Crypto Market Slows as Ethereum Celebrates 10 Years: Americas Daybook

By Francisco Rodrigues (All times ET unless otherwise stated) Bitcoin, priced at $85,483.10, is maintaining its position as the broader cryptocurrency market declines ahead of the Federal Reserve's monetary policy decision and key data releases later this week. The CoinDesk 20 Index (CD20) has dropped 1.6% over the past 24 hours, while bitcoin remains stable around $118,300. Ether, marking its 10th anniversary, has decreased by approximately 0.8%, indicating growing skepticism towards altcoins. Although the Fed is expected to keep interest rates unchanged, with the CME's FedWatch tool indicating a 98% chance of no change and Polymarket showing 97% odds of no adjustment, significant macroeconomic uncertainty remains, including July unemployment data due on Friday, which coincides with the deadline for President Donald Trump's reciprocal tariffs affecting multiple countries. The Fed's decision carries additional weight due to political pressure from Trump to reduce the rate and signs of internal dissent within the Fed's board. In a positive development for exchange-traded funds, the SEC has approved in-kind redemptions for spot bitcoin and ether ETFs, enabling authorized participants to swap ETF shares directly for cryptocurrency instead of using cash, which will help reduce volatility and streamline transactions. This shift occurs as spot ETFs experience significant growth, with total net inflows into spot bitcoin ETFs exceeding $6 billion and into ether ETFs reaching $5.4 billion this month, according to SoSoValuedata. Spot ether ETFs have now seen 18 consecutive days of inflows. As the Ethereum blockchain marks its anniversary, the network is witnessing substantial adoption as it adapts to industry innovations. "With regulatory clarity, stablecoin infrastructure, DeFi dominance, RWA applications, and ETF flows converging, Ethereum is not chasing the next trend – it's aiming to become the institutional foundation that underpins it," Bitwise stated in a report shared with CoinDesk. The SEC's decision represents the first major cryptocurrency-related move under its new chair, Paul Atkins, signaling a more open approach towards digital assets. However, the market is caught between growing structural adoption and short-term macroeconomic concerns. Remain vigilant! Key Events to Watch Token Events Conferences The CoinDesk Policy & Regulation conference, a one-day boutique event in Washington on September 10, brings together general counsels, compliance officers, and regulatory executives with public officials responsible for crypto legislation and oversight. Limited spaces are available; use code CDB10 for a 10% discount on registration through August 31. Token Talk By Oliver Knight Derivatives Positioning Market Trends Bitcoin Statistics Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors Overnight Flows Chart of the Day While You Were Sleeping In the Ether