Bitcoin (BTC) and most other digital assets headed lower in U.S. trading on Wednesday, extending overnight losses. At press time, bitcoin was down 3% over the past 24 hours at $91,100. The CoinDesk 20 Index, which tracks the top 20 crypto assets, is trading nearly 4% lower over the same period, led by XRP, which is down over 8%. Ether (ETH) is down 3.6%, showing no boost from Wall Street giant Morgan Stanley's move to offer a spot ETH ETF. The crypto selloff comes as the Nasdaq heads higher by 0.5%, but ...

🔥 UPDATE: BlackRock spot ETH ETF bought 30,260 $ETH worth $127.5M on Sept. 30. https://t.co/OHUSAnwDAF ...

Core Insights - Ethereum experienced a significant decline from its all-time high of $4,953, dropping 13% to a current trading price of $4,320, influenced by consecutive selloffs and ETF outflows [1][2]. Group 1: Market Sentiment and ETF Activity - The US-based spot ETH exchange-traded funds faced a net outflow of $1.04 billion from August 29 to September 8, contributing to negative market sentiment [1]. - On September 9, there was a notable inflow of $44.2 million into spot ETH ETFs, primarily driven by BlackRock's ETHA fund, while other similar products remained neutral [2]. Group 2: Accumulation Trends - Despite the bearish sentiment, Ethereum investors continued to accumulate, with approximately 226,400 ETH (valued at around $980 million) leaving centralized exchanges in the past week [3]. - Kraken recorded the highest outflow of nearly 146,000 ETH, followed by Coinbase and Bitfinex with outflows of 105,170 ETH and 34,330 ETH, respectively [3]. Group 3: Market Dynamics and Future Outlook - Binance and Bybit saw net inflows of 34,500 ETH and 20,400 ETH during the same period, indicating a shift in investor behavior [4]. - The anticipation of a Federal Reserve rate cut may act as a bullish catalyst for Ethereum and the broader crypto market, with a critical price level to watch being the psychological barrier of $4,500 [4].