Bitcoin (BTC) rose just 0.6% in the last 24 hours, while the wider market as measured by the CoinDesk 20 (CD20) Index added 0.4%. The gain is overshadowed by gold’s increase and a major government bond sell-off.

Sept. 3, 2025
 
 

What to know:

 

By Francisco Rodrigues (All times ET unless indicated otherwise)

 

Bitcoin (BTC) rose just 0.6% in the last 24 hours, while the wider market as measured by the CoinDesk 20 (CD20) Index added 0.4%. The gain is overshadowed by gold’s increase and a major government bond sell-off.

The precious metal broke through $3,500 per ounce for the first time on Wednesday, helping the tokenized gold market to top $2.5 billion in value as growing bets see the Federal Reserve cutting rates this month. Gold's advance comes as investors are wary of swelling government debt, prompting a sell-off in long-dated government bonds.

 

The yield on Japan's 30-year government bond rose to a record 3.28% following similar moves in the U.S. and U.K. The U.S. 30-year Treasury yield neared 5%, while British gilts reached levels not seen since 1998, at 5.7%.

 

The turmoil hasn’t added fuel to the crypto market, whose price action remains muted. Deribit’s bitcoin volatility index (DVOL) is now at 38.1, its lowest level since late 2023, while capital is seemingly rotating into ether (ETH).

 

While spot bitcoin ETFs saw $751 million in net outflows last month, spot ether ETFs brought in a net $3.87 billion. That rotation is also being seen on-chain.

 

Meanwhile, a joint statement from the SEC and CFTC clarified rules for compliant spot crypto trading in the agencies’ latest effort to clear a way forward for crypto in the U.S.

 

The statement failed to jolt the crypto market, seemingly as investors await Friday’s U.S. jobs report. A soft reading could nudge the Federal Reserve closer to lowering rates, which would boost the market and other risk assets.

 

A hotter-than-expected figure, however, could damp sentiment. September has historically been a negative month for the sector, with bitcoin recording a drop of 3.29% on average for the month according to CoinGlass data. Stay alert!

 

What to Watch

Crypto

  • Sept. 3: First day of regular-hours trading on Nasdaq for American Bitcoin (ABTC). The company, backed by Eric Trump and Donald Trump Jr., was formed through a reverse merger with Gryphon Digital Mining and listed after market close on Sept. 2.
  • Sept. 3, 10:15 a.m.: Tellor (TRB), a decentralized oracle network that operates as an Ethereum layer-2 blockchain, will upgrade its mainnet to version 5.1.1. The upgrade improves network performance and node operation.
  • Sept. 4: Polygon will switch its mainnet token to POL from MATIC. Holders of MATIC on Ethereum, Polygon zkEVM or centralized exchanges may need to take action.
  • Sept. 10, 9:15 a.m.: Comptroller of the Currency Jonathan V. Gould will talk about digital assets at the CoinDesk: Policy & Regulation Conference in Washington.


Macro

  • Sept. 3, 8 a.m.: Brazil’s Institute of Geography and Statistics (IBGE) releases July industrial production data.
    • Industrial Production MoM Est. -0.3% vs. Prev. 0.1%
    • Industrial Production YoY Est. 0.2% vs. Prev. -1.3%
  • Sept. 3, 9 a.m.: S&P Global releases August Brazil data on manufacturing and services activity.
    • Composite PMI Prev. 46.6
    • Services PMI Prev. 46.3
  • Sept. 3, 10 a.m.: The U.S. Bureau of Labor Statistics releases July labor market data (the JOLTS report).
    • Job Openings Est. 7.4M vs. Prev. 7.437M
    • Job Quits Prev. 3.142M
  • Sept. 4, 8:15 a.m.: Automatic Data Processing (ADP) releases August U.S. private-sector employment data.
    • Employment Change Est. 68K vs. Prev. 104K
  • Sept. 4, 9:30 a.m.: S&P Global releases August Canada data on manufacturing and services activity.
    • Composite PMI Prev. 48.7
    • Services PMI Prev. 49.3
  • Sept. 4, 9:45 a.m.: S&P Global releases (final) August U.S. data on manufacturing and services activity.
    • Composite PMI Est. 55.4 vs. Prev. 55.1
    • Services PMI Est. 55.4 vs. Prev. 55.7
  • Sept. 4, 10 a.m.: The Institute for Supply Management (ISM) releases August U.S. services sector data.
    • Services PMI Est. Est. 51 vs. Prev. 50.1
  • Sept. 4, 1 p.m.: Uruguay's National Institute of Statistics releases August inflation data.
    • Inflation Rate YoY Prev. 4.53%
  • Sept. 4, 3 p.m.: Colombia's National Administrative Department of Statistics (DANE) releases August producer price inflation data.
    • PPI YoY Prev. 2.2%

Earnings (Estimates based on FactSet data)

  • Sept. 9: GameStop (GME), post-market

 
 

Token Events

Governance Votes & Calls

  • Arbitrum DAO is voting on upgrading Arbitrum One and Nova to ArbOS 50 Dia, adding support for Ethereum’s Fusaka fork, new EIPs, bug fixes and a native mint/burn feature (for Orbit chains only). Voting ends Sept. 4.
  • Uniswap DAO is voting on deploying Uniswap v3 on Ronin with $1M in RON and $500K in UNI incentives to make it the chain’s primary decentralized exchange. Voting ends Sept. 6.
  • Lido DAO is voting on a proposal to migrate Nethermind’s ~7,000 Ethereum validators to infrastructure operated by Twinstake, a staking provider co-founded by Nethermind. Voting ends Sept. 8.
  • Sept. 2, 6 a.m.: Bybit and Centrifuge to host an ask me anything (AMA) session on X spaces.
  • Sept. 3: Stellar (XLM) to host vote on Protocol 23 mainnet upgrade.
  • Sept. 3, 10 am: Lido to host a Poolside Community Call.
  • Sept. 3, 10 a.m.: Zebec Network ZBCN$0.004202 to host spaces event on blockchain integrations.
  • Sept. 3, 12:30 p.m.: Aptos (APT) to host hangout on ecosystem updates.
  • Sept. 4, 10 a.m.: Olympus(OHM) to host community call.

Unlocks

  • Sept. 5: Immutable (IMX) to unlock 1.27% of its circulating supply worth $13.26 million.
  • Sept. 11: Aptos (APT) to unlock 2.2% of its circulating supply worth $48.18 million.
  • Sept. 15: Starknet (STRK) to unlock 5.98% of its circulating supply worth $16.39 million.
  • Sept. 15: Sei (SEI) to unlock 1.18% of its circulating supply worth $16 million.
  • Sept. 16: Arbitrum (ARB) to unlock 2.03% of its circulating supply worth $47.15 million.

Token Launches

  • Sept. 3: Moonchain (MCH) to be listed on Binance Alpha, MEXC, Gate.io and others.
 

Conferences

The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited.

  • Sept. 3-4: CONF3RENCE (Dortmund, Germany)
  • Sept. 3-5: bitcoin++ (Istanbul)
  • Sept. 4-5: ETHWarsaw 2025 (Warsaw)
  • Sept. 4-6: Taipei Blockchain Week (Taiwan)
  • Sept. 5: Bitcoin Indonesia Conference 2025 (Bali)
  • Sept. 9-10: Fintech Week London 2025
  • Sept. 9-10: WOW Summit Hong Kong 2025
  • Sept. 9-13: Boston Blockchain Week (Quincy, Massachusetts)

Join the first major crypto regulation and policy gathering of the fall. CoinDesk: Policy & Regulation unites D.C.’s most important public officials with legal, policy and compliance leaders from the private sector. Don't miss keynotes representing the Senate, House, SEC, Treasury and OCC... and much more.

Space is limited. Use code CDB15 for 15% off your registration.

Token Talk