Bitcoin, Ethereum correct as traders continue to withdraw BTC from exchanges

• Bitcoin, Ethereum hovering around key support at $57,000 and $2,300 respectively, see a slight correction on Wednesday.
• Bitcoin is leaving exchanges in high volumes, with traders removing $14.22 billion in BTC from exchanges in the past two months.
• Simon’s Cat meme coin receives BNB chain’s “Meme Heroes” reward.

Bitcoin, Ethereum and XRP Updates

• Bitcoin was trading at $57,635 at the time of writing. There have been two consecutive days of inflows into Bitcoin Spot ETFs, supporting a case for a recovery in institutional demand for the asset.
• Ethereum was trading at $2,294 at the time of writing. The second largest cryptocurrency by market capitalization wiped almost 4% of its value on the day. While crypto market participants criticize Ether for the asset’s recent price correction, analyst Michaël van de Poppe says he “remains invested” in the Ethereum ecosystem.

• XRP was trading at $0.5286 early Thursday. The altcoin corrected 2% on the day, XRP traders anticipate the launch of Ripple stablecoin.

Chart of the Day: Dogwifhat (WIF)

Dogwifhat (WIF) is in a multi-month downtrend that started on March 31, 2024. WIF is trading at $1.533 at the time of writing. The meme coin could extend its decline and erase another 9.5% of its value, falling to support at $1,380.

$1,380 is an important level for WIF and is the September 1 low for the asset as seen on the daily WIF/USDT chart.

WIF/USDT Daily Chart

The meme currency could rise towards the disequilibrium zone between $1.659 and $1.764 if WIF closes above the lower limit at $1.659. Failure to close above this level would imply a likely further correction.

Market updates

• Bitcoin Spot ETFs saw two consecutive days of inflows, $28.6 million on September 9 and $117 million on September 10, according to data from Farside Investors. As Bitcoin ETFs are seeing positive net inflows, it indicates a likely recovery in institutional investor demand for the asset.

• The BNB chain announced the winner of the “Meme Heroes” program, the Simon’s Cat meme coin received a reward of $50,000 to support its liquidity fund.
• Indodax exchange loses $22 million in hack on September 11, according to Lookonchain data. The hacker converted the tokens into Ethereum (ETH), Tron (TRX), Polygon token (POL) and 25 Bitcoin (BTC). Traders should keep their eyes peeled for selling pressure on these assets on crypto exchanges.

Industry updates

• Data from CryptoQuant shows that $14.22 billion in Bitcoin has been withdrawn from exchanges in the past two months. A reduction in Bitcoin reserves on exchanges eases selling pressure on the asset and indicates potential for gains.

Bitcoin exchange reserve

• The Tron Super Representative Council proposes to reduce network fees and boost trading activity by increasing the energy cap to 150 billion. This change would allow the Tron stake to generate more energy.

• Marshall Beard, COO at cryptocurrency exchange Gemini, says that cryptocurrency owners will consider the presidential candidate’s cryptocurrency policies when they vote in the US presidential election in November.