• Cryptoassets experienced a 13.1% decline in their total market capitalization in August, driven by fears of recession.
• Bitcoin declined 11.1% in August, while Bitcoin ETFs witnessed $142 million in net outflows. 
• Crypto market is currently experiencing uncertainty, which may continue until October, notes Bitwise.

Cryptocurrencies witnessed steady declines in August with the general market capitalization dropping over 13% due to weak unemployment data and increased fears of recession, according to Binance’s monthly report. Likewise, Bitwise Chief Investment Officer Matt Hougan noted that the increased market uncertainty may continue until October.

Bitcoin and crypto market could be set for another rough September

Several cryptocurrencies recorded weak performances in August as Q3 '24 nears a close. The performance was characterized by a 13.1% decline in the general crypto market capitalization, per Binance Research.

Some notable causes of the market decline include weaker-than-expected US macroeconomic data and the unwinding of the Japanese Yen "carry trade" on August 5.

Bitcoin's monthly decline was 11%, while BTC ETFs posted $142 million in net outflows. Altcoins such as Ethereum and Solana both fell over 24% in August. Ethereum witnessed decreased on-chain activity in the month with increased outflows in its Total Value Locked (TVL).