The post Bitcoin Exchange Inflows Spike, Experts Believe This Could Impact Ethereum And This $0.06 Token appeared on BitcoinEthereumNews.com.

The crypto market is going through a downturn, a continuation of a strenuous summer, and once again, Bitcoin (BTC) is in the driving seat. The price swings on the Bitcoin charts have been a reference point for many altcoins, and last week’s movements were even more proof. However, the BTC price might be making a U-turn for the better now, as Bitcoin has been seeing major exchange inflows, even from last week. Experts say Ethereum (ETH) and a new crypto token could be direct beneficiaries. Bitcoin to Make Up for a Disastrous Week? Bitcoin’s summer went from optimistic to extremely cautious as the token failed to realize traders’ expectations from the halving in April 2024. Still, the top token’s dominance in the market has been unchanged; Bitcoin dictates trends in the market even now. While the token price dipped to a monthly low of around $53,000 on September 6, 2024, Bitcoin inflows into exchanges never really stopped. About $400 million worth of BTC tokens entered centralized exchanges as the Bitcoin price went below $54,000. Despite the dip, the whales seemed to have picked up activity on the network. Transactions of at least $100,000 worth of BTC amounted to $68 billion last week, indicating a revival among Bitcoin whales. The surge in whale trading activity on Bitcoin, along with the inflows, should restore the altcoin market to stability and, possibly, a bull run too. Ethereum Making Swift Recovery Following BTC Slump Like every other altcoin, Ethereum is still subject to the whims of the BTC price despite maintaining some influence over the crypto market itself. The token dipped by about 6.53% in the past week, falling even below its support at $2,300. Right now, Ethereum trades at $2,228, indicating bearish trading activity, but the open interest in ETH’s futures is returning…

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Filed under: News - @ September 15, 2024 8:26 pm