BTC is holding around $78K despite an increasingly difficult macro backdrop. August CPI showed core inflation rising 0.3% MoM. Gasoline prices jumped 3.9%, while Brent briefly approached $110 as Middle East tensions intensified. Markets now price roughly an 87–90% probability of a 25bp Fed hike this week. It increasingly looks like the market has already priced in the hike, limiting the risk of a major shock if the Fed delivers as expected.