Preparing for Employment Data Release as Exodus from ETF Affects Bitcoin and Ethereum

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Recent developments in the cryptocurrency market have been fascinating to observe. The price of Bitcoin (BTC) is currently consolidating in the $104K - $116K range, with resistance at $114K - $116K, and support at $104K - $108K. Meanwhile, Ethereum (ETH) remains capped at $4.4K, despite exchange balances being at a 3-year low and validator demand being strong with close to 1 million ETH waiting to be staked.

The global regulatory tone is tilting toward clarity, with added compliance burdens. The UK Treasury has tightened AML rules, and the Securities and Exchange Commission (SEC) has unveiled new crypto rulebook proposals. These developments underscore the growing importance of regulatory compliance in the cryptocurrency space.

On the economic front, the Non-Farm Payroll (NFP) data for September 2021 was expected to be released on Friday, the first Friday of the month. Generally, the report is published monthly on the first Friday and heavily influences the markets. Nonfarm Payrolls are expected at 75k jobs, and unemployment is expected to tick up to 4.3%.

In terms of market trends, ETF flows for ETH saw $167 million in net outflows, marking the fourth consecutive day of withdrawals. Similarly, ETF flows for Spot BTC saw $227 million in outflows yesterday, led by broad selling across eight funds, with IBIT being the only fund to see an inflow.

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The Fed cut odds at the September meeting remain high, but stronger-than-expected data could pressure crypto. With the global regulatory landscape evolving and market trends fluctuating, staying informed has never been more crucial.

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