Cryptocurrencies have risen only 2% in August, while gold has surged more than 7% over the same period, as investors rotate toward safe-haven assets following weaker-than-expected U.S. employment data. The U.S. economy unexpectedly lost 23,000 jobs in July, causing Fed rate hike odds to drop from 67% to 44% according to FedWatch. Gold futures saw more than $2.5 billion in volume on Binance on Friday alone, marking one of the most active sessions since XAU launched on the platform. U.S. inflation came in at 3.5% in June, down from 4.2% in May, and July’s inflation data, expected this week, will be crucial in determining whether cryptocurrencies can resume a risk-on rotation. ETF inflows and Solana whale activity suggest some traders are already positioning ahead of a potential risk-on move.
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