Since the first half of 2024, Bitcoin and Ethereum mining wallets have experienced a steady decline in their held supply, signaling a period of caution among miners.
However, the latest mild rebound in the market may suggest a reversal of this trend. A significant increase in the combined supplies held by mining wallets could be a key indicator that a new bull run is on the horizon.
⛏️ Bitcoin and Ethereum mining wallets have seen declining supply held since the first half of 2024. With this latest mild rebound, look for a jump in their combined supplies as a strong signal the next bull run is approaching. pic.twitter.com/IDeKUmnQIw
— Santiment (@santimentfeed) September 13, 2024
In the past 24 hours, 112,000 $ETH—valued at approximately $257.6 million—were sent to cryptocurrency exchanges. This notable movement of Ethereum signals increased selling pressure, as large holders potentially look to capitalize on the recent price recovery.
112,000 $ETH were sent to crypto exchanges in the past 24 hours, worth around $257.6 million. pic.twitter.com/35Bg1mSWax
— Ali (@ali_charts) September 13, 2024
Meanwhile, @coinbase’s newly launched cbBTC has reached a $100 million market cap on its first day of trading. This impressive milestone highlights the growing demand for tokenized Bitcoin on the Base and Ethereum networks. Notably, 43% of the cbBTC supply is held on Base, with the remaining 57% circulating on Ethereum.
.@coinbase cbBTC has reached $100M market cap on day 1 (43% of the supply is on Base and 57% on Ethereum) pic.twitter.com/5w8T7x2W7o
— Tom Wan (@tomwanhh) September 12, 2024
Ethereum Spot ETFs Continues With Outflow Records
On the institutional front, Ethereum spot ETFs have seen significant outflows. On September 12, the total net outflow from Ethereum spot ETFs was $20.1396 million, with Grayscale’s ETF ETHE accounting for the entirety of this movement. This single-day net outflow adds to ETHE’s historical net outflow, which now totals $2.714 billion. This ongoing trend could indicate a shift in investor sentiment towards Ethereum, as large-scale outflows from institutional products often suggest decreasing confidence or reallocation of funds.
On September 12, the total net outflow of Ethereum spot ETF was $20.1396 million. Grayscale ETF ETHE had a single-day net outflow of $20.1396 million, and the current historical net outflow of ETHE is $2.714 billion. https://t.co/Tvs2oCSxTg
— Wu Blockchain (@WuBlockchain) September 13, 2024
As the market watches these developments unfold, the movement of funds from mining wallets and institutional products will likely play a crucial role in shaping the next phase of Bitcoin and Ethereum’s market trajectory.
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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