The ETH/BTC trading pair has plunged to its lowest level since 2021, falling below 0.04.
This decline reflects a broader trend of increasing Bitcoin dominance, raising questions about whether Ethereum has reached its bottom at $2,275 or if it might continue to weaken against Bitcoin.
📉 The ETH/BTC pair hits its lowest level since 2021, dropping below 0.04.
With $BTC dominance rising, is this the bottom for $ETH at $2,275, or will it continue to slide against Bitcoin? 🤔 pic.twitter.com/PoLmF2bgjq
— Cointelegraph (@Cointelegraph) September 16, 2024
Recent on-chain data from Lookonchain highlights significant activity from Ceffu, a prominent trader who deposited 28,865 ETH, valued at $66.74 million, and 450 BTC, worth $26.5 million, into Binance within the last 24 hours. Ceffu’s current holdings include 10,737 BTC, amounting to $628 million, and 178,687 ETH, valued at $411 million.
Ceffu deposited 28,865 $ETH($66.74M) and 450 $BTC($26.5M) to #Binance in the past 24 hours.#Ceffu currently holds 10,737 $BTC($628M) and 178,687 $ETH($411M).https://t.co/omUqldVuGf pic.twitter.com/x5CHrIzikq
— Lookonchain (@lookonchain) September 17, 2024
Trader Maintains Perfect 100% Win On Trades As ETFs Data Comes Out In Play
Ceffu has demonstrated exceptional skill in swing trading ETH. Since September 2, this trader has successfully executed six ETH trades, maintaining a perfect 100% win rate. Over the past 15 days, Ceffu increased their ETH holdings from 4,821 to 5,690, netting a profit of 869 ETH, equivalent to $2 million.
This smart trader is excellent at swing trading $ETH, having traded $ETH 6 times since Sept 2 with a 100% win rate!
In just 15 days, he turned 4,821 $ETH into 5,690 $ETH, making a profit of 869 $ETH ($2M)!
Address:
0xe0b532985a6b8bfe82a9d1f6f83373c75a7b3c71 pic.twitter.com/XemVO7Z7YE— Lookonchain (@lookonchain) September 17, 2024
On September 16, Ethereum spot ETF flows showed a net outflow of $9.5143 million. Grayscale’s ETHE ETF saw an outflow of $13.8321 million, while BlackRock’s ETHA ETF recorded an inflow of $4.1567 million. This mixed activity reflects the shifting dynamics in Ethereum investment as it faces growing competition from Bitcoin.
On September 16, the total net outflow of Ethereum spot ETF was $9.5143 million. Grayscale ETF ETHE had an outflow of $13.8321 million, and BlackRock ETF ETHA had an inflow of $4.1567 million. https://t.co/Tvs2oCSxTg
— Wu Blockchain (@WuBlockchain) September 17, 2024
As the ETH/BTC pair continues to slide, investors are closely monitoring whether this represents a buying opportunity for Ethereum or a sign of further declines.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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