Bitcoin and Ethereum opened the second week of September pinned below key resistance levels, as American investors positioned cautiously ahead of two back-to-back inflation reports that could determine the Federal Reserve's next move. With the September 15–16 FOMC meeting on the horizon, every data point this week is being read as a signal for where risk assets, including crypto, head next.
Bitcoin and Ethereum Price Action Today
Bitcoin was changing hands near $78,000–$78,450 on September 10, holding below the psychologically important $80,000 mark it briefly cleared in late August. Ethereum traded close to $2,500, still boxed in below resistance near $2,544–$2,600. The broader crypto market capitalization slipped roughly 0.9% over 24 hours to around $2.76 trillion, even as the Crypto Fear & Greed Index remained in "Greed" territory, suggesting sentiment hasn't cracked despite the pullback.
Inflation Data and Geopolitical Risk Take Center Stage
Two macro catalysts are converging on the same week. The Bureau of Labor Statistics is due to release the August Producer Price Index on Thursday, September 10, with economists forecasting a 0.3% monthly rise. That will be followed by Friday's Consumer Price Index report, expected to hold near 3.4% year-over-year — still well above the Fed's 2% target. Adding to the pressure, Brent crude oil climbed above $100 a barrel for the first time since July amid renewed US-Iran tensions, a move that could feed back into inflation readings and complicate the Fed's path on rates.
US Bitcoin ETFs Extend Their Losing Streak
Institutional appetite is showing early cracks. US spot Bitcoin ETFs recorded a second consecutive day of net outflows on September 9, totaling $120.24 million. Ark Invest's ARKB led the redemptions at roughly $78 million, with BlackRock's IBIT shedding another $19.5 million. Morgan Stanley's MSBT was the lone bright spot, pulling in $4.49 million in fresh inflows. The pullback follows a record-setting August, when the same funds absorbed $3.52 billion — their strongest month of 2026 — underscoring how quickly institutional flows can reverse around macro uncertainty.
What Traders Are Watching Next
With PPI landing today and CPI tomorrow, traders are treating this week as the market's first real stress test since August's rally. A hotter-than-expected inflation print, paired with rising energy costs, could push rate-hike odds higher and add fresh pressure on both Bitcoin and Ethereum. Conversely, an in-line or soft reading could restore confidence ahead of the Fed's September 15–16 meeting and help stabilize ETF flows. For now, both assets remain locked in consolidation, with the next directional move likely to come from Washington's data desks rather than the crypto market itself.
