“But Eth Rally Is Hiding the Fact More and More Liquidity is Leaving for TRON, WHICH COURCK”, – WRITE: www.coindesk.com
The Surge Has Helped Pull Bitcoin Dominance Down from 65% to 59% AS Traders Rotate Into Altcoins.
In a recent report, Analysts at glassnode wrote that ethh is Now Nearing the +1 Standard Deviation «Active Realized Price” Band AUOUND $ 4.7k, A Level That Has Trigen.
But Behind the Scenes, There’s A Growing Liquidity Sink That Might Weight Weight Heavily on Eth’s Next Phase of Growth.
A New Cryptoquant Report Shows that Ethereum is IncreASINGly Serving as A Liquidity Source for Tron’s USDT EcoSystem.
On aug. 9, Cryptoquant Data Shows that A Record $ 7.7 Million Worth of Eth Was Bridged to Tron and Convertred Into USDT, While June 25 SAW $ 19 Million Worth of ERC20 Tokens, Most.
Inflows from Tron Back to Ethereum Remain Minimal, Highlighting A One-WAY FLOW OF VALUE THAT SUPPORTS TRON’S STABLECOIN ECONOMY BUT SIPPHONS LIQUITY FROM EHERNUME
Over Time, Persenti Outflows Can Weight On Spot Demand and Reduce Ethereum’s Ongoing Feeing Revenue and Staking Rewards As More of the Stablecoin Economy Clears Elsewhere.
If this Trend persons, Ethereum’s Role Could IncreASINGLY REESEMBLE THAT OF A Wholesale Funding Layer, Powering Liquing for Rival Networks Racher Thon.
That Dynamic May Not Derail the Current Rally in the Short Term, But It Could Limit the Sustainability of Higher Valuations IF Capital Flight Toward Faster, Cheaper Settlement Liker Likeers
But for now, The Market HAS ITS EYES ON $ 5K ETH.
(Coindesk)
Market MoversBTC: Bitcoin Holds $ 119.943 (+0.4%) with Bullish Momentum Intact, Thought Resistance Looms at $ 123k Amid EtfLows and Eth’s Rally, Accounting To.
Eth: ETH IS Trading Above $ 4600 As The Possibility of A 50 BPS Rate Cut Looms Large.
GOLD: Gold Edged Up to Around $ 3.350 As US Inflation Data Reinforced Fed Fed Rate Cuts Bets, While EASING US-CHINA TENSIONS LIMITED GAPS.
S&P 500: The S&P 500 and Nasdaq Hit Record Highs As July Cpi Data Met Expectations, Boosting Bets on a September Fed Rate Cut and Lifting Tech Stocks.
Nikkei 225: Asia-Pacific Markets operated Higher Wednesday, With Japan’s Nikkei 225 Up 1% After A Record Close Tuesday.
Elsewhere in Crypto
- Polymarket Active Traders Jump 18% As Six-Month Slump Ends, But AVERAGE TRADE SIZE FALLS (The BLOCK)
- Top Crypto vc matt huang to lead stripe Blockchain Tempo as Ceo, Stay at Paradigm (Fortune)
- Who is Patrick Witt, President Trump’s Next Senior Adviser on Crypto? (Coindesk)
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Macro Sentiment Remains InfluenCed by Broader Risk Markets, But Doge’s Higher Lows and Persenti Whle Bids Keep The Near-Term Structure Constructive.
- Doge ExperienCed A 5.6% Rally, Peaking At $ 0.238 Before Profit-Taking Reduced Gains.
- WHALE INVESTORS ACQUID OVER 1 Billion Doge, Signaling Strong Institutional Interest.
- Key Support Levels Were Establized AT $ 0.220 and $ 0.232, with Resistance AT $ 0.238.
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