The CPI numbers

August CPI rose 0.4% month on month and 3.4% year on year. Core rose 0.3% against a 0.2% forecast, though the annual core rate of 2.4% is the lowest since early 2021. Gasoline jumped 3.9% and accounted for more than a third of the monthly increase; shelter rose 0.3% and food 0.1%. The Fed's problem: headline is being driven by the pump, not rents or groceries, but the core beat keeps a hike on the table. Federal funds futures priced roughly 85% for a 25-basis-point hike on 16 September.

The price action

Bitcoin dropped to $76,000 on the print, then buyers absorbed the supply and short-covering carried it back toward $80,000 before it settled near $77,300. The 10-year Treasury yield reached 4.97%. A "golden cross" on the daily chart failed to deliver, again. Ethereum spiked to $2,600 and slid back to $2,540; Solana held $102; XRP $1.36.

ETF rotation continues

Bitcoin ETF redemptions slowed to $13.2 million, but Ethereum ETFs took in $216 million led by BlackRock's ETHA. Between 8 and 11 September, Bitcoin funds lost $462.7 million while Ethereum funds gained roughly $197 million.

Symbiosis bridge exploit

At about 04:28 UTC, an attacker exploited a vulnerability in Symbiosis's Bitcoin Bridge. BTC routes were halted; other routes stayed live. The team recovered around 15 BTC and offered the attacker a 20% white-hat bounty through 13 September. Blockstream, meanwhile, said it will not pay a ransom for the last 598 BTC taken from Liquid.

Coinbase's number

Brian Armstrong called $400,000 a reasonable long-term target for Bitcoin.

Why this matters

Two Bitcoin bridges compromised in five days is a reminder that "Bitcoin was not compromised" and "your wrapped Bitcoin was not compromised" are different sentences.