Bitcoin (BTC) 
$77,420 price plummeted to $109,500 and is approaching another support level, dashing bullish hopes in September. Various risks associated with the month raised concerns over its negative performance. But what about Ethereum (ETH) 
$2,287? In a surprising turn, Ethereum’s monthly spot volume has surpassed a significant threshold. Let’s take a closer look at the current situation of this altcoin king.
Eclipsing Bitcoin in Spot Volume
Ethereum, the largest altcoin by market capitalization, faced an unexpected challenge after reaching new all-time highs. Efforts by Trump to remove Cook from the Fed cast doubt on the institution’s independence, shaking the 55-year narrative of central banking, with short-term negative effects becoming apparent.
Nonetheless, for the first time in seven years, Ethereum outpaced Bitcoin in monthly spot volume on centralized exchanges. During the hype last month, ETH generated more volume than BTC. Bitcoin reached a total centralized exchange volume of $401 billion, while Ethereum was poised at $480 billion.
This development is not unexpected as it has been evident for some time. Ethereum’s inflows on its channels were notably stronger compared to Bitcoin. Institutional Ether reserves, initiated in June, peaked last month with multi-billion dollar moves from companies like BitMine and SharpLink. As firms strategize investments in the tens of billions, the reserve size approached $20 billion within mere months, a highly impressive feat.
XRP, DOGE, and SOL Coin also distinguished themselves with significant volume in centralized exchanges throughout August.
Ethereum’s Price Trajectory and Future Prospects
Paul Howard, Wincent’s senior manager, remains optimistic about ETH despite this month’s stagnant course. He anticipates that rate cuts and strengthened expectations of further reductions in upcoming meetings might allow Ether to perform similarly to August, especially in the fourth quarter.
“Pay attention to whale wallets transitioning to Ether this quarter. They are preparing for the final quarter. With rate cuts, numerous factors could assist in reaching new all-time highs.”
In the ETHBTC pair, the situation remains stable with no significant losses like in USD pairs. The 0.039BTC region is maintained, suggesting a strong potential for a rebound in ETH if BTC doesn’t experience sharp declines. The critical point in the USD pair is the $4,150 level.
