Bitcoin increased by 3% as a response to the August Consumer Price Index (CPI) report, surpassing $58,000. The headline CPI showed a 2.5% annual increase, slightly lower than expected, while core inflation rose 0.3% on a monthly basis. Ethereum also saw a modest gain of 1.3% to $2,360. A Layer 1 blockchain project called Sui experienced a surge in its token value after Grayscale launched its Grayscale Sui Trust. Bitcoin spot ETFs saw outflows, with investors withdrawing a total of $44 million, while Ethereum spot ETFs also experienced net outflows of $542,900. The robust August CPI data triggered a risk-on trade, pushing Bitcoin higher, but some analysts are expressing caution about Bitcoin's near-term momentum due to technical indicators.



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