Currently, notable changes are being observed in the cryptocurrency market: Bitcoin has fallen to its lowest level in the past seven weeks. Its value has dropped to $108,719, continuing its decline from the record high recorded in mid-August.
Against this backdrop, investors are turning their attention to Ethereum, the second-largest cryptocurrency. Although Ethereum’s price has also dropped slightly from its historical peak of $4,955, interest in this currency has grown significantly.
A key point is that investors are moving funds from one fund to another. In August, more than $1 billion was withdrawn from Bitcoin funds, while $3.3 billion was invested into Ethereum funds. This clearly shows that investors are shifting toward assets they believe will be more profitable.
According to Sean Dawson from the Derive.xyz protocol, sharp changes in the crypto markets have resulted in over $900 million in liquidations. Most of these liquidations occurred in Ethereum ($324 million) and Bitcoin ($209 million), indicating that major market players have also suffered significant losses.
Traders now expect Bitcoin to retest the $100,000 level and Ethereum the $4,000 level. These indicators suggest that price volatility in the cryptocurrency market is likely to continue in the near future.
