Daily Crypto Signals: Bitcoin Miners Offload $485M, Ethereum ETFs Surge 10x Past Bitcoin Funds
Ethereum exchange-traded funds captured $1.83 billion in inflows over five trading days, outpacing Bitcoin funds by 10:1, while Bitcoin
Quick overview
- Ethereum exchange-traded funds saw $1.83 billion in inflows over five days, significantly outpacing Bitcoin funds by a ratio of 10:1.
- Bitcoin miners sold $485 million worth of BTC in a rapid liquidation, marking the fastest pace in nine months, despite strong network metrics.
- The CFTC's new regulations allow offshore crypto exchanges to service American clients, potentially increasing market liquidity.
- Ethereum's bullish outlook is supported by technical patterns suggesting a price target of $10,000, as institutional confidence grows.
Ethereum ETH/USD exchange-traded funds captured $1.83 billion in inflows over five trading days, outpacing Bitcoin funds by 10:1, while Bitcoin BTC/USD miners sold $485 million worth of BTC amid regulatory developments that opened pathways for Americans to trade on offshore exchanges. The contrasting performance highlights shifting institutional preferences as Bitcoin struggles near $112,000 and Ethereum targets ambitious price projections reaching $10,000.
Crypto Market Developments
The cryptocurrency world saw big changes in rules and institutions this week when the US Commodity Futures Trading Commission (CFTC) said that offshore crypto exchanges can now lawfully service American clients through the Foreign Board of Trade (FBOT) framework. Acting CFTC Director Caroline Pham pointed out that this change is a big policy shift for President Trump. It might make the market more liquid by getting rid of regional boundaries that have previously separated crypto trading.
At the same time, celebrity-backed tokens were still quite unstable. Kanye West’s YZY token dropped more than 80% after it was released, costing 51,000 traders $74 million, while only 11 wallets made more than $1 million in gains. The Solana-based token’s huge spike and fall show how risky it is to having celebrities support something. It joins over 30 other tokens that have lost more than 70% of their value since they came out in 2024.
Bitcoin Faces Selling Pressure From Miners
Bitcoin miners have stepped up their selling pressure, dumping $485 million worth of BTC in just 12 days ending August 23. This is the quickest pace of liquidation in nine months. Glassnode data shows that miners sold 4,207 BTC at this time, which is a big change from when they were adding to their reserves between April and July, when they added 6,675 BTC. The current balance of miners is 63,736 BTC, which is worth more over $7.1 billion. The 5-day average net flows demonstrate that withdrawals are consistently over 500 BTC per day.
Even though there is a lot of selling pressure, Bitcoin’s basic metrics are still strong. For example, the network hashrate is very close to an all-time high of 960 million TH/second, which is a 7% rise over the past three months. Concerns about miner misery are eased by the strength of mining infrastructure, even though profits have dropped 10% over the past nine months, even though Bitcoin has risen 18%. After TeraWulf’s $3.2 billion acquisition with Google, several miners are moving toward AI infrastructure. However, the core Bitcoin network is still strong, and institutional inflows can easily handle the outflows from miners.
Spot Ethereum ETFs See $1.83B in Inflows
Ethereum has been the best-performing cryptocurrency for institutional investors, with spot ETH ETFs bringing in $1.83 billion over five trading days, compared to Bitcoin’s $171 million. BlackRock’s iShares Ethereum Trust (ETHA) brought in $265.7 million on Wednesday, making it the fifth day in a row that Ethereum ETFs beat Bitcoin funds. This change in institutional preference shows that people are becoming more confident in Ethereum’s long-term future as the asset trades close to $4,489.
Technical analysts are setting high goals for Ethereum, and a bullish “megaphone pattern” could push prices up to $10,000. The pattern implies that prices are moving more and more, with greater highs and lower lows. $5,000 is a key level of resistance right now. If the price breaks above this level, it could cause a lot of short bets worth about $5 billion to be closed, which could speed up the surge. Jackis and other analysts say that ETH is “insanely bullish for years to come” because it recently broke out of a 4.5-year range of institutional accumulation. However, there may still be some volatility in the near term before the next big leg up.
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