Daily market key data review and trend analysis, produced by PANews.

1. Market Observation

The latest non-farm employment data annual revision released by the U.S. government shows that as of March this year, the number of jobs was significantly revised down by 911,000, far exceeding the market expectation of 682,000. This is the largest downward revision since 2000, equivalent to an average monthly decrease of nearly 76,000 jobs, accounting for 0.6% of the total workforce. This revision reflects a weak labor market, intensifying concerns about the health of the U.S. economy and providing more pressure for the Federal Reserve to cut interest rates.

The revised data covers the period before Trump's administration, indicating that the employment situation in the U.S. had deteriorated even before the implementation of trade tariff policies. The market currently generally expects the Federal Reserve to announce a 25 basis point rate cut at the meeting on September 17, with a few betting on a 50 basis point cut, and possibly further cuts before the end of the year. Citigroup economist Andrew Hollenhorst believes that the revised data supports the Federal Reserve taking more aggressive rate cuts, but Powell may choose a more gradual approach. Goldman Sachs has raised objections to the extent of the revision but acknowledges a significant slowdown in the labor market. With weak employment data, market expectations for Federal Reserve policy have shifted significantly, with traders anticipating consecutive rate cuts in the remaining three meetings of the year, which could provide potential support for a rebound in the stock market and risk assets.

In terms of Bitcoin, the market is closely watching the U.S. CPI data to be released on September 11. Analyst Ted pointed out that the previous three CPI data releases led to Bitcoin prices dropping by 9% to 11%, casting a shadow over short-term market sentiment. Currently, Bitcoin prices are facing significant selling pressure around $113,000, with analyst Murphy believing this is due to short-term holders eager to sell near their cost price (around $112,000), the market needs a significant macro event to break the deadlock. Analysis from Glassnode shows that the market is in a low volatility state, close to a breakout point, but institutional demand (measured by ETF net inflows) is weak, having decreased by 50% from the July peak. $114,000 is seen as a key turning point; if prices remain below this level, the overall trend still leans bearish. However, there are also positive signals on the technical front, with analyst Biraajmaan Tamuly observing a bullish "head and shoulders bottom" pattern forming on the four-hour chart, and if it breaks the neckline at $113,650, the target price may point towards $120,000. From a longer-term perspective, CryptoQuant analysts believe the market is in a mature stage of a bull market, with the entry of institutional demand making the selling behavior of long-term holders more sustainable, with the cycle peak expected to occur as early as October.

Ethereum's performance appears weaker due to macro uncertainty and weak ETF demand. Analyst Ted noted that although there is strong liquidity accumulation in the $3600 to $4000 range, he believes the price may first sweep down to lower liquidity areas before a reversal can occur. Meanwhile, another analyst, CJ, observed that Ethereum is currently undergoing strong consolidation in the middle of the $4202 to $4496 range, closely adhering to the 200-period moving average on the four-hour chart, indicating uncertainty in market direction. In the short term, Ethereum may continue to maintain a volatile pattern, and its ultimate breakout direction still needs to wait for clearer technical signals and market dynamics.

In the altcoin market, analyst Altcoin Sherpa is very optimistic about Solana, believing that the upcoming launch of DAT may drive significant buying pressure, predicting its price could rise to $250 in the coming weeks or months. Meanwhile, the Linea project will conduct its token generation event (TGE) today, with its pre-market price maintaining around $0.027 for nearly a week. Additionally, an interesting phenomenon has emerged in the market, with BakeryToken (BAKE), Hifi Finance (HIFI), and Self Chain (SLF) — which Binance will delist on September 17 — experiencing a collective surge today, with BAKE rising by as much as 150%, and HIFI and SLF increasing by 46% and 57%, respectively.

2. Key Data (as of September 10, 12:00 HKT)

(Data source: Coinglass, Upbit, Coingecko, SoSoValue, Tomars)

• Bitcoin: $111,556 (YTD +19.34%), daily spot trading volume $4.4672 billion

• Ethereum: $4,316.55 (YTD +28.44%), daily spot trading volume $2.7951 billion

• Fear and Greed Index: 48 (Neutral)

• Average GAS: BTC: 1 sat/vB, ETH: 0.165 Gwei

• Market Share: BTC 57.16%, ETH 13.5%

• Upbit 24-hour trading volume ranking: WLD, XRP, KAITO, ETH, IP

• 24-hour BTC long-short ratio: 49.68%/50.32%

• Sector Performance: L2 up 3.43%, RWA up 2.78%

• 24-hour liquidation data: A total of 144,548 people were liquidated globally, with a total liquidation amount of $292 million, including $45.59 million in BTC, $40.35 million in ETH, and $32.32 million in MYX.

• BTC medium to long-term trend channel: Upper channel line ($112,441.34), lower channel line ($110,214.78)

• ETH medium to long-term trend channel: Upper channel line ($4,389.96), lower channel line ($4,303.03)

*Note: When the price is above the upper and lower lines, it indicates a medium to long-term bullish trend; conversely, it indicates a bearish trend. When the price is within the range or fluctuates through the cost range in the short term, it indicates a bottoming or topping state.

3. ETF Flows (as of September 9)

• Bitcoin ETF: +$23.0549 million

• Ethereum ETF: +$44.1563 million, turning into net inflow after six consecutive days of outflows

4. Today's Outlook

• Binance Alpha will launch Zypher Network (POP) on September 10, Linea (LINEA)

• Bloomberg analyst: REX-Osprey Dogecoin ETF is set to launch on Thursday

• Binance Alpha will launch PINGPONG (PINGPONG) on September 11

• Binance: HOLO token will start circulating at 18:00 on September 11

• U.S. August unadjusted CPI year-on-year: Previous value 2.70%, forecast value 2.90% (September 11, 20:30)

• BounceBit (BB) will unlock approximately 42.89 million tokens at 8:00 AM on September 10, accounting for 6.31% of the current circulating supply, valued at approximately $6.4 million;

• Aptos (APT) will unlock approximately 11.31 million tokens at 6:00 PM on September 11, accounting for 2.20% of the current circulating supply, valued at approximately $48 million;

• io.net (IO) will unlock approximately 13.29 million tokens at 8:00 PM on September 11, accounting for 6.24% of the current circulating supply, valued at approximately $7 million;

The largest gainers among the top 100 cryptocurrencies today: MYX Finance up 28.2%, Story up 19.6%, Mantle up 15.8%, Ondo up 10.2%, Pyth Network up 9.1%.

5. Hot News

• LongLing Capital's associated wallet deposits over $14 million in crypto assets to Binance

• Metaplanet to issue 385 million shares, raising over $1.4 billion to purchase Bitcoin

• Nakamoto to invest $30 million in Metaplanet

• Bubblemaps: A single entity suspected of claiming $170 million worth of tokens from MYX airdrop

• Coinbase adds Kamino (KMNO) to its listing roadmap

• EasyGroup, the parent company of EasyJet, launches a Bitcoin application for U.S. retail investors

• U.S. employment data significantly revised down, with 911,000 fewer jobs added as of March

• U.S. publicly listed company QMMM Holdings plans to establish a cryptocurrency treasury with an initial scale of $100 million

• Boyaa Interactive: 90% of the proceeds from the HK$440 million placement plan will be used to purchase Bitcoin

• Ethereum treasury company SharpLink has begun executing a $1.5 billion share buyback plan

• Japanese listed company Convano is raising $139.2 million through bond issuance to increase its Bitcoin holdings

• CleanCore spends $68 million to acquire over 285 million DOGE, stock price surges 40% after hours

• MegaETH and Ethena jointly launch native stablecoin USDm to subsidize sequencer fees

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