The total market value of the crypto market has risen to $2.7 trillion, with a 0.9% increase in 24 hours and trading volume of approximately $73.5 billion. However, this upward trend is not driven solely by Bitcoin; more funds are flowing towards certain altcoins, indicating a clear divergence within the market.
Multiple tokens lead in terms of price increase
In the past 24 hours, Bitcoin has risen by about 2%, performing lagging behind various mainstream tokens. Zcash has risen by 6.3% on the same day, with a gain of 8.2% over the past 7 days. XRP has increased by 4.8% to $1.39, with a trading volume of approximately $2.59 billion over the past 7 days.
BNB rose 4.5% to $711.78, and Solana rose 3.8% to $101.47. Ethereum traded at $2426.89, up 1.9% for the day, but still down 3.1% over the past week. Market trends indicate that funds are shifting from the consolidation phase of Bitcoin to some altcoins.
Employment data strengthens expectations for interest rate cuts
U.S. inflation remains above the Federal Reserve's 2% target, while employment data further boosts expectations for interest rate cuts. The latest data shows that the number of initial jobless claims in the U.S. was 206,000, slightly higher than the expected 205,000; ADP the number of new jobs created was 38,000, lower than the expected 47,000.
The market generally regards such data as a signal favorable to risk assets. If interest rate expectations decline, the US dollar and US Treasury yields tend to come under pressure. Next, the US non-farm payroll report to be released on Friday will become the focus of market attention.
Bitcoin ETF continues to see net inflows
Despite the fact that Bitcoin's short-term gain was not as significant as some altcoins, institutional funds have not significantly withdrawn. According to data cited by Wu Blockchain, on September 2, there was a net inflow of $101 million into US spot Bitcoin ETF. Among them, BlackRock IBIT saw a net inflow of $115 million.
In contrast, US spot Ethereum ETF saw a net outflow of $48.08 million on that day. However, BlackRock's pledged Ethereum ETF still attracted a net inflow of $52.91 million, indicating that the distribution of institutional funds in Ethereum-related products is not consistent.
Seasonally weak in September
Analysts have noted that Bitcoin has entered a relatively weak September in its history. Statistics show that Bitcoin's average return rate in September was -2.92%; whereas October is usually stronger, with an average return rate of 19.92%, and it has recorded gains in 10 out of the past 13 years.
From the current structure, the market seems to be more in a phase of altcoin rotation rather than Bitcoin taking back the lead overall. If Friday's employment data continues to support expectations for interest rate cuts, this divergent trend may continue; if Bitcoin sees a resurgence in volume, the main market trend could also return to BTC.
