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According to Jinse Finance, on-chain analyst @ai_9684xtpa has monitored that swing trading address 0xC77...CbA2810 cleared out its ETH holdings for profit 10 hours ago (UTC+8), selling all ETH held for one month and realizing a profit of $1.41 million. The cumulative profit from the last two swing trades has exceeded $2.8 million. Previously, on July 28, this address bought 2,417 ETH at an average price of $3,672.4, and 10 hours ago (UTC+8), sold all of them at $4,257 each (totaling approximately $10.29 million).

According to ChainCatcher, citing a report from Decrypt, Greg Magadini, Director of Derivatives at Amberdata, stated that Bitcoin now resembles a hybrid of digital gold and a risk asset. In the current environment, where the stock market is rising and the Federal Reserve faces pressure to cut interest rates, Bitcoin is being driven by both sentiments simultaneously. Although some people describe Ethereum as outdated technology, Ethereum boasts a developer ecosystem similar to the iPhone platform, allowing developers to build applications directly on its infrastructure. These network effects will only continue to accumulate, so it is expected that Ethereum’s price will keep following Bitcoin’s upward trend, with the potential to reach the $8,000 to $10,000 range.