Bitcoin has been falling since early Monday morning, falling as low as $58,420, a drop of about 3%, recouping most of the weekend's gains. Once again I drew the "arch" that appears frequently in September.
At the same time, the performance of Ethereum was even more dismal. In addition to falling by about 5% to below $2,300, the exchange rate of the ETH/BTC trading pair fell to a new low since April 2021.
Some on-chain data also show that whales’ confidence in Ethereum seems to have begun to waver, and they continue to reduce their exposure to Ethereum.
ETH/BTC exchange rate long James Fickel sold another 7,600 ETH for 299.8 WBTC ($18M) 6 hours ago to repay his position. Since he started reducing his position to stop loss on 8/11, he has sold a total of 23,600 ETH for 970.5 WBTC ($18M) to repay his loans on Aave. He is still the largest ETH/BTC exchange rate long on the chain, with 1,896 WBTC loans to be repaid… https://t.co/1AUjPyhr5A pic.twitter.com/9AAfYQTVnq
— Ember (@EmberCN) September 16, 2024
On the other hand, this Wednesday will usher in the key U.S. Federal Reserve interest rate decision. The market is generally expected to start the interest rate cut cycle at this meeting, but the market is still uncertain about the extent of the reduction. According to data from Fed Watch, The market currently expects a 59% chance of a two-digit interest rate cut.
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