Today's key highlights include US authorities' consideration of cryptocurrency derivative regulation, outflows from Ethereum ETFs, and ARK Invest's increased crypto-related investments. The market maintains a neutral bias, driven by the interplay of expectations for regulatory clarity, macroeconomic uncertainty, and retail investor sentiment.

・US Regulators Announce Consideration of 24/7 Capital Markets and Crypto Derivatives Regulation The SEC and CFTC have issued a joint statement revealing their consideration of a transition towards 24/7 trading in capital markets and enhanced regulation of cryptocurrency derivatives. This move is seen as essential for establishing the round-the-clock trading environment necessary for the expansion of on-chain finance, potentially leading to improved infrastructure and regulatory clarity for the overall crypto market. Strengthening regulations, particularly in the derivatives market, could contribute to greater market stability, while potentially curbing some speculative trading activities. ・Ethereum ETFs See Four Consecutive Days of Outflows US-based spot Ethereum ETFs recorded net outflows for four consecutive trading days during the shortened week surrounding Labor Day. This trend contrasts sharply with the significant net inflows into Ethereum ETFs observed in August, suggesting a temporary cooling of investor sentiment. These outflows, accompanied by a decline in Ethereum's price, could exert downward pressure on ETH prices in the short term. Furthermore, if macroeconomic uncertainties persist or capital shifts towards alternative investments continue, this trend may extend. ・ARK Invest Bolsters Crypto Holdings with Purchases of BitMine and Bullish Shares ARK Invest, led by Cathie Wood, has acquired shares in Bitmine Immersion Technologies and the cryptocurrency exchange Bullish for approximately $16 million and $7.5 million, respectively. This acquisition signals continued institutional investment in crypto-related companies, reflecting growing confidence in the market. Investments in cryptocurrency exchanges, in particular, indicate expectations for the industry's overall growth potential and could potentially drive inflows into ARK Invest's main ETFs such as ARKK, ARKW, and ARKF. ・WLFI Project Linked to Trump Faces "Scam" Allegations from Developer A developer associated with WLFI, a cryptocurrency project allegedly linked to former President Trump, has claimed that the project's tokens were locked and funds were "stolen," leading to accusations of fraud. This situation reignites concerns regarding scams and fraudulent activities within cryptocurrency projects, highlighting the investment risks associated with projects tied to prominent figures or politicians. Such negative publicity can damage the credibility of the broader market and potentially deter capital flow into similar initiatives. ・US Senate Adds Provision to Crypto Bill Maintaining Tokenized Stocks as Securities The US Senate has updated a crypto market structure bill by adding a crucial provision to clarify the regulatory treatment of tokenized assets. This new clause ensures that assets like stocks, even when tokenized on a blockchain, will continue to be classified as securities, thereby avoiding confusion regarding whether they fall under commodity regulations. This move is expected to provide regulatory clarity for the development of the tokenized securities market and foster innovation within the digital asset space. ・Tether in Talks to Invest in Gold Supply Chain: Reports Reports indicate that stablecoin issuer Tether is in discussions with mining and investment groups regarding capital deployment into the gold supply chain. This represents a further diversification of Tether's portfolio risk, signaling an expansion into traditional asset classes. The stable value of gold, contrasted with the volatility of the crypto market, suggests Tether may be pursuing a more conservative and stable asset allocation strategy. While the direct impact on the cryptocurrency market may be limited, this move signifies a diversification of Tether's business strategy. ・Bitcoin Plunges Below $111,000 After Briefly Surpassing $113,000 Amid Weak US Jobs Data On Friday, Bitcoin experienced a sharp decline, falling below $111,000 after briefly trading above $113,000, triggered by weaker-than-expected US employment figures. This demonstrates the continued significant impact of macroeconomic indicators on cryptocurrency market sentiment. The negation of a bullish breakout attempt by unexpected economic data has spread uncertainty among market participants, potentially sparking profit-taking and risk-aversion measures. ・Bitcoin Price Reverses $113.4K Surge Despite Weak US Jobs Data Despite US employment data falling short of market expectations, the Bitcoin price initially surged to $113,400 before experiencing a significant reversal, dropping below $111,000. This high volatility suggests the market is reacting nervously to economic indicators. The sharp drop following the rapid ascent casts doubt on the sustainability of the upward trend, potentially creating short-term downward price pressure. Meanwhile, gold reaching record highs indicates a strengthening risk-off sentiment, warranting close observation for its potential impact on the broader crypto market. ・Brazil's Largest Asset Manager Itaú Asset Establishes Dedicated Crypto Division Itaú Asset Management, Brazil's largest asset manager, has established a dedicated cryptocurrency division and appointed a former Hashdex executive to lead the new unit. This signifies the maturation of the cryptocurrency market in South America and the full-fledged entry of traditional financial institutions. Considering the firm's substantial assets under management ($185 billion), this move is likely to further boost institutional interest in cryptocurrencies and accelerate their adoption within Brazil and the broader Latin American market. Overall Summary Friday's cryptocurrency market experienced high volatility, with Bitcoin initially surging before dropping sharply, driven by weak US employment data and resulting macroeconomic concerns. Conversely, continued investments by ARK Invest in crypto-related firms and the establishment of a dedicated crypto division by Brazil's largest asset manager indicate increasing institutional involvement and market maturation. While the consideration of 24/7 trading and derivatives regulation by the SEC and CFTC may contribute to long-term market stabilization and growth, caution is advised regarding short-term market sentiment.

Weaker-than-expected US employment data has reignited macroeconomic concerns, adding downward pressure on market sentiment. Continued outflows from Ethereum ETFs could exert downward pressure on the short-term ETH price. Furthermore, allegations of fraud concerning the WLFI project pose a risk of undermining overall market confidence. A key support level is seen around $111,000; a break below this level could trigger further downside risk.

Over the next 24-48 hours, continued volatility is anticipated, influenced by market reactions to macroeconomic data and regulatory developments. In the medium term (one week), ongoing institutional involvement (e.g., from ARK Invest) remains a positive driver, though deteriorating economic indicators could pose a drag on the market. Key catalysts to monitor include specific pronouncements from US regulators, major economic data releases, and movements from significant institutional players.

**Conclusion** The market remains heavily influenced by macroeconomic indicators and regulatory developments, causing Bitcoin to experience significant short-term volatility, marked by sharp rallies and downturns. This suggests caution among market participants and heightened sensitivity to economic events. Positive signs include institutional engagement, such as ARK Invest's crypto-related investments and the participation of major Brazilian asset managers, indicating the market's long-term growth potential. However, regulatory scrutiny of derivatives could introduce short-term uncertainty. Overall, our assessment is neutral. Nonetheless, considering the underlying fundamental strength and growing institutional interest, we maintain a cautiously optimistic outlook. Our recommended investment strategy is Dollar-Cost Averaging (DCA). We advise buying on dips around the $111,000 level, implementing a stop-loss if the price breaks below $110,000. Profit targets are set at $113,400, with a further aim for levels above $115,000. This week, focus will be on monitoring the $111,000 to $113,400 range. Prioritizing risk management, capturing investment opportunities with a long-term perspective, rational decision-making, and disciplined execution are crucial for success.