After a brief rise following Jerome Powell's speech, the cryptocurrency markets showed signs of recovery with significant influxes of stablecoins, indicating investor readiness for positive developments. Analyst Amr Taha notes this marks a new wave of capital in the market.

The price of Bitcoin (BTC) dropped to $114,386 today, triggering nearly $300 million in leveraged position liquidations in the past 24 hours, indicating that market confidence remains weak. However, on-chain data reveals potential positive signals: the daily spot trading volume on mainstream CEX surged to over $6 billion, while the funds transferred by whales to exchanges dropped by $1.4 billion in a week, suggesting reduced large-scale selling pressure and that big funds may be buying low. Analysts note that this may signal that BTC is entering the "accumulation phase," laying the groundwork for a subsequent rebound. However, they warn that one must first safely navigate the potentially severe selling pressure of the "September test" before expecting a market rally in the fourth quarter. ## Signs of Accumulation Phase Emerging? Spot Volume Increases and Whale Movements Become Apparent According to analyst Amr Taha's CryptoQuant quick comment article, the BTC spot trading volume on mainstream CEX exceeded 6 billion USD on August 18.

After experiencing a week of intense volatility, the price of Ethereum (ETH) has surpassed $4,400, but it fell more than 7% before the weekend, causing market sentiment to become cautious. However, on-chain data shows that the ETH balance on large CEX exchanges is rapidly shrinking, with over $888 million worth of ETH withdrawn in the past few days, which may suggest that long-term bullish potential is brewing. ## The derivatives market is bearish, and the funding rates have turned negative. Cryptocurrency analyst Amr Taha pointed out in CryptoQuant's latest observations that the ETH futures market has recently shown a significant cooling. The open interest has decreased by 29% in just two days, after the ETH price had fallen from above $4,700 to below $4,400. It is worth noting that the perpetual futures funding rates of several large CEX have turned negative,

Ethereum's price faced significant pressure, falling 6% due to geopolitical tensions, particularly Israel's airstrike on Iran. Analyst Amr Taha highlights a notable drop in Ethereum Open Interest, suggesting panic selling and indicating that capital may be shifting from ETH to Bitcoin.

Analysts are divided on the future of Ethereum's price, but CryptoQuant analyst Amr Taha believes that the increasing amount of Ethereum withdrawn from crypto derivative exchanges is a positive signal for an upcoming rise. Taha explains that this withdrawal indicates a decrease in selling pressure and potentially a shift of Ethereum to cold storage, resulting in reduced supply and a higher tendency for prices to rise.

While Ethereum seems to have begun its own major rally, the asset has recently experienced significant activity on the Deribit Options Exchange which begs the question of what it means for ETH’s price. A CryptoQuant analyst known as Amr Taha detailed these developments in a post on the CryptoQuant