, Paxos, Frax and an Agora–MoonPay coalition, with validators set to choose the USDH issuer Sept. 14.
• Crypto Exchange HashKey Plans $500M Digital Asset Treasury Fund (CoinDesk): The Hong Kong–based exchange is launching a $500 million fund targeting digital asset treasury projects, starting with bitcoin and ether, to build an institutional bridge between traditional financial capital and on-chain assets.
• Russia Unleashes Largest Drone Assault of War, Setting Government Building Ablaze (The New York Times): 805 drones and 13 missiles reached Ukraine on Sunday, with 60 drones and nine missiles getting through. Debris from a downed drone set Kyiv’s Cabinet of Ministers building on fire.
• Japanese Lawmakers Launch Leadership Bids After PM Resigns, Yen Sinks (Reuters): Japan’s ruling party will choose a new leader Oct. 4 after Shigeru Ishiba’s Sunday resignation, fueling expectations of looser fiscal policy and a delay to Bank of Japan rate hikes.
• Javier Milei Suffers Stinging Setback in Buenos Aires Polls (Financial Times): A Peronist coalition beat Javier Milei’s grouping in Argentina’s largest province as voter anger over soaring living costs and a corruption scandal tied to his sister Karina eroded his support before October’s congressional midterms.

In the Ether