📉 $ETH falls below $2,400: the bill collapses and dumps it to a new low in June—but smart money is quietly picking it up
On September 16, Ethereum fell 4.88% to below $2,400, trading around $2,393. It hit a new June low alongside BTC. Nearly 120,000 people across the market were liquidated, totaling $670 million, including $570 million in long positions. The PayFi sector led the decline (-8.44%), XRP fell more than 10%, and only GameFi bucked the trend and surged 9.65%.
Pressure comes from three layers:
The Senate rejects the crypto bill, the 10-year U.S. Treasury yield tops 5% and reaches the highest level since 2007, and the night before the Fed’s rate-hike decision.
Capital flows bleed in sync:
On the day, the ETH spot ETF saw net outflows of $61.84 million, ending the previous streak of five consecutive days of inflows (the prior week had seen inflows of $824 million). Fidelity outflowed $48.15 million and BlackRock outflowed $20.44 million—only Bitwise bucked the trend with +$6.75 million.
What’s more painful is relative strength:
The ETH/BTC ratio dropped to 0.038, the lowest since April 2021. Ethereum has underperformed Bitcoin for over five years at the worst level. Corporate treasury funds are bleeding too: the largest holder BitMine is sitting on an unrealized loss of about $6.95 billion (average position cost $3,883), SharpLink is down about $1.09 billion, mNAV has fallen below 1, and ammunition to keep adding is constrained.
But on-chain, it’s not all bleak:
According to Nansen, over the past week, “smart money” addresses bought $38.30 million worth of spot ETH, while new wallets bought $31.00 million.
My take: Tonight’s Fed outcome will be a turning point. If the “already priced-in rate hike” is delivered and the dot plot isn’t more hawkish, reclaiming $2,400 could happen quickly; otherwise, if support at $2,300 fails, the downside could extend to $2,215—$1,965
#以太坊跌破2400美元
On September 16, Ethereum fell 4.88% to below $2,400, trading around $2,393. It hit a new June low alongside BTC. Nearly 120,000 people across the market were liquidated, totaling $670 million, including $570 million in long positions. The PayFi sector led the decline (-8.44%), XRP fell more than 10%, and only GameFi bucked the trend and surged 9.65%.
Pressure comes from three layers:
The Senate rejects the crypto bill, the 10-year U.S. Treasury yield tops 5% and reaches the highest level since 2007, and the night before the Fed’s rate-hike decision.
Capital flows bleed in sync:
On the day, the ETH spot ETF saw net outflows of $61.84 million, ending the previous streak of five consecutive days of inflows (the prior week had seen inflows of $824 million). Fidelity outflowed $48.15 million and BlackRock outflowed $20.44 million—only Bitwise bucked the trend with +$6.75 million.
What’s more painful is relative strength:
The ETH/BTC ratio dropped to 0.038, the lowest since April 2021. Ethereum has underperformed Bitcoin for over five years at the worst level. Corporate treasury funds are bleeding too: the largest holder BitMine is sitting on an unrealized loss of about $6.95 billion (average position cost $3,883), SharpLink is down about $1.09 billion, mNAV has fallen below 1, and ammunition to keep adding is constrained.
But on-chain, it’s not all bleak:
According to Nansen, over the past week, “smart money” addresses bought $38.30 million worth of spot ETH, while new wallets bought $31.00 million.
My take: Tonight’s Fed outcome will be a turning point. If the “already priced-in rate hike” is delivered and the dot plot isn’t more hawkish, reclaiming $2,400 could happen quickly; otherwise, if support at $2,300 fails, the downside could extend to $2,215—$1,965
#以太坊跌破2400美元
