TL;DR
U.S. equities finished the week lower despite Friday’s sharp rebound. The S&P 500 fell 0.80% to 7,656.98, the Nasdaq Composite declined 0.66% to 26,333.04, and the Dow Jones Industrial Average lost 1.57% to 52,573.29, as inflation concerns continued to pressure risk assets.
Oil extended its rally above the US$100 threshold after renewed naval clashes in the Persian Gulf disrupted regional shipping flows. Brent crude gained 8.33% to US$106.11/bbl, while WTI climbed 9.36% to US$100.37/bbl before easing into Friday’s close.
Treasury yields repriced higher across the curve following hotter-than-expected U.S. core CPI. The 10-year Treasury yield rose 19 bps to 4.97%, while the 2-year yield jumped 30 bps to 4.63%, reflecting increased expectations of an additional Federal Reserve rate hike.
Gold retreated as real yields moved higher. Spot gold (XAU/USD) declined 1.82% to US$4,349.42/oz, as higher sovereign yields and hawkish policy expectations reduced demand for non-yielding assets.
Digital asset ETF flows remained mixed. U.S. spot Bitcoin ETFs recorded US$462.7M in net outflows, while spot Ethereum ETFs attracted US$197.1M in net inflows, highlighting continued institutional rotation toward ETH exposure.
Macro sentiment turned more risk-off as persistent inflation and higher energy prices reinforced expectations for tighter monetary policy, weighing on both equities and crypto markets.
India launched a US$107M tokenized corporate bond pilot, advancing its institutional tokenization initiative.
Gemini received a Singapore Major Payment Institution (MPI) license, strengthening its regulated presence in Asia-Pacific.
Nasdaq invested US$100M in Kraken parent Payward at a US$21B valuation, signaling continued institutional conviction in crypto infrastructure.
Macro Overview
Equities Pull Back as Triple-Digit Oil and Hotter Core CPI Fuel Hawkish Fed Repricing
Global financial markets faced heightened volatility during the week ending September 11, 2026, driven by a convergence of geopolitical escalation in the Middle East and upside surprises in inflation data. Energy markets remained the focal point of macro disruption following military strikes against oil tankers transiting the Persian Gulf, briefly pushing Brent crude above US$$ 107 per barrel and WTI past U$$ 102 per barrel on Thursday. Prices moderated on Friday following reports that regional foreign ministers were actively negotiating temporary shipping arrangements through the Strait of Hormuz. Despite the late pullback, Brent finished the week up 8.33% at US$$ 106.11 per barrel, while WTI gained 9.36% to close at U$$ 100.37 per barrel, rekindling concerns over persistent supply-driven inflation.
Sovereign debt markets endured sharp selloffs as crude’s rally collided with sticky domestic price pressures. The 10-year U.S. Treasury yield jumped 19 basis points to close at 4.97%, approaching the key 5.00% threshold. At the short end of the curve, the 2-year Treasury yield surged 30 basis points to end at 4.63%, widening the spread to the current fed funds target and signaling that policy rates may remain restrictive for longer. The 30-year Treasury yield also climbed 11 basis points to finish at 5.36%, maintaining tight conditions across primary credit and corporate bond markets.
Inflationary risks were underscored by the August Consumer Price Index (CPI) print released on Friday. Headline CPI rose 0.40% month-over-month (3.40% year-over-year), matching expectations, while core CPI — which excludes food and energy — accelerated 0.29% month-over-month (2.45% year-over-year), exceeding consensus projections of 0.20%. With energy component indices jumping 2.10% on the month, markets aggressively adjusted interest rate path expectations. Implied odds of a 25 basis point Federal Reserve rate hike at the upcoming September FOMC meeting surged to approximately 86% on the CME FedWatch Tool, largely eliminating expectations for near-term monetary easing.
U.S. equities fell across the board for the weekly period, breaking recent upward momentum, though a broad relief rally on Friday (S&P 500 +0.86%, Nasdaq +0.96%, Dow +0.98%) trimmed steeper midweek drawdowns as oil pulled back from intraday highs. On the week, the S&P 500 fell 0.80% to 7,656.98, the tech-heavy Nasdaq Composite dropped 0.66% to 26,333.04, and the Dow Jones Industrial Average retreated 1.57% (down 840.96 points) to 52,573.29. (1)
Asset Class Highlights
U.S. Dollar Index
U.S. Dollar Index (DXY)
The U.S. Dollar Index (DXY) consolidated near recent lows, slipping 0.07% over the week to finish at 99.09 (down from 99.16). While rising Treasury yields provided baseline support, dollar upside was restrained by strengthening European currencies and hawkish policy expectations from the ECB and Bank of Japan. (2)
U.S. Treasury Yields
U.S. Treasury Yields
Treasury curves shifted upward across maturities as markets priced in tighter liquidity:
10-Year Treasury Yield: Rose 19 bps to settle at 4.97% (up from 4.78%).
30-Year Treasury Yield: Rose 11 bps to settle at 5.36% (up from 5.24%). (3)
Gold
Gold
Spot gold (XAU/USD) fell 1.82% to settle at US$ 4,349.42 per ounce, pressured by the combination of higher benchmark yields and a stronger likelihood of prolonged central bank tightening. (4)
Crypto Markets Overview
Main Assets
ETH/BTC Ratio
BTC fell 4.4% over the week, while ETH declined just 1.5%, pushing the ETH/BTC ratio up roughly 3%. Spot BTC ETFs recorded US$462.7M in net outflows, while ETH ETFs saw US$197.1M in net inflows, pointing to relative strength in ETH demand. (5)
Market sentiment also cooled, with the Fear & Greed Index falling from 71 last week to 57, though it remains in the "Greed" zone. (6)
Total Market Cap
Crypto Total Marketcap
Crypto Total Marketcap Excluding BTC and ETH
Crypto Total Marketcap Excluding Top 10 Dominance
Total crypto market capitalization fell 4.0% over the week, while the market excluding BTC and ETH declined 4.1%. Weakness was more pronounced among smaller-cap altcoins, with the market excluding the top 10 assets dropping 7.4%.
STRC Performance
STRC recorded US$499M in trading volume last week, down 36% week-over-week, while its price continued to hover around US$98.
On September 8, Strategy disclosed that it had repurchased 1.81 million STRC shares for approximately US$176.3M, at an average price of roughly US$97.4 per share. At the same time, the company doubled its Digital Credit Securities Repurchase Program from US$1B to US$2B. The buyback was funded using Strategy’s USD cash reserves rather than proceeds from Bitcoin sales. (7)
Top 30 Crypto Assets Performance
Source: Coinmarketcap and Gate Ventures, as of 14th Sep2026
The top 30 cryptocurrencies declined 5.7% on average last week.
Crypto’s decline was largely driven by a fresh inflation shock last week. U.S. PPI rose 0.4% MoM and 5.4% YoY, while CPI increased 0.4% MoM and 3.4% YoY, with core CPI rising 0.3% versus roughly 0.2% expected. At the same time, Brent crude surged back above US$100/bbl amid renewed Middle East supply disruptions. The combination pushed markets toward a more hawkish Fed outlook. (8) (9) (10)
The Key Crypto Highlights
India launches US$107M tokenized corporate bond pilot
India’s SEBI and Reserve Bank of India (RBI) have launched the "Demat 2.0" pilot to test tokenized corporate bonds using distributed ledger technology and settlement through the RBI’s wholesale CBDC. The first phase saw REC, Larsen & Toubro and IIFL Finance issue a combined ₹10.25B (about US$107M) in tokenized bonds, with institutional investors participating through a new blockchain-based securities infrastructure. The pilot aims to enable atomic delivery-versus-payment, faster settlement and lower reconciliation costs, while secondary-market trading and broader investor access are expected to be tested in later phases. (11)
Gemini secures Singapore MPI license to expand regulated crypto services
Crypto exchange Gemini has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), upgrading from the in-principle approval granted in 2024. The license allows Gemini’s Singapore entity to provide digital payment token services and cross-border money transfers without the transaction-volume limits applied to standard payment institutions. Gemini already offers spot trading, custody and OTC services in Singapore, and the full license strengthens the city-state’s role as a regulated hub for serving both retail and institutional crypto clients in Asia. (12)
Philippines proposes 12-month freeze on new payment operator registrations and tighter VASP controls
The Bangko Sentral ng Pilipinas (BSP) has proposed suspending new operator of payment systems (OPS) registrations for 12 months while it conducts a broader review of its licensing and payment-system framework. The draft rules would also require BSP-supervised institutions handling payment arrangements for virtual asset service providers (VASPs) to apply enhanced due diligence, transaction and settlement limits, and stricter monitoring. The proposal has not yet been finalized, but signals a more cautious regulatory stance toward crypto-linked payment activity in the Philippines. (13)
Key Ventures Deals
Nasdaq invests US$100M in Kraken parent Payward at US$21B valuation
Nasdaq Ventures has agreed to invest US$100 million in Payward, the parent company of Kraken, at a US$21 billion valuation, deepening a strategic partnership focused on tokenized equities and always-on market infrastructure. The two companies are advancing the Nasdaq Equity Tokens (NETs) framework by connecting Nasdaq’s issuer and market infrastructure with Payward’s Kraken and xStocks ecosystem, while Payward will also adopt Nasdaq’s market-surveillance technology across its trading venues. Nasdaq expects to launch NETs in Q2 2027, highlighting growing institutional interest in regulated tokenized capital markets. (14)
Latitude raises US$35M Series A to connect stablecoins with local payment rails
Latitude, a payments infrastructure startup founded by former Stripe, Uber, Coinbase and Meta executives, has raised US$35 million in a Series A led by Oak HC/FT, with participation from NEA, Coinbase, Lightspeed Faction and OpenFX. The company helps neobanks, payroll platforms, marketplaces and financial institutions convert stablecoins into local currency through familiar payout methods such as bank accounts and mobile wallets, addressing the off-ramp bottleneck in emerging markets. (15)
Agentum raises US$7M to build trust and settlement infrastructure for autonomous agents
Agentum has closed a US$7 million funding round backed by investors including MEXC Ventures, BingX, BlockTower, Wave Digital Assets and Echo3, among others. Built on BNB Chain, the project is developing a trust and settlement layer for autonomous AI agents, aimed at enabling agents to transact, coordinate and settle value with verifiable counterparties and onchain payment infrastructure. The funding highlights growing investor interest in the emerging AI agent economy, particularly infrastructure that supports machine-to-machine commerce and autonomous financial activity. (16)
Ventures Market Metrics
A total of 9 deals closed last week, led by infrastructure with 4 deals and data with 3, while DeFi and SocialFi recorded 1 deal each.
Weekly Venture Deal Summary, Source: Cryptorank and Gate Ventures, as of 14th Sep2026
Total disclosed funding reached $158.4M, with 3 deals not disclosing their funding amounts. Kraken raised the largest round at $100M, while Infrastructure was the top-funded sector with $142M raised in total.
Weekly Venture Deal Summary, Source: Cryptorank and Gate Ventures, as of 14th Sep 2026
Total weekly fundraising declined to $158.04M for the second week of Sep-2026, a decrease of 88% compared to the week prior.
About Gate Ventures
Gate Ventures, the venture capital arm of Gate, is focused on investments in decentralized infrastructure, middleware, and applications that will reshape the world in the Web 3.0 age. Working with industry leaders across the globe, Gate Ventures helps promising teams and startups that possess the ideas and capabilities needed to redefine social and financial interactions.
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Reference:
https://www.jhinvestments.com/weekly-market-recap#market-moving-news
https://www.investing.com/rates-bonds/u.s.-10-year-bond-yield, https://www.investing.com/rates-bonds/u.s.-30-year-bond-yield
BTC & ETH ETF Inflow: https://sosovalue.com/tc/assets/etf/us-btc-spot
BTC Greed and Fear Index: https://alternative.me/crypto/fear-and-greed-index/
Strategy Buyback STRC: https://x.com/saylor/status/2097295103639355844?ref_src=twsrc^google|twcamp^serp|twgr^tweet
CPI: https://www.reuters.com/world/us/us-consumer-inflation-picks-up-august-2026-09-11/
PPI:https://www.bls.gov/news.release/archives/ppi_09102026.htm
India launches US$107M tokenized corporate bond pilot: https://cointelegraph.com/news/india-launches-tokenized-bond-pilot-with-107m-issued
Gemini secures Singapore MPI license to expand regulated crypto services: https://cointelegraph.com/news/gemini-singapore-mpi-license-crypto-services
Philippines proposes 12-month freeze on new payment operator registrations and tighter VASP controls: https://cointelegraph.com/news/philippines-payment-operator-freeze-vasp-checks
Nasdaq invests US$100M in Kraken parent Payward at US$21B valuation: https://www.bloomberg.com/news/articles/2026-09-10/nasdaq-invests-in-kraken-parent-payward-at-21-billion-valuation
Latitude raises US$35M Series A to connect stablecoins with local payment rails: https://fortune.com/2026/09/09/exclusive-latitude-stripe-uber-alums-35-million-stablecoins-local-payments/
Agentum raises US$7M to build trust and settlement infrastructure for autonomous agents: https://www.businesswire.com/news/home/20260902910423/en/Cari-Raises-Over-$30-Million-in-First-Tranche-of-Initial-Funding-Round-Backed-Entirely-by-Banks
