Bitcoin fell from early Monday morning, reaching a low of $58,420, down about 3%, recovering most of its gains from the weekend. It once again formed the “arch” that has been frequent in September.

[Image of Bitcoin price chart]

Meanwhile, Ethereum performed even worse, not only falling by about 5% to below $2,300, but the ETH/BTC trading pair also fell to a new low since April 2021.

[Image of Ethereum price chart]

Some on-chain data also suggests that whales seem to be losing confidence in Ethereum, continually reducing their exposure to the asset.

ETH/BTC long whale James Fickel sold another 7,600 ETH for 299.8 WBTC ($18M) 6 hours ago to repay his loan and reduce his position.

Since 8/11 he has been reducing his position and repaying his loans in Aave by selling 23,600 ETH for 970.5 WBTC ($18M).

He is still the largest ETH/BTC long whale on-chain with 1,896 WBTC debt remaining… https://t.co/1AUjPyhr5A pic.twitter.com/9AAfYQTVnq

— 余烬 (@EmberCN) September 16, 2024

On the other hand, Wednesday will see the key US Federal Reserve interest rate decision. The market generally expects the Fed to begin a rate cut cycle in this meeting, but there is uncertainty about the magnitude of the cut. According to data from Fed Watch, the market currently expects a 50 basis point cut with a probability of 59%.

[Image of Fed Watch data]