Layoffs Decline, But Hiring Remains Weak
U.S. job cuts fell in September, yet year-to-date hiring plans dropped to the lowest level in 16 years, signaling employers’ caution amid slowing growth.
Companies have largely held back on new hiring, reflecting broader uncertainty about consumer demand and policy direction.
U.S. Services Sector Stalls
The ISM Services PMI for September came in at 50.0, marking a stall between expansion and contraction.
Business activity dropped to 49.9, and the employment index plunged to 47.2 — pointing to cooling labor demand in the services sector.
New orders also softened, fueling fears that the U.S. economy may enter a slower growth phase in Q4 2025.
Data Delays from U.S. Government Shutdown Threat
The partial government shutdown caused delays in key macroeconomic releases, including the monthly jobs report and unemployment claims.
Economists called this a “data blackout,” making it harder to forecast the Fed’s next moves.
Consumer Confidence Weakens Again
U.S. consumer confidence fell to its lowest since April 2025 as job availability concerns and inflation fears persisted.
Both “current conditions” and “expectations” indexes declined, signaling a deterioration in household sentiment.
Economic Forecasts Point to Slower Momentum
Updated economic forecasts suggested inflation may hover around 2.9% through 2025 and potentially rise again in 2026.
Consumer spending growth and housing activity are expected to moderate as higher borrowing costs continue to weigh on demand.
Blockchain Network Revenues Drop 16% in September
Blockchain networks collectively saw a 16% decline in total revenue compared to August.
Ethereum’s network income fell about 6%, Solana’s by 11%, and Tron’s even more sharply — largely due to lower gas fees and subdued transaction activity.
Crypto Hacks Fall, But Large-Scale Attacks Surge
Total crypto losses from hacks in September were about $127 million, a 22% decrease month-on-month.
However, the number of million-dollar-plus exploits rose, showing that while smaller attacks have declined, large incidents are becoming more concentrated and sophisticated.
Bitcoin Mining Output Rises
Mining company Marathon Digital (MARA) reported producing 736 BTC in September, up 4% from August, after mining 218 blocks.
The firm’s total Bitcoin holdings reached roughly 52,850 BTC, reflecting strong operational resilience despite network difficulty increases.
Institutional Reports Emphasize Mixed Market Trends
Reports from leading asset managers noted that, while September was typically a weak month for crypto, major coins like Bitcoin and Ethereum showed relative resilience.
Nevertheless, overall trading volume and DeFi activity remained subdued, signaling a cautious investor mood.
The upcoming week is set to revolve around key economic data releases and market catalysts across both traditional and crypto markets:
| Focus Area | What to Watch | Potential Market Impact |
| U.S. Jobs Data (Delayed) | Rescheduled September NFP & unemployment report | Strong job gains could limit further Fed cuts; weak data could accelerate easing |
| Fed Commentary & Minutes | FOMC meeting minutes and public remarks by Fed officials | Tone shift toward caution may boost risk assets; hawkish remarks could hit markets |
| Inflation & Spending | PCE and CPI updates if released | Any upside surprise could reignite inflation fears |
| Crypto Market Activity | Network usage, gas fees, and DeFi volumes | Recovery signs would support altcoins; continued weakness risks further downside |
| Security & Regulatory Risks | Ongoing Senate crypto hearings and exploit reports | Policy clarity could help confidence; new restrictions might weigh on sentiment |
Markets are expected to remain range-bound but fragile as investors await data clarity after recent shutdown delays.
Crypto sentiment remains mixed — improved security metrics are offset by weaker network revenues and muted liquidity.
A rebound could emerge if macro data supports rate-cut optimism and Bitcoin holds key support around the $108,000–$110,000 range.
Last week reflected a “pause and wait” tone across both macro and digital-asset markets.
Economic data pointed to a plateau in growth and softening labor conditions.
Crypto markets faced declining income and trading activity but avoided a major sell-off.
The next week’s data flow and Fed tone will likely set the short-term trajectory for both sectors.
We are excited to announce the listing of trending trading pairs on our platform (Spot and Futures) during the last week:
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