By Omkar Godbole (All times ET unless indicated otherwise)

As August draws to a close, two observations stand out. First, the month's typical surge in volatility in both traditional and cryptocurrency markets has not materialized.

That's probably driven by market expectations of forthcoming Fed interest-rate cuts combined with record fiscal spending—essentially an amplified “Goldilocks” scenario. Yet, it raises the question: How much stimulus is too much?

Second, institutional flows reveal a divergence between bitcoin (BTC) and ether (ETH). The U.S. ether ETFs have registered a net investment of $3.69 billion this month, extending the four-month inflows streak. Bitcoin ETFs, in contrast, have seen an outflow of over $800 million, the second-highest on record. The difference is a sign of

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