Traditional macro data and corporate moves collided on Sept. 5 as markets parsed U.S. employment figures while fresh reports suggested Tether may expand into the gold industry. Together, those developments could reshape short-term flows between safe havens and crypto risk assets.
What happened: The Financial Times reported that Tether — issuer of the largest dollar-pegged stablecoin — is in talks about investing across the gold supply chain. Tether’s CEO, Paolo Ardoino, has described gold as a natural complement to bitcoin and the company already holds significant bullion reserves. At the same time, traders were focused on the U.S. nonfarm payrolls print, a key input for Federal Reserve rate expectations and Treasury yields.
Why it matters: Tether moving more deeply into gold could strengthen the link between crypto and precious metals markets. Gold’s recent bid has been driven by sticky inflation, geopolitical risks and concerns over central-bank independence — forces that also influence crypto flows. An institutional player with crypto-native distribution could broaden demand for gold-backed tokens like XAUT, which represents ownership of physical gold.
For bitcoin, ether and other risk assets, the jobs report was the proximate driver. A softer payrolls number would increase the odds of a 25 bps Fed cut later this cycle, likely weakening the dollar and supporting risk assets. Conversely, a stronger-than-expected print could push yields higher and pressure crypto prices, undoing recent gains.
Market context: Derivatives positioning showed caution ahead of the data: puts trading at premiums in both BTC and ETH, open interest trends were mixed, and the MOVE index has spiked — signaling rising Treasury yield volatility. Meanwhile, institutional flows extended beyond BTC and ETH, with large Solana purchases reported by corporate treasuries and crypto-backed companies adding to token treasuries.
Takeaway: The near-term trajectory for crypto will be driven by macro surprises and how institutional players allocate between perceived safe havens (gold, dollar-denominated assets) and risk assets (bitcoin, altcoins). Investors should weigh rate-sensitivity and liquidity risk when interpreting price moves.
Source: CoinDesk. Read the original coverage for full details.