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Amid Bitcoin's resilience, investors are increasingly turning their attention to Ethereum, expecting it to post significant gains in September. QCP Capital analysts point out that the weakening dollar and growing doubts about the Fed's independence are strengthening the position of safe-haven assets such as BTC and gold. However, data from options and forecast markets suggests that ETH is currently perceived as the main growth driver.
 
 Key points:
 

• Bitcoin is increasingly seen as a macro hedge—a reliable asset amid uncertainty.
• Ethereum, on the other hand, is gaining attention as a promising investment with high growth potential, especially in light of the upcoming Fusaka update and growing institutional interest.
• Asian stock indexes, including Japan's Nikkei 225, are rising, buoyed by optimism on Wall Street and a rise in the technology sector.

Currently, Bitcoin is trading near $112,000, remaining in a narrow consolidation range. However, it's far more interesting to observe the shift in sentiment: while BTC is increasingly perceived as a hedge against macro risks, ETH is increasingly positioned as a growth engine heading into autumn.
 
This shift reflects not only changing market priorities but also a reaction to political instability and the restructuring of global trade flows. A recent report from QCP Capital emphasizes that doubts about the Fed's independence are supporting premiums on long-term instruments, weakening the dollar and increasing demand for safe-haven assets such as gold and Bitcoin.
 
Nevertheless, forecast and options markets are clearly biased toward Ethereum. Traders see it as the one with the greatest potential for significant growth.
 
According to Flowdesk, Bitcoin's implied volatility remains muted even after corrections, suggesting that market participants are focusing on positioning rather than short-term speculation. Skew remains negative, indicating increased demand for put options while simultaneously creating attractive opportunities in call structures. As for ETH, its risk reversals have already recovered from the recent sell-off, signaling renewed interest in bullish positions.
 
Solana is also not immune: activity in SOL options is increasing, with flows clearly skewed toward bullish bets. This is due to growing interest in the ecosystem and corporate initiatives to integrate digital assets into treasury strategies. A similar trend is being observed in the spot market: attention is shifting to "beta assets" such as AAVE and AERO (in the ETH ecosystem) and RAY and DRIFT (in the SOL ecosystem), indicating a broadening of investment interest beyond the top coins.
 
Forecast platforms confirm this rotation. On Polymarket, traders are betting that BTC will soon be capped at $120,000, while ETH has a high chance of breaking the psychological $5,000 mark. This optimism is supported by the already recorded 20% growth in the past month and the restoration of balance in risk structures.
 
In its latest Telegram update, European market maker Flowdesk noted high client activity, the majority of whom are taking long positions, despite persistent macro risks and the traditionally elevated volatility at this time of year.
 
Thus, a clear picture is emerging:
 

• BTC acts as an anchor—a tool for protection against inflation and macro instability;
• ETH is becoming the flagship of growth, supported by fundamental improvements and institutional demand;
• SOL is gaining momentum, expanding its market reach and drawing attention to peripheral but promising assets.

Market dynamics

• BTC : Consolidation in the $110,000–$112,000 range with a decrease in short-term volatility.
• ETH : Trading around $4,400, supported by ETF inflows, Fusaka update expectations, and strong demand in DeFi and smart contracts.
• Gold : Holding near all-time highs amid a near 92% chance of a Fed rate cut in September, weakening confidence in the regulator, and active buying by central banks and ETFs.
• Nikkei 225 : Japan's benchmark rose 0.57%, leading gains in the Asia-Pacific region, boosted by optimism amid a technology rally on Wall Street.
• S&P 500 : U.S. stocks jumped after Alphabet avoided being broken up in an antitrust case and investors increased bets on a Fed rate cut despite labor market concerns.

Taken together, these signals paint a picture of a mature yet dynamic market, where defensive and growth assets find their place depending on investor strategies and horizons.