Housing data gives the Fed a reason to pause this month. September inflation keeps a December hike firmly on the table.

Advisers face a market where the Fed path, not crypto fundamentals, is setting direction over the coming weeks.

Inflows ran to US$11.1B from mid-July before stalling. The pause says more about three conflicting macro signals than about the case for digital assets.

Bitcoin consolidated as near-term hike expectations collapsed and the US 10-year touched 5.3%. The two moves pull advisors in different directions.

Two headwinds now cap bitcoin’s upside into year-end, and the pressure falls hardest on altcoins rather than on bitcoin itself.

Core inflation ran firmer than expected, removing the catalyst the market wanted. The more consequential signal sits in the Treasury market.

Flows left and came straight back as Warsh and Waller pulled in opposite directions. The rate path, not client conviction, is setting the ceiling.

A softer policy path and a splitting Treasury curve are doing the work, with positioning adding leverage. Advisers get their next reading from Jackson Hole.

Thin summer volumes make flows hard to read, but weaker US labour data and moderating inflation are quietly improving the macro case.

Whale accumulation and a fifth week of inflows point to a floor. Rate expectations and an unresolved Iran conflict cap the upside.