BITCOIN'S ROUGH AUGUST, AND WHAT SEPTEMBER MIGHT BRING

Summary from the TLDR Crypto newsletter

Bitcoin declined 8% in August to around $108,000, erasing its summer rally and falling below Memorial Day levels, while ETH surged 14% for the month in a stark performance divergence. The capital flow dynamics favored ether heavily, with ETH ETFs attracting $4 billion in inflows through August 28 compared to just $629 million for Bitcoin ETFs, particularly significant given Ethereum's much smaller market capitalization relative to Bitcoin. This performance split reflects limited capital availability in the current tight monetary and fiscal policy environment, where higher tariffs and restrained Fed policy constrain overall investment flows into crypto assets. Historical seasonality patterns suggest September could bring continued pressure for Bitcoin, which has declined in eight of the past twelve Septembers since 2013 with an average negative return of 3.8%, though the small sample size limits the statistical significance of such seasonal indicators.