Last week, crypto markets saw their heaviest ETF inflows since July, unfolding against a volatile backdrop of weak labor data, sticky inflation, and an imminent Fed rate cut.

Markets are caught between weak jobs data, dovish Fed expectations, and a wave of institutional bets on tokenized infrastructure that could redefine where capital flows next.

Last week’s July jobs report came in well below expectations, increasing rate cut probabilities, rattling markets, and prompting political fallout at the highest levels.