[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.staticimgs.com/image/ann_en_20250926_150229_f873eb182f2db65e4e04cf63cf5f1a4a.webp) Between September 9 and September 22, 2025, both BTC and ETH remained in a high-level consolidation range, with diverging trends between price structure and volatility. Overall short-term momentum weakened. On the derivatives front, BTC open interest declined significantly from recent highs, while ETH maintained a relatively stable leverage structure, suggesting leveraged funds have not fully exited the market. On September 22, long liquidations surged to over $1.6 billion, highlighting increasing pressure at the top and triggering cascading stop-losses. In terms of quantitative strategies, a Bollinger Band reversal strategy applied to ADA delivered strong performance, achieving an annualized return above 60%, showcasing solid short-term trading potential. ### Key Takeaways: * BTC and ETH consolidate at highs, with diverging momentum: Over the past two weeks, BTC and ETH have traded sideways near their respective highs. BTC repeatedly faced resistance near $119,000, while ETH retraced rapidly from a breakout above $4,700 to $4,067, signaling a divergence between price structure and volatility. * Leverage cools off, ETH positions remain stable: BTC futures open interest fell notably from recent peaks, indicating that long positions were reduced as a risk-off move. In contrast, ETH maintained a more resilient leverage profile, with no significant capital outflows, reflecting sustained market confidence in ETH’s fundamentals. * Market sentiment weakens as liquidations trigger chain reaction: On September 22, long liquidations spiked to over $1.6 billion, leading to a cascading stop-loss sell-off. This reflects significant stress at the market top and accelerating sentiment deterioration. * Long/short ratios decline, highlighting divergence between sentiment and price: Both BTC and ETH long/short ratios fell below 0.9, and LSR dropped in tandem, signaling a reduced appetite for chasing longs. While prices remained elevated, sentiment failed to keep up, increasing the risk of short-term volatility due to structural divergence. * ADA Bollinger Band strategy outperforms with over 60% annualized return: A Bollinger Band-based reversal strategy on ADA posted annualized returns exceeding 60%, outperforming simple Buy and Hold. The strategy effectively captured rebounds in a ranging market, demonstrating strong short-term alpha potential. Discover more details today → Gate Research: BTC and ETH Consolidate at Highs, While ADA Bollinger Strategy Holds Steady Gains Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis. ### Disclaimer Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
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