Early large investors in Bitcoin sold 24,000 ETH to take advantage of the rising trend, while BTC's dominance declined.

[Chain News] PANews August 25 - Singapore's crypto investment firm QCP Capital stated that on Sunday, when market liquidity was low, an early Bitcoin holder sold approximately 24,000 Bitcoins (around $2.7 billion). The rebound momentum of Bitcoin quickly faded after the Jackson Hole meeting and experienced a flash crash, with about $500 million in leveraged positions wiped out in a matter of minutes. Previously, Bitcoin traded in a narrow range while Ethereum continuously hit new highs, a trend that lasted for about a week, with old wallet Bitcoin being transferred to Ethereum, pushing the exchange rate of the two to break 0.04, with Ethereum leading the rise this time. Market fluctuations reflect a decrease in institutional demand flowing into related markets, with spot Bitcoin ETFs experiencing a net outflow of about $1.2 billion over six consecutive days, and August's buying volume for Strategy also being lower than usual. Meanwhile, some institutions have increased their holdings in Ethereum, providing support for its price and upward momentum. As funds shift from Bitcoin to Ethereum, Bitcoin's dominance has dropped from 60% to 57%. Although still above the level below 50% seen during the altcoin season in 2021, the holdings situation has raised market speculation that whales (large holders) expect Ethereum to outperform Bitcoin. If Ethereum staking ETFs are approved later this year, this view will be further supported. Recently, Bitcoin seems to be giving way to the upward momentum of Ethereum, but its structural view on Bitcoin has not changed. Just as the market absorbed about 80,000 Bitcoins' leftover supply in July, it is expected that institutions will selectively buy during downturns.