Financial Institutions Switch Back to Accumulating BTC As Bitcoin Breaks Out of 20-Day Downtrend ...

Financial institutions switch back to accumulating BTC over ETH

Bitcoin breaks out of a 20-day downtrend channel

The price of ETH may experience a dip before a surge

The prices of BTC and ETH continue to trade at the lower prices of $110,000 and $4,300, respectively, after having fallen from their recent new ATH records at the $124,000 and $4,900 price range. Amidst the current market sideways price action, financial institutions switch back to accumulating BTC as Bitcoin breaks out of a 20-day downtrend channel. Ethereum supply on exchanges also hit a 3-year low at 17.4 million ETH

Financial Institutions Switch Back to Accumulating BTC

The price of BTC and ETH went on to set new ATH prices last month, with BTC setting a new price at the $124,000 price range and the price of ETH going as high as the $4,900 price range to set its latest ATH price. Unlike BTC, which has set a string of new ATHs this bull cycle, the pioneer altcoin, Ethereum (ETH), set its first new ATH this bull cycle, igniting bullish sentiments for the arrival of altseason.

Last month BTC and ETH set new ATH prices just 10 days apart, with both prices falling drastically over the next days. In detail, the price of BTC dipped a low as the $110,000 price range, where it is currently trading. Meanwhile, the price of Ethereum (ETH) fell as low as $4,100 before shooting back up to the $4,400 price range and then trading steadily between the $4,300 and $4,400 price range

This year has shown that BTC and ETH have been the leading assets, especially in terms of financial institutional interest. In detail, the success of BTC and ETH ETFs sent financial institutions to heavily and aggressively accumulate both assets at unprecedented levels. In fact, for the last few months, most institutions accumulated more ETH over BTC, as ETH was steadily starting to outperform BTC

As we can see from the posts above, the Ethereum supply on exchanges hits 3-year low at 17.4 million ETH as spot ETFs and corporate treasuries absorb supply. While this proves that ETH accumulation has hit new highs, analysts also make keen observations this week, showing a possible trend flip back to BTC accumulation. The post above shows that Fidelity, Bitwise, and Grayscale all sold ETH and bought back BTC

Bitcoin Breaks Out of 20-Day Downtrend Channel

In detail, ETFs just sold $135 million ETH and bought $332 million BTC. This sign signals that perhaps the price of ETH will experience a greater fall than BTC this September, and big players are hedging their bets. Moreover, the post above depicts that a major price pump for Bitcoin may be playing out soon as the chart shows how Bitcoin has just broken out from a 20-day downtrend channel