Ethereum and other major tokens are declining as traders rotate toward bitcoin and ether. Open interest in altcoins has fallen sharply.
Bitcoin ETFs recorded $298M inflows on Aug 17, but Ethereum ETFs only $30.85M. August saw its first two-day drawdown on spot ETFs.
Bitcoin miners cut computing power 21% over three quarters as capacity shifts to AI, but this hasn't pushed price decisively lower.
Watch upcoming Fed communications and macro data. Without a catalyst, bitcoin may remain range-bound until volumes recover and institutional conviction returns.
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