The crypto market was highly volatile in August, with all attempts to rebound finding substantial resistance from investors. The main headline focused on the robust inflows of Bitcoin and Ethereum ETFs in the United States, as well as the fact that the two coins reached a record high.
This article looks at the top catalysts for Bitcoin and top altcoins like Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Shiba Inu (SHIB) in September.
US Nonfarm Payrolls Data and Fed Decision
The file’s main catalyst for Bitcoin and top altcoins, such as Dogecoin, Cardano, and Shiba Inu, is expected to come out on Friday when the Bureau of Labor Statistics (BLS) publishes the August non-farm payrolls (NFP) data.
Economists polled by Reuters expect the data to show that the economy created 78,000 jobs in August as the unemployment rate rose to 4.3%.
This jobs report is important because the Federal Reserve has hinted that it is now fully focused on the labor market. A strong jobs report will lower the chances of a Fed cut, while a weak one will confirm the view that the bank will cut.
Bitcoin and altcoins will also react to the upcoming US consumer inflation data, which will provide more information about the impact of Donald Trump’s tariffs on the economy.
The two numbers will culminate with the Fed meeting on September 17, when the bank will determine whether to cut or hike interest rates.
READ MORE: Shiba Inu Price Prediction as a Dangerous Pattern Forms
Bitcoin and Ethereum ETF Inflows
The other catalyst for Bitcoin and other altcoins will be the trends in ETF inflows, which measure whether American investors are buying or selling.
Bitcoin ETFs had a net outflow of $751 million, a big reversal after they added $6 billion in July. It was the first month of outflows since March this year.
Ethereum ETF inflows continued to soar in August, which explains why the price jumped to a record high. These funds added over $3.8 billion in assets, bringing the cumulative inflows to $13.5 billion. They have had inflows in the last five consecutive months.
Therefore, these inflows will determine the trajectory of the crypto market in September.
Upcoming Altcoins ETF Approvals
Another notable catalyst for these altcoins is that the deadline for most ETF approvals by the SEC is approaching.
The agency has set a deadline for top altcoins, including Solana, Hedera, and XRP, for October. Most importantly, investors believe that the agency will approve some top altcoin ETFs this year, with odds on Polymarket for some of them exceeding 80%.
Therefore, these tokens are likely to surge in September as market participants await these approvals.
The other top catalysts for the crypto market in September are the upcoming World Liberty Financial (WLFI) airdrop, Stellar Protocol 23 upgrade, and Solana’s Alpenglow upgrade.
READ MORE: Top Crypto Tokens to Watch this Week: Cronos (CRO), Morpho, Stellar (XLM)
