According to Odaily Planet Daily, QCP Capital reported that an early Bitcoin holder sold approximately 24,000 Bitcoins (approximately $2.7 billion) during low market liquidity on Sunday. Bitcoin's post-Jackson Hole rally quickly faded and led to a flash crash, wiping out approximately $500 million in leveraged positions within minutes. Previously, Bitcoin had been trading in a narrow range, while Ethereum continued to reach new highs. This trend persisted for about a week. Bitcoin transfers from old wallets to Ethereum pushed the exchange rate above 0.04, with Ethereum leading the gains. Market volatility reflects weakening institutional demand in related markets. Spot Bitcoin ETFs have seen net outflows of approximately $1.2 billion for six consecutive days, and Strategy purchases in August were also lower than usual.

Meanwhile, institutions such as BitMine increased their holdings of Ethereum, supporting its price and upward momentum. As funds shifted from Bitcoin to Ethereum, Bitcoin's dominance fell from 60% to 57%. While still higher than the sub-50% levels seen during the 2021 altcoin season, this holdings fueled speculation that whales (large holders) anticipate Ethereum's outperformance. This view would be further bolstered if an Ethereum-collateralized ETF is approved later this year. While Bitcoin appears to be ceding momentum to Ethereum in the near term, its structural view on Bitcoin remains unchanged. Institutions are expected to selectively buy on dips, as they did in July when the market absorbed the remaining supply of approximately 80,000 Bitcoins.