Major Cryptocurrencies Record Mixed Movements on August 31, Bitcoin Rises 0.79%, Ethereum Gains 2.42%

The cryptocurrency market experienced mixed movements on August 31, with Bitcoin up 0.79% to $109,196.68 and Ethereum rising 2.42% to $4,452.46. Story (IP) surged 37.31%, while Pyth Network (PYTH) dropped 3.83%. Other notable altcoins included Plume (PLUME) up 2.89% and Aleo (ALEO) down 2.23%. New cryptocurrencies listed on CoinMarketCap include World Liberty Financial (WLFI) and QuStream (QST).

The cryptocurrency market experienced mixed movements on August 31, with Bitcoin up 0.79% to $109,196.68 and Ethereum rising 2.42% to $4,452.46. Story (IP) surged 37.31%, while Pyth Network (PYTH) dropped 3.83%. Other notable altcoins included Plume (PLUME) up 2.89% and Aleo (ALEO) down 2.23%. New cryptocurrencies listed on CoinMarketCap include World Liberty Financial (WLFI) and QuStream (QST).

Despite the overall positive trend, Bitcoin and Ethereum ETFs faced significant outflows following the Federal Reserve's inflation data release. According to Coinpedia, a total of $291 million was pulled out of these ETFs in a single day [1]. The outflows were driven by big players such as Fidelity’s FBTC and ARK Invest, with $66.2 million and $72.07 million withdrawn, respectively [1]. The core PCE index, the Fed's preferred inflation gauge, rose 2.9% year-on-year in July, highlighting the impact of President Trump's trade policies on inflation [1].

Ethereum ETFs, however, showed long-term growth, with assets climbing from $9.5 billion to $13.7 billion in a year, despite short-term volatility [1]. Institutional adoption has also accelerated, with corporate treasuries holding more than 4.4 million ETH worth over $19 billion [1].

Markets are still pricing in a possible Fed rate cut at the next meeting, especially if labor market data shows further weakness. Investors are debating whether Trump’s tighter trade policies will push the central bank to act more aggressively to balance growth and inflation [1].

References:
[1] https://coinpedia.org/news/bitcoin-and-ethereum-etfs-hit-by-290m-outflows-after-inflation-shock/