The downward trend that began last week with Bitcoin, Ethereum and altcoin continues ahead of Federal Reserve Jerome Powell’s Jackson Hole speech.
Analysts pointed out that Powell’s speech tone is important for the Bitcoin and Altcoin course, but analyst Xwin Research shared their expectations.
Therefore, analysts said BTC could face short-term revisions, but ETH shows signs of an uptrend.
Cryptoquant Analyst Xwin Research Japan said Bitcoin is at risk of short-term fixes, but Ethereum, which has been attracting attention for its recent performance, is reportedly continuing its upward momentum.
At this point, analysts pointed out that despite recent price fluctuations, the exchange reserves remained at around 2.53 million BTC.
Analysts say this suggests investors have not withdrawn BTC. Historically, the decline in reserves suggests that Bitcoin has left exchanges in the long term and is reducing sales pressure. This time, it suggests that reserves are stable and that some of the BTC supply remains liquid and could be sold.
Coupled with a decline in BTC from $123,000 to $113,000, the recent situation at Exchange Reserves serves as a reminder to keep an eye on the risks of short-term fixes.
In contrast, ETH volumes show consistent net spills of over 300,000 ETH, with multiple spikes, particularly late July to mid-August.
Exchange exits usually reflect the interest that tokens have been transferred to cold storage, staking, or institutional custody, reducing the availability of supplies in the open market and having a positive impact on prices.
“The data show that the decline in ETH exchange balances highlights an increase in institutional demand and an increase in long-term positioning.
As a result, BTC shows the risk of correction, while ETH shows a strong bullish trend supported by reduced liquid supply.
Investors can consider approach to BTC as an opportunity to purchase DIP while supporting ETH for medium-term growth.
*This is not investment advice.
