The total market capitalization of the crypto market has risen to $2.7 trillion, up 0.9% in the last 24 hours, with trading volume reaching approximately $73.5 billion. However, this rally is not being driven solely by Bitcoin—funds are increasingly flowing into certain altcoins, leading to noticeable divergence within the market.
Multiple tokens lead in price gains
Over the past 24 hours, Bitcoin rose approximately 2%, underperforming several major tokens. Zcash gained 6.3% today, with a 7-day increase of 8.2%. XRP rose 4.8% to $1.39, with a 7-day trading volume of approximately $2.59 billion.
BNB rose 4.5% to $711.78, and Solana increased 3.8% to $101.47. Ethereum traded at $2,426.89, up 1.9% on the day but down 3.1% over the past week. Market activity indicates capital is shifting from Bitcoin’s recent consolidation phase into select altcoins.
Employment data strengthens expectations of rate cuts
U.S. inflation remains above the Federal Reserve’s 2% target, while employment data has further lowered expectations for rate cuts. Latest data shows initial jobless claims at 206,000, slightly above the expected 205,000; ADP private sector job growth came in at 38,000, below the forecast of 47,000.
Markets typically view this type of data as a favorable signal for risk assets. If interest rate expectations decline, the dollar and U.S. Treasury yields often come under pressure. Next, the U.S. non-farm payrolls report released on Friday will be the market’s key focus.
Bitcoin ETFs continue to see net inflows
Although Bitcoin's short-term price increase lagged behind that of some altcoins, institutional funds have not significantly withdrawn. According to data cited by Wu Blockchain, on September 2, U.S. spot Bitcoin ETFs saw a net inflow of $101 million, with BlackRock’s IBIT recording a net inflow of $115 million.
In comparison, U.S. spot Ethereum ETFs recorded a net outflow of $48.08 million on the same day. However, BlackRock’s staked Ethereum ETF still attracted a net inflow of $52.91 million, indicating uneven distribution of institutional capital across Ethereum-related products.
September is seasonally weak
Analysts note that Bitcoin has entered September, a month historically characterized by relatively weak performance. Statistics show that Bitcoin’s average return in September is -2.92%, while October typically performs stronger, with an average return of 19.92%, and has seen gains in 10 of the past 13 years.
From the current structure, the market appears closer to an altcoin rotation than a Bitcoin-led rebound. If Friday’s employment data continues to support expectations of rate cuts, this divergence may persist; however, if Bitcoin regains strong volume, the market’s focus could once again shift back to BTC.