Bitcoin Nearing 'Grand Finale,' Top Trader Says; Shiba Inu Burn Rate Skyrockets 8,193%; $277 Million in Ethereum Shifts Hands: Crypto News Digest by U.Today

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Bitcoin nearing "grand finale," top trader says

In a recent X post, pseudonymous trader HornHairs stated that Bitcoin seems to be nearing its "grand finale." He then provided some current macro context for the largest crypto that made him believe so. First, it has been 650 days since the bear market lows, with Bitcoin showing a stronger recovery than in the 2020 cycle and trailing closely behind the 2016 cycle. Second, several months passed after the most recent quadrennial halving event, which took place in April. Last but not least, is the "summer doldrums," which are coming to a close. The trader also added that this is the very first cycle when new all-time highs (ATHs) were pierced before the halving event. At the moment of writing, Bitcoin is changing hands at $57,575, up 3.08% over the past 24 hours, per CoinMarketCap.

Shiba Inu (SHIB) burn rate skyrockets 8,193%

Yesterday, Sept. 11, Shiba Inu saw a substantial surge in one of its key metrics, the burn rate. According to data provided by the Shibburn X handle, this metric spiked by 8,193% as a result of 3,106,197 SHIB being from the circulating supply. This burn was made through eight transactions, with the last one sending one million tokens to dead wallets. Following this activity, the SHIB price lifted off, peaking at $0.00001367, but then it dropped to $0.00001359. Currently, the dog-themed meme coin is changing hands at $0.00001331, up 2.45% over the past 24 hours, per CoinMarketCap.

$277 million in Ethereum (ETH) shifts hands

Whale Alert tracking service reported that, yesterday, multiple significant Ethereum transfers took place amid a price dip for the asset, causing concern in the community. According to the aforementioned source, 14,588 ETH worth about $34.7 million were sent from an unknown wallet to Coinbase (NASDAQ:COIN) in the first transaction; then, another, similar transfer followed, valued at $33.8 million. These transfers are likely pointing to potential sell-offs, as whales often move large amounts of ETH to exchanges when planning to liquidate their assets. In contrast, the third transfer involved 89,600 ETH (worth around $208.6 million), being moved from Binance to Binance Beacon Deposit for staking purposes. Ethereum is now trading at $2,330, up 1.16% over the past 24 hours, per CoinMarketCap.

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