In the early trading on Wednesday, the cryptocurrency market generally fell, $BTC fell below the 60000u mark, the lowest close to 58000u, a drop of more than 5%. ETH once fell by 10%.

Analysts believe that the market is digesting the interest rate cut signal hinted by Federal Reserve Chairman Powell last Friday.

Data shows that the spot ETH ETF launched in July has experienced net outflows for eight consecutive trading days.

ETH has not yet recovered its lost ground, and the market's enthusiasm for its deflationary properties has weakened, coupled with the erosion of platform transaction fees and the rise of meme coins, resulting in its poor performance. $BTC $ETH