Cryptocurrency Market Shifts: Ethereum Gains prominence amidst Bitcoin's significant selling pressure

In the ever-evolving world of cryptocurrencies, recent developments have brought significant changes to the forefront. Let's delve into the latest happenings with Bitcoin (BTC) and Ethereum (ETH).

ETH has witnessed a surge in institutional interest, with Bitmine adding a substantial $45 million worth of ETH to its holdings, bringing its total to a staggering $7 billion. This influx of ETH has intensified the rotation narrative surrounding the digital asset.

However, the outflow of ETH continues, despite the institutional interest. This trend is further reflected in the ETH ETFs, which have logged a weekly outflow of $238 million.

Meanwhile, BTC has faced a volatile week. The ETH/BTC cross has broken the 0.04 barrier, marking a notable shift in the relationship between the two leading cryptocurrencies. BTC's price has also seen a flash-crash, with an early-holder selling 24,000 BTC (worth approximately $2.7 billion) on Sunday. This sale caused a ripple effect, eliminating around $550 million in liquidations, including approximately $500 million in leverage.

The whale, who had held the BTC for over five years, still retains significant holdings valued over $17 billion. The sale was executed on the Hyperunite trading platform.

The current support for BTC is at $111K to $109K, and the resistance is at $115K to $116.8K.

Interestingly, altcoin futures leverage has been piling up, increasing the fragility risk. This risk was evident when altcoin futures OI surged +$9.2 billion in a single day, reaching a record $61.7 billion.

On the other hand, BTC ETFs have experienced a 6-day outflow streak worth $1.2 billion in total.

These developments underscore the ongoing volatility and shifting dynamics in the cryptocurrency market, highlighting the importance of careful analysis and strategic investment for investors.

Cryptocurrency Market Shifts: Ethereum Gains prominence amidst Bitcoin's significant selling pressure