Good morning. In 2000, the dot-com bubble burst, wiping out $5 trillion in market value over two years. Companies with no revenue and “.com” in their name saw their stocks drop 90% or more.

It was the ultimate reminder: hype is not a business model.

-Shaun A, Pat Lewis, Jordon Mellor

MARKETS

Prices supplied by Google Finance as of 4:00am ET - stock prices as of close. Here is what the prices mean.

MARKET ANALYSIS

Oil traders just got a fresh reminder that OPEC+ isn’t backing down. For the sixth straight month, the cartel agreed to ramp up production, this time by another 547,000 barrels per day in September. And despite the move being framed as confidence in the market, prices didn’t buy it. Brent and WTI both slipped early Monday in Asia, extending Friday’s losses.

1. Another Supply Jolt Is Coming Fast

Sunday’s OPEC+ meeting was brief but impactful. The group greenlit a September hike of 547,000 barrels per day maintaining its pattern of fast-paced production increases after years of curbs. That brings the cumulative hike since April to nearly 2.5 million bpd, unwinding the largest chunk of prior cuts. It’s a rapid reversal, and the timing is key: this comes as global inventories are low, but recession and demand risks are still on the table.

Brent fell to $69.24 and WTI to $66.94 both down nearly 0.6% in early trade after Friday’s $2 drop. Clearly, the market is questioning whether demand can keep pace with supply.

2. Geopolitics Are Stirring the Barrel

OPEC’s move comes as the U.S. pressures India to cut Russian oil imports, aiming to push Russia toward peace talks over Ukraine. With Trump demanding a deal by August 8, tensions are rising. A shift in Russian flows could disrupt global supply again or trigger retaliation, especially with Russia still in OPEC+.

3. OPEC+ Says “Market’s Strong” But Is It?

OPEC+ claims strong growth and low inventories justify more output, but the market’s sending mixed signals. Prices hover near $70, down from recent highs, and macro risks are building.

Energy Aspects’ Amrita Sen sees confidence, but UBS’s Staunovo warns it’s China’s stockpiling that’s propping up demand. If that slows, so could the optimism.

4. Next Meeting Could Get Messy

OPEC+ meets again on September 7, possibly to debate ending the last 1.65M bpd in COVID-era cuts. With Trump’s pressure and rising geopolitical risks, unity will be harder to maintain.

Ex-OPEC official Jorge Leon said the group “passed the first test,” but the real challenge now is staying cohesive under growing tension.

5. Trump’s Russia Move Is the Wildcard

Trump’s expected announcement Friday on sanctions or tariffs could shake the oil market again. Tougher restrictions may reroute Russian barrels, disrupting trade and fueling volatility.

This isn’t just about output anymore, it’s a geopolitical chess match. Supply tweaks mean little without diplomacy and political maneuvering.

Here’s the Takeaway:

OPEC+ raised output again, but prices are slipping and tensions are rising. For traders, it’s not just about barrels, it’s the balance between supply, geopolitics, and sentiment.

Volatility will likely build into September as OPEC+ meets, Russia talks shift, and demand gets tested. This is no longer just about oil, it’s about control.

-Shaun A

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CRYPTO

Last week, U.S. spot Ethereum ETFs did the unthinkable, racking up a staggering $2.12 billion in net inflows in just seven days. That’s not just a good week, it’s the biggest haul since these funds launched, and it’s sending a clear signal: the smart money isn’t just betting on Bitcoin anymore.

This wasn’t just about Ethereum, though. The entire digital asset space is seeing money pour in at a historic pace. Across all crypto investment products, last week’s $4.39 billion in total inflows wasn’t just impressive, it was the single biggest week ever recorded, even topping the frenzy we saw after the 2024 U.S. election. And here’s the kicker: this isn’t some flash in the pan. We’re now looking at 14 straight weeks of inflows, pushing the year-to-date total past $27 billion.

The U.S. is leading the charge (no surprise there), but it’s not alone. Switzerland and Australia have also seen steady inflows, while places like Hong Kong and Canada are trailing slightly. Even more telling? Some markets, like Germany and Sweden, are actually seeing outflows, likely early investors cashing out profits while the getting’s good.

But here’s where things get really interesting. While Bitcoin’s dominance has been the story for most of this cycle, something shifted last week. Bitcoin’s market share dropped 6.9%, the steepest weekly decline since December 2023, as traders started rotating into higher-risk, higher-reward altcoins.

This is classic mid-bull market behavior. After Bitcoin’s monster run, investors begin looking for the next big thing, and right now, Ethereum is leading that charge. But it’s not alone. XRP just hit a new all-time high, Solana’s DeFi ecosystem is buzzing again, and even Cardano is waking up after a long slumber. The message from the market is clear: altcoin season isn’t just coming, it’s already here. Behind the scenes, there’s a fascinating dynamic playing out. On one side, long-term Bitcoin holders, many of whom have been sitting on life-changing profits since early 2024, are finally starting to take some profits. On the other side, ETFs, retail investors, and new entrants are eagerly snapping up that supply, keeping the market afloat.

The fact that 95% of Bitcoin holders are still in profit tells us we’re likely in that late-stage bull market phase where early believers cash out while newcomers rush in. Historically, this is when altcoins really start to shine, and Ethereum, as the undisputed leader of the pack, is perfectly positioned to benefit.

So where do we go from here? The early signs this week suggest the momentum isn’t slowing down. Fidelity’s Ethereum ETF (FETH) alone pulled in $126.9 million in fresh inflows on Monday, and if this pace continues, ETH could be gearing up for its own run at a new all-time high.

But let’s be real, markets don’t move in straight lines forever. With long-term Bitcoin holders starting to distribute and altcoins heating up, we could be entering a phase where volatility picks up. Will Ethereum break out? Will Bitcoin reclaim dominance? Or will we see a full-blown altcoin explosion?

The money is flooding in, the rotation is underway, and Ethereum is leading the charge. Whether you’re a Bitcoin maxi, an altcoin degen, or just watching from the sidelines, this is the kind of market action that reminds us why crypto never gets boring. Buckle up, it’s going to be a wild ride.

-Pat Lewis

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ANSWER

Answer: Market Sentiment