Bitcoin Becoming More Affected by U.S. Data — Market Talk

0745 GMT - Bitcoin edges lower as traders turn cautious ahead of U.S. jobs data and amid uncertainty over tariffs. The ADP private payrolls report is due at 1215 GMT and weekly jobless claims are at 1230 GMT followed by Friday's highly-anticipated nonfarm payrolls data. The data are key in influencing the market's expectations for interest-rate cuts by the Federal Reserve. Meanwhile, the Trump administration asked the Supreme Court late Wednesday to quickly hear its appeal of a ruling that rejected most of its global tariffs. The government argued that the ruling was hurting ongoing trade negotiations. Bitcoin falls 1.6% to $110,512, LSEG data show.(renae.dyer@wsj.com)

0739 GMT - Yields on U.K. government bonds fall as calm returns to markets. Long-dated yields jumped earlier this week, taking the 30-year yield to its highest since 1998. Wednesday's U.S. job openings data came in weaker than expected, raising expectations of more interest-rate cuts from the U.S. Federal Reserve, starting in September. Focus is on U.S. ADP jobs data due to be released at 1215 GMT and on Friday's non-farm payrolls data. The 10-year gilt yields fall nearly 3 basis points to last trade at 4.728%, Tradeweb data show. (miriam.mukuru@wsj.com)

0738 GMT - Preliminary Swedish inflation data for August were a mixed bag but the door for an interest-rate cut this month is still open, Handelsbanken's head of forecasting Johan Lof writes. The flash August CPI report shows headline CPIF inflation rose to 3.3% on year, versus July's 3.0%. But CPIF excluding energy declined to 2.9% from 3.2% last month. A weak economy looks set to bring lower inflation ahead and suggests an additional rate cut could be needed. Still, CPIF inflation is far above target and the government is set to launch large stimulus measures in 2026. The inflation report "keeps the door to a cut open." Handelsbanken expects a September reduction, but it's uncertain whether this will materialize, Lof says. (dominic.chopping@wsj.com)

0717 GMT - Criticism over the U.K.'s challenging fiscal situation that sent long-dated U.K. government bonds and sterling lower is justified but rising debt isn't confined to the U.K., Commerzbank's Michael Pfister says in a note. Bond yields rose worldwide earlier this week due to concerns about fiscal stability, and most currencies depreciated except for the dollar, he says. The situation is more pronounced in the U.K. and the market is already more concerned about the fiscal situation there, but this isn't an isolated case, he says. Sterling falls 0.1% to $1.3437 after hitting a four-week low of $1.3330 Wednesday, LSEG data. The euro trades flat at 0.8674 pounds. (renae.dyer@wsj.com)

0706 GMT - Swedish underlying inflation is moving lower and the country's central bank is likely to cut rates at its next two meetings, Swedbank economist Glenn Nielsen writes. Underlying inflation fell to 2.9% in August according to preliminary data, from 3.2% in July. "With inflation seen continuing falling to the target in coming months, the Riksbank is likely to focus on kick-starting the Swedish economy," Swedbank says. The Riksbank will now be more confident about the fact that the surprisingly high inflation in early summer was, as argued, mostly due to temporary factors, it says. Swedbank forecasts rate cuts at both the September and November meetings, bringing the policy rate to 1.50%. (dominic.chopping@wsj.com)

0656 GMT - There is a sense of calm in European and U.S. bond markets after turbulence earlier this week when long-dated bond yields rose to multi-year highs. "There are signs that the bond market rout could be over," XTB research director Kathleen Brooks says in a note. Global government bond sales have been strong this week and haven't been impacted by bond market volatility, she says. Risks remain, however, due to fiscal and economic concerns. France's 9.5 billion-11 billion euros auction of long-dated government bonds is awaited ahead of Monday's confidence vote in the French government. "We will be watching this [auction] closely," Brooks says. Ten-year eurozone bond yields fall by 1-2 basis points while U.S. 10-year Treasury yields are steady, Tradeweb data show. (emese.bartha@wsj.com)

0648 GMT - The dollar edges higher as investors turn their focus to U.S. labor market data for clues on the pace of expected interest-rate cuts by the Federal Reserve. The ADP private payrolls report is due at 1215 GMT and weekly jobless claims are at 1230 GMT. The key data of the week follow on Friday when the U.S. nonfarm payrolls report is released. The prospect of weak employment data and the Fed resuming rate cuts at the September 17 meeting would usually be negative for the dollar. However, the U.S. currency could find some support from seasonal factors, ING's Chris Turner says in a note. The DXY dollar index has rallied in seven of the last ten Septembers, he says. The DXY rises 0.1% to 98.203.(renae.dyer@wsj.com)

0639 GMT - U.S. ADP data on Thursday will give a flavor of how nonfarm payrolls data might look like on Friday, likely adding to expectations of an interest-rate cut by the Federal Reserve this month, says Commerzbank Research's Hauke Siemssen in a note. "The expected decline in job creation should cement the case for a Fed rate cut this month, where forwards are now discounting the full 25 basis points after yesterday's weak JOLTS jobs report," the rates strategist says. The JOLTS data signaled a weakening in the U.S. job market, prompting a fall in U.S. Treasury yields. (emese.bartha@wsj.com)

0621 GMT - Eurozone government bond yields edge lower in early trade, even as significant issuance volumes from Spain and France loom. "On the supply side, eurozone government bond markets will have to absorb a decent chunk of duration today, led by long-end [French] OAT auctions," says Commerzbank Research's Hauke Siemssen in a note. France will auction 9.5 billion-11 billion euros in conventional bonds, while Spain will sell 4.75 billion-6.25 billion euros in conventional and inflation-linked bonds. The 10-year Bund yield declines 1.2 basis point to 2.735%, according to Tradeweb, and it might potentially fall further. "Bunds may recover further once this week's duration supply has been cleared, and with potential support from U.S. macro data," the rates strategist says. (emese.bartha@wsj.com)

0612 GMT - The markets is awaiting France's auction of long-dated government bonds, being the last French bond sale ahead of the government's upcoming confidence vote. Prime Minister Francois Bayrou recently called for a confidence vote on Sept. 8 on his budget. Thursday's 9.5 billion-11 billion-euro auction includes 2035-, 2042- and 2056-dated government bonds, or OATs, with the 10-year OAT being a new issue. The 10-year French OAT yield edges 1 basis point lower to 3.537%, according to Tradeweb. (emese.bartha@wsj.com)

0552 GMT - U.S. Treasury yields trade marginally higher in Asia trade, having fallen on Wednesday amid signs of labor market cooling. "Yesterday's soft U.S. labour market data drove bond yields lower as the market look for the Federal Reserve to cut rates in September," Danske Bank Research's Jens Naervig Pedersen says in a note. On Thursday, the two-year Treasury yield is 0.2 basis point up at 3.612%, the 10-year yield is up 0.6 basis points at 4.216%, while the 30-year yield is up 0.9 basis points at 4.900%, according to Tradeweb data. In particular, the 30-year yield is again relatively comfortably below 5%, after it rose to 5.002% on Wednesday, the highest level since July. (emese.bartha@wsj.com)

0511 GMT - The Japanese finance ministry's auction of 30-year JGBs drew lackluster demand, which was widely expected amid fiscal concerns. The auction's tail, or the gap between the average and lowest-accepted prices, stood at 0.18, versus 0.15 at the previous sale in August. A wider tail indicates weaker demand. "Uncertainty around fiscal expansion pressures via policy coordination with the opposition parties continues, leaving the situation related to fiscal concerns largely unchanged since the Upper House election in July," Barclays analysts say. The 30-year JGB yield last stood at 3.240%. (megumi.fujikawa@wsj.com)

European Central Bank President Christine Lagarde said that the European Union should hold non-EU stablecoin issuers to the same stringent reserve requirements as their EU counterparts to address the risk of runs.

Speaking Wednesday at the annual conference of the European Systemic Risk Board, Lagarde said "gaps remain" in the EU's current Markets in Crypto-Assets (MiCA) regulation regarding requirements for stablecoin issuers.

Lagarde noted that MiCA requires stablecoin issuers to hold substantial reserves in bank deposits and to allow EU investors to always redeem their holdings at par value.

However, Lagarde warned that vulnerabilities persist, particularly in multi-issuance schemes where EU and non-EU entities jointly issue fungible stablecoins. In these arrangements, MiCAR's stringent requirements apply only to the EU component, creating potential regulatory arbitrage opportunities, according to Lagarde. 

"In the event of a run, investors would naturally prefer to redeem in the jurisdiction with the strongest safeguards, which is likely to be the EU, where MiCAR also prohibits redemption fees," said Lagarde. "But the reserves held in the EU may not be sufficient to meet such concentrated demand."

Lagarde called for European legislation to prevent such schemes from operating in the EU unless supported by robust equivalence regimes in other jurisdictions and proper safeguards governing asset transfers between EU and non-EU entities.

"This also highlights why international cooperation is indispensable," Lagarde added. "Without a level global playing field, risks will always seek the path of least resistance."

MiCA, which came into full effect at the end of last year, establishes comprehensive guidelines and regulations for crypto assets across the European Union trading bloc. MiCA primarily regulates crypto asset issuers and service providers.

Stablecoins have gained traction as the U.S. shifts to a more crypto-friendly stance under President Donald Trump's administration. In April, the Federal Reserve reinforced that shift by withdrawing earlier guidance that had discouraged banks from engaging in crypto and stablecoin activities.

As of Sept. 3, the total supply of U.S. dollar-pegged stablecoins has risen to $271.3 billion, up from $256.3 billion at the start of August, according to The Block's data dashboard.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitmine Immersion Technologies just bought the dip, acquiring a further 14,665 ETH worth around $64.7 million at current market prices, according to Arkham Intelligence.

The move came as Ether dropped to weekly lows below $4,300 before recovering on Thursday morning.

The latestacquisitionhas extended Bitmine’s lead as theworld’s largestEther treasury company with 1,866,974 ETH worth around $8.2 billion. The firm now holds 1.54% of the entire supply of the asset, according to StrategicEthReserve.Ether Price Predictions to The Moon

The move also followed a massive price prediction from Fundstrat earlier this week.

ETH has been cooling off over the last ten days, “but the overall consolidation looks constructive,” said CFA Mike Zaccardi on Wednesday. He cited a chart from Fundstrat that looked at previous moves for the asset when it pumped by 54 times from its 2020 low below $100 to its peak at the end of 2021, just below $4,900.

Another 54 times move from its April low of around $1,400 could propel the asset to a whopping $75,000, but this seems a little far-fetched at the moment.

Yes https://t.co/GAiSfWGwTt

— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) September 4, 2025

Other price predictions have been a little more modest. Last month, Geoff Kendrick, Standard Chartered’s head of digital assets research, raised the year-end target for Ether to $7,500 from $4,000 and a 2028 target of $25,000.

In related news, Etherealize, an Ethereum infrastructure firm, announced on Wednesday the closing of a $40 million funding round led by Electric Capital and Paradigm.

This funding adds to a grant from Ethereum co-founder Vitalik Buterin and the Ethereum Foundation in 2024 to kickstart its operations and educate the financial sector about Ethereum, it stated.

“After hundreds of conversations with banks and institutions, one thing is clear: the future of finance will be built on Ethereum,” said Vivek Raman, CEO of Etherealize.

ETHEREALIZE’S NEXT CHAPTER

We were born as a marketing and BD arm for Ethereum.

Today, we’re excited to announce that we’re expanding our mission:

Etherealize is building for the next era of finance—where Wall Street merges with Ethereum.

(1/12) pic.twitter.com/mlmqBDmAHH

— Etherealize (@Etherealize_io) September 3, 2025

ETH Price Bounces

Ether pricesare back in the green today following a dip to an intraday low of $4,300. The asset recovered to reach $4,480 but could not sustain that level as Asian traders sold off on Thursday morning, sending ETH back to $4,400 at the time of writing.

Ether remains down 11% from its late August peak, but has remained in a choppy sideways pattern for the past four weeks.

The financial world is rapidly entering a new era where traditional assets like stocks and bonds can be represented on the blockchain. Tokenization is gaining momentum worldwide, and the U.S. is under pressure to keep pace. Trading firm Wintermute has submitted recommendations to the Securities and Exchange Commission (SEC), urging rules that support innovation instead of slowing it down.

Wintermute’s Call for Regulatory Clarity

Wintermute’s proposal focused on three key areas critical to tokenized securities adoption: custody, settlement, and DeFi participation.

• Custody – Brokers and dealers should be allowed to securely store tokenized assets.
• Settlement – On-chain settlement using stablecoins should be recognized as a safe and efficient process.
• DeFi Participation – Firms should be able to join decentralized finance activities such as liquidity pools and lending, without these automatically being treated as broker-dealer activities requiring heavy registration.

The firm also stressed that network tokens like Bitcoin, Ethereum, Solana, and XRP should not be classified as securities, as they form the backbone of decentralized systems.

Tokenization Momentum in the U.S.

The push comes as tokenized real-world assets are gaining traction globally. The total tokenized RWA market is now valued at nearly $28 billion.

• Dinari has secured a broker-dealer license to issue tokenized stocks.
• Coinbase and Kraken are pursuing similar licenses in the U.S.
• Galaxy Digital recently tokenized its SEC-registered GLXY shares on the Solana blockchain.

These examples show that tokenization is no longer theoretical—it’s a fast-growing segment of financial markets attracting both major exchanges and new platforms.

Shaping the Future of Finance

Wintermute’s recommendations align with the industry’s wider call for a regulatory framework that balances innovation with investor protection. Unlike traditional Wall Street processes, tokenization has the potential to enable new market structures with greater efficiency and broader access.

The SEC’s next move will be critical. Clear guidance could establish the U.S. as a leader in tokenized markets, while prolonged uncertainty risks driving innovation overseas.

FAQs

Tokenization means converting real-world assets like stocks, bonds, or real estate into blockchain-based tokens.

Wintermute wants regulations that encourage innovation in tokenized securities instead of imposing restrictive rules.

It has reached nearly $28 billion globally.

Not entirely, its goal is to enhance efficiency and create parallel structures with broader access.

It can improve efficiency, reduce settlement times, and expand access to new investors.

The Uniswap community is voting on a key proposal to set up a new legal entity in the U.S. state of Wyoming that aims to support off-chain operations.

"This new legal entity, called “DUNI”, will be purpose-built to preserve Uniswap’s decentralized governance structure while enabling engagement with the offchain world," the proposal wrote.

Off-chain engagement includes activities such as entering into contracts, hiring service providers, and fulfilling regulatory and tax obligations, according to the proposal, which emphasized that the legal entity would not impact Uniswap, its on-chain governance, or its native token UNI in any way.

The establishment of DUNI would further protect governance participants from potential personal exposure to legal or tax liabilities resulting from a collective action by the Uniswap governance.

The initial temperature check vote showed 100% community support. The proposal has moved to the final vote that will conclude on Sept. 8.

"This is a critical step in de-risking engagement in Uniswap Governance without compromising decentralization," the proposal said.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The 2025 Index by Chainalysis revealed that India, the United States, and Pakistan are ranked as the top three countries in the global crypto adoption rate. The report also observed that Asia Pacific (APAC) countries led with 69% in crypto growth, while the Latin American countries followed with 63% growth. 

The 2025 Global Crypto Adoption Index Top 10

Driven by robust engagement across major APAC markets like India, Pakistan, and Vietnam, the total transaction volume grew from $1.4 trillion to $2.36 trillion. Closely behind, Latin America followed, and then Sub-Saharan Africa’s adoption trailed by 52%. North America showed an impressive growth of 49% while Europe surged 42%. 

Global Surge in Stablecoins

According to the report, the GENIUS Act in the US has highly influenced the adoption rate of stablecoins across the world. Despite not being in effect yet, the initiative has sparked great interest among the investors. Meanwhile, in the European Union (EU), the Market in Crypto Assets (MiCA) paved the way for stablecoins like EURC. 

Moreover, the data shows that stablecoin transaction volume remains dominated by USDT and USDC, which are consistently more popular than other stablecoins. Between June 2024 and June 2025, USDT processed over $1 trillion per month, peaking at $1.14 trillion in January 2025.

Chainalysis said, “These volumes highlight the continued centrality of Tether and USDC in crypto market infrastructure, especially for cross-border payments and institutional activity.”

United States: World’s Largest Fiat On-Ramp

Geographically, the US remains the world’s largest market for converting traditional currency into crypto. It has $4.2 trillion in total volume, which is more than four times the next highest country, South Korea. 

South Korea followed with over $1 trillion, and the European Union registered just under $500 billion. South Korea showed a more diversified onramp profile, reflecting the change in investor behavior and access to alternative cryptoassets. At the same time, the UK and the EU dominated the percentage of total fiat purchases allocated to Bitcoin, at approximately 47% and 45%. 

FAQs

India, the United States, and Pakistan are the top three countries in the 2025 global crypto adoption index, with India leading across all key metrics.

APAC’s 69% growth is driven by robust retail and institutional engagement in major markets like India, Pakistan, and Vietnam, fueling massive transaction volumes.

Stablecoins are crucial; USDT and USDC dominate infrastructure, processing over $1T monthly for cross-border payments and institutional activity.

The U.S. holds this title with a massive $4.2T in volume for converting traditional currency into crypto, far surpassing all other countries.