Bitcoin Surges Above $60,000, Ethereum Falls Below $2,500, XRP Tests Crucial Support

• Bitcoin falls below the $61,000 level, where 5.42 million wallet addresses accumulated 2.41 million BTC.
• Ethereum loses key support and approaches $2,400 on Wednesday.
• XRP is correcting over 2% to $0.5845 at the time of writing.

Bitcoin, Ethereum and XRP Updates

• Bitcoin and Ethereum Spot Exchange Traded Funds (ETFs) in the United States saw net outflows on Tuesday. According to data from Farside Investors, $242.6 million in capital left BTC ETFs, while ETH ETFs lost $48.6 million.
• BTC and ETH are likely facing a drop in institutional demand as Bitcoin ends its eight-day net positive flow on Tuesday.
• Bitcoin is falling below the $61,000 level, trading at $60,814 at the time of writing.
• Ethereum is breaking below the key psychological barrier at $2,500 and is trading at $2,433 at the time of writing on Wednesday.
• XRP tests support at $0.5946 and hovers around $0.5800.

Chart of the Day: Lido DAO (LDO)

Lido wipes out 3.53% of its value on the day. The Ethereum staking token is among the cryptocurrencies that generated the most negative returns for traders on Binance. LDO is trading at $1.093 at the time of writing.

LDO could sweep liquidity into the fair value gap (FVG) between $1.034 and $1.021. If the stake token extends its decline, it could drop to the August 4 low of $0.894.

The MACD (Moving Average Convergence Divergence) indicator is approaching a bearish crossover, signaling that the underlying momentum of the LDO price trend has turned negative.

The Relative Strength Index (RSI) is sharply lower and shows 44.91 on the daily chart. The RSI marked overbought conditions of 70 on Friday and has declined below neutral since then.

LDO/USDT Daily Chart

If Lido closes above the 10-day EMA at $1.539, it could invalidate the bearish thesis. In this case, the LDO could rise towards resistance at $1.636, the 23.6% Fibonacci retracement level of the decline from the January 10 high of $4.038 to the August 4 low of $0.894.

Market updates

• Justin Sun, founder of TRON, withdrew 21.66 million USDT from Binance on Wednesday. Asian journalist Colin wu interprets this move as Sun selling EIGEN token airdrops. On-chain data shows that Sun’s six different wallet addresses received 5.374 million EIGEN tokens and these assets were transferred to Binance.

• Binance has announced that the exchange will remove and stop trading the trading pairs of Fusionist (ACE), Filecoin (FIL), Optimism (OP), Tellor Tributes (TRB): ACE/FDUSD, FIL/BNB, OP/BNB and TRB / FDUSD, on Friday the Exchange cited poor liquidity and low trading volume as the reason for the delisting.
• Bitcoin miners’ earnings hit their lowest level in a year in September. September revenue was $816 million, transaction fee revenue was $13.86 million over the same time frame.

Industry updates

• 5.42 million wallet addresses that accumulated 2.41 million BTC between $51,039 and $61,011 are currently profitable, according to data from IntoTheBlock.

Global Bitcoin Money In/Out

• Dogecoin chain activity shows whale activity remains high on the DOGE network and profit-taking may not be over.

Dogecoin whale and chain activity

• BlackRock’s Bitcoin Spot ETF IBIT hit $1 billion in trading volume on Tuesday. This marks a key milestone for the ETF, which was hit several times in June and August 2024.