Bitcoin Drops as "OGs" Shift Focus to Ethereum

Bitcoin Under Pressure: Long-Term Holders Sell

Bitcoin (BTC) faced headwinds over the weekend, struggling to maintain levels above $116,000. Selling pressure from long-term holders, often referred to as "OGs," contributed to the decline. According to on-chain analyst Lookonchain, one holder, active since 2016, moved 1,176 BTC (over $136 million) to Hyperliquid and initiated selling. This individual has reportedly exchanged 35,991 BTC for 886,731 ETH in recent months.

Data from Glassnode indicates that wallets of various sizes are contributing to the distribution of BTC.

Ethereum Gains Momentum

While Bitcoin faces selling pressure, Ethereum (ETH) is attracting whale accumulation. Lookonchain reported that whale wallets are increasing their ETH exposure, suggesting potential outperformance relative to Bitcoin. However, the ETH/BTC ratio on Binance experienced a third consecutive day of decline, failing to capitalize on a previously confirmed breakout.

Memecoins Feel the Heat

The memecoin sector, a recent market outperformer, is now under pressure. Top memecoins like DOGE and SHIB have seen significant losses, dropping 10% and 6%, respectively, in the last 24 hours. This comes after Shibarium experienced a $2.4 million exploit.

Solana DeFi Adoption Efforts Continue

Solana's native token (SOL) traded over 2% lower at $234. Despite this, key industry players are taking steps to boost Solana-based decentralized finance (DeFi). Kyle Samani, chairman of Forward Industries, stated the company plans to allocate funds to Solana DeFi protocols. Forward recently raised $1.65 billion in a private placement.

Traditional Markets: Bullish Sentiment

Investor sentiment in the S&P 500 appears overwhelmingly bullish. Pseudonymous market observer The Short Bear cautioned, "Sentiment is at extremes. Careful out there."

Token Events to Watch

Governance Votes & Calls

Curve DAO is voting to update donation-enabled Twocrypto contracts, refining donation vesting so unlocked portions persist after burns. Voting ends Sept. 16.

Token Unlocks

September 15: Starknet (STRK) to unlock 5.98% of its circulating supply (worth $17.09 million).
September 15: Sei (SEI) to unlock 1.18% of its circulating supply (worth $18.06 million).

Token Launches

September 15: OpenLedger (OPENLEDGER) to be listed on Crypto.com.

Token Talk: Monero Reorg

Monero's blockchain experienced a significant reorg, rolling back 18 blocks. The XMR token remained relatively unaffected, rallying by 5% despite the attempted takeover by Qubic last month. Daily trading volume rose by 78% to $136 million.

Derivatives Positioning

The top 25 coins have experienced a decline in futures open interest (OI) over the past 24 hours.
BTC’s global futures OI has pulled back to 720K BTC.
ETH’s tally grew to over 14 million ether, but OI-normalized CVD has been negative, signaling selling pressure.
CME-listed futures activity is picking up.
Put bias in BTC and ETH has eased on Deribit.

Market Movements

BTC is down 1.1% from 4 p.m. ET Friday at $114,933.52.
ETH is down 3.1% at $4,528.04.
CoinDesk 20 is down 2.73% at 4,245.39.

Bitcoin Stats

BTC Dominance: 58.11%.
Ether to bitcoin ratio: 0.03938.
Hashrate (seven-day moving average): 1,025 EH/s.
CME Futures Open Interest: 141,690 BTC.

Technical Analysis: DOGE Breakdown

DOGE has dropped from 30.7 cents to 26 cents, penetrating the bullish trendline. The breakdown suggests renewed seller momentum. Prices have also found acceptance below the Ichimoku cloud, representing a bearish shift in trend.

Crypto Equities

Mixed performance among crypto equities. See original article for detailed closing prices.

ETF Flows

Significant daily net flows into both spot BTC and ETH ETFs. (Source: Farside Investors)

Daily net flow: $642.4 million
Cumulative net flows: $56.79 billion
Total BTC holdings ~ 1.31 million

Codeum provides blockchain security solutions, including audits and KYC, that can help projects ensure the safety of their assets and users.

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