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The period from September 9 to September 15 was dominated by rising inflation, oil prices and bond yields. Bitcoin moved from approximately $79,000 to $76,900, a decline of close to 3%, but remained within a relatively narrow range despite a significant deterioration in the macroeconomic backdrop. This resilience remains constructive following the nearly 25% gain recorded in August, although the market has clearly adopted a more cautious stance ahead of the Federal Reserve’s decision.
The U.S. data presented a mixed picture. The Consumer Price Index increased by 0.4% in August and by 3.4% year over year. Much of the monthly acceleration came from energy, while core inflation eased slightly from 2.5% to 2.4% over twelve months. The Producer Price Index nevertheless rose by 0.4% during the month and by 5.4% year over year, illustrating the pressures businesses continue to face.
Oil amplified these concerns. Brent crude moved above $107 per barrel because of persistent tensions in the Middle East, while the ten-year U.S. Treasury yield moved above 5%, its highest level since 2007. Markets now assign a probability of more than 90% to a Federal Reserve rate increase on September 16. The fact that bitcoin declined by only a few percentage points in this environment nevertheless reflects a degree of maturity and demand that remains present near current levels.
Institutional flows were more mixed than in the previous week. Spot Bitcoin ETFs recorded approximately $256 million in net outflows during the four available sessions from September 9 to September 14. Outflows during the first three sessions were partially offset by nearly $160 million in inflows on September 14, an encouraging improvement ahead of the Federal Reserve’s decision. September 15 data was not yet available at the time of writing.
Ethereum showed greater resilience. Its price moved from approximately $2,485 to $2,475, representing a negligible change over the period, although it briefly moved above $2,600 before giving back its advance. Ethereum ETFs attracted approximately $342 million, including inflows of $216 million on September 11 and $121 million on September 14. This divergence between a stable price and positive flows suggests that institutional investors are still using periods of weakness to increase their exposure.
From a technical perspective, the $76,500-to-$77,000 region is now bitcoin’s first support. A sustained break could bring the price back toward $75,000 and then $72,000 to $74,000. On the upside, bitcoin will need to reclaim the $78,500-to-$80,000 area and then exceed the recent $82,164 high to restore more convincing momentum. For Ethereum, $2,400 remains the main support, followed by $2,300. The $2,500 and $2,600 thresholds represent the immediate resistance levels.
Solana declined by approximately 3%, moving from $103 to just over $100, but its ETFs recorded $21.4 million in net inflows during the four available sessions. On September 15, the network also activated its new v1 transaction format, increasing the maximum transaction size from 1,232 to 4,096 bytes. This improvement facilitates zero-knowledge proofs, multisignature arrangements and batched operations, potentially expanding the network’s institutional use cases. ZEC declined by approximately 4%, from $1,180 to $1,130, while retaining most of its spectacular gains from recent weeks. Voting on the scope of the NU7 upgrade ended on September 14, and the results are now awaited. The $1,050-to-$1,100 and $1,200-to-$1,225 areas respectively represent the main support and resistance levels. The Rivemont Crypto Fund holds both Solana and ZEC in its portfolio.
Regulation is another important issue. The U.S. Senate is scheduled to hold a procedural vote on September 15 that could determine the future of the CLARITY Act. The legislation seeks to clarify which digital assets fall under securities or commodities regulation, but disagreements remain over anti-money-laundering safeguards, consumer protection and competition with bank deposits. Although its passage remains uncertain, the debate has advanced far enough that the establishment of a clearer U.S. regulatory framework appears increasingly inevitable over the medium term.
Institutional adoption also reached another milestone with Kaiko’s $110 million funding round. The financing was led by S&P Global, with participation from BNP Paribas, Nasdaq, Royal Bank of Canada, Bpifrance and Susquehanna. These institutions’ interest in a data provider covering more than 150 platforms and protocols demonstrates that the infrastructure required to integrate digital assets into traditional finance continues to develop independently of short-term price fluctuations.
In summary, the week was difficult from a macroeconomic perspective, but the market’s behaviour remains relatively encouraging. Bitcoin absorbed a substantial increase in interest rates and oil prices without a disorderly correction, Ethereum benefited from significant institutional flows, and Solana deployed an important technical improvement. Bitcoin ETF outflows and uncertainty surrounding the CLARITY Act nevertheless justify continued caution.
The Federal Reserve’s decision and its guidance on the next steps will be decisive. A rate increase accompanied by a very firm message could lead bitcoin to test $75,000, while a well-anticipated decision and a more balanced statement could allow the market to quickly reclaim $78,500 to $80,000. For now, bitcoin’s ability to defend the $76,500 region and Ethereum’s ability to remain above $2,400 will be the main factors to monitor.
The presented information is as of September 15th, 2026, unless otherwise indicated and is provided for information purposes only. The information comes from sources that we believe are reliable, but not guaranteed. This statement does not provide financial, legal or tax advice. Rivemont Investments are not responsible for any errors or omissions in the information or for any loss or damage suffered.
