Matrixport Market Insights: How Structured Products Can Help You Manage BTC and ETH Volatility

In Q3 2025, the digital asset market is shaped by the tug-of-war between macroeconomic forces and capital flows. BTC and ETH prices are being shaped by everything from inflation and rate policy to huge capital inflows and short-term profit-taking, all while risk-off signals flash from the derivatives market.

Macro Environment: A Tug-of-War Between Easing Hopes and Economic Headwinds

Recent U.S. inflation data has been a key macro driver. July’s CPI held steady at 2.7% YoY, just under the 2.8% expectation, while Core CPI came in at 3.1% YoY with +0.3% monthly momentum. These figures show that price pressures are moderating, a trend that has bolstered market bets that the Fed may begin cutting rates as soon as September. Futures markets are now pricing in a probability of over 80% for a rate cut. Adding to this tailwind, global liquidity is expanding. A composite Global M2 Liquidity Index is up 5% since April and has a 0.9 correlation with Bitcoin’s price. This accommodative liquidity provides a supportive macro undercurrent for risk assets in the medium term.

On the other hand, some data has injected caution. The July PPI jumped 0.9% MoM, far hotter than the 0.2% expectation and marking…