The overall crypto market was in a downward trend over the past two days of the weekend, with Bitcoin fluctuating at $57,300 and Ethereum fluctuating at $2,430.
Among Altcoin, most projects are also falling along with the broader market.
Market sentiment is very depressed. The current fear and greed index has reached 26, entering the fear stage.
The news worth noting is:
1. 85,000 Ethereum holdings dropped sharply in three years? Vitalik reiterated that he has never sold Ethereum for personal gain since 2018
Recently, it was discovered that he had reduced the amount of Ethereum he held over the past three years, which raised concerns, especially with the recent market decline.
On-chain data tracking agency Lookonchain found that Vitalik held 325,000 Ethereum three years ago, with a total value of approximately US$1.46 billion at the time.
Now, his holdings have been reduced to 240,000 Ethereum, worth approximately $583 million.
On August 9 and August 30, Vitalik transferred 3,000 and 800 Ethereum respectively to a multi-signature address.
The transfers occurred during a market decline, raising concerns that he might be selling Ethereum.
In response to these allegations, Vitalik strongly denied that he sold Ethereum for personal gain. He explained that he has not sold any Ethereum for personal financial needs since 2018.
He said all Ethereum transfers were to support charities or projects in the Ethereum ecosystem.
At the same time, according to Whale Alert, 70,000 Ethereum were transferred from Arbitrum to Binance hot wallet, which caused a certain panic in the market.
There is a lot of criticism about Ethereum in the market now, and everyone’s enthusiasm and expectations for the market have reached rock bottom.
Ethereum has become the target of everyone’s dissatisfaction. Many people believe that the founder of Ethereum did not focus on the development of the Ethereum ecosystem, which led to Ethereum’s performance not being as good as expected.
These two days I am doing a special program on "Can Ethereum be held for a long time?" It will be released tomorrow. Friends who are interested can pay attention to it.
2. Polls show that Harris and Trump are still evenly matched
According to Polymarket data, Trump's chances of winning have risen to 50%, while Harris' chances of winning have dropped to 48%.
Harris and Trump's support rates remain similar, indicating that the two candidates' campaigns have stabilized and their supporters have been largely determined as they enter the final two months of the campaign.
Ashley Ebersole said in an interview that Trump and Harris are expected to say more about cryptocurrencies.
Trump has publicly supported Bitcoin miners at the Bitcoin 2024 conference and pledged to promote the United States as a global cryptocurrency hub.
In contrast, Harris’ cryptocurrency policy has yet to be fully formed, but she is expected to gradually clarify her position in the coming months.
Trump’s policy stance on cryptocurrencies is more explicit than Harris’s at this point, so he may not be in a rush to provide more details.
Harris' policies may gradually become clear in the next two months, which will affect voter support.
The two candidates' attitudes toward cryptocurrencies will have an important impact on their voter base, especially among voters who own cryptocurrencies, where Trump currently leads Harris by 12 percentage points.
3. Data shows that long-term Bitcoin holders increased their holdings by 262,000 Bitcoins in August
According to a new report from on-chain data analysis platform Spot On Chain, while September is generally considered a weak month for Bitcoin, this year may be different.
Data shows that long-term Bitcoin holders added 262,000 Bitcoins in August, bringing their total holdings to 14.82 million Bitcoins, accounting for 75% of the total Bitcoin supply.
In addition, among the top 10 anonymous Bitcoin wallets, 7 wallets have not had any activity for more than two years. These wallets hold a total of 237,800 Bitcoins, worth approximately US$14.04 billion, accounting for 1.2% of the circulating supply.
At the same time, major selling pressures such as the German government and Mentougou have been released in July and August, with a total of 170,900 bitcoins sold.
Analysts believe that these factors, coupled with potential demand for a Bitcoin ETF, could bring positive impacts to the Bitcoin market in September.
It can be seen that currently it is mainly short-term investors who are selling Bitcoin.
Instead of selling, long-term holders are increasing their holdings of Bitcoin. This increase in holdings may reduce the supply of Bitcoin in the market and provide some support to the price of Bitcoin.
In general, the crypto market is in a trend of shock and wash. Market sentiment is very low, and everyone's enthusiasm and expectations for the market have reached the bottom.
The overall market lacks liquidity at the moment, and it will be very painful to cut your losses with a blunt knife. If you can’t bear it and hand over your chips, you will really fall before dawn…
Judging from the on-chain data, it is mainly retail investors who are currently selling, while large investors are frantically buy the dips at the bottom.
So, do you think it’s time to buy the dips or cut losses now?
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