All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Data shows that Ethereum’s value against Bitcoin has dipped to a 14-month high low, as market experts predict Bitcoin will continue to outperform altcoins.
- Vitalik Buterin is among whales who have deposited sizable amounts of ETH in crypto exchanges, signaling intent to sell.
Recent data shows that Ethereum (ETH) has taken a dive against Bitcoin (BTC). The decline in the ETH/BTC ratio is a trend that began more than a year ago, reaching a 14-month low this week. Data from TradingView shows that ETH-BTC dipped to near 0.0602 its lowest since July. The recent drop supports the narrative of some market analysts’ bearish sentiments and a potential breakdown in the ETH’s valuation versus BTC.
The head of strategy and research at Matrixport, Marcus Thielen, has backed Bitcoin to continue outperforming altcoins, including Ethereum. He further notes that Ethereum’s protocol revenues have been decreasing for the last three months. Crypto analyst Benjamin Cowen has shared a similar view, predicting a significant move to the downside.
“A more significant move to the downside…”
📺https://t.co/iuq2iTBFaI pic.twitter.com/J1x7qgYDRJ— Into The Cryptoverse (@ITC_Crypto) September 19, 2023
The development comes amidst a potential whale dump. Data from large wallet holders shows that some whales are moving their ETH stashes to exchanges. Among them is Ethereum co-founder Vitalik Buterin. Blockchain data highlighted by security firm PeckShield has identified a wallet owned by Vitalik Buterin transferred 300 ETH (worth roughly $493,000) to Kraken on Tuesday. This is a sign that the founder is about to sell some of his ETH.
More significant transfers have occurred with blockchain research Lookonchain identifying another large holder depositing a total of 30,000 ETH (worth nearly $50 million) to crypto exchanges Binance, OKX, and KuCoin in the past four days. Lookonchain has also identified another wallet that acquired tokens from Ethereum’s initial coin offering (ICO) deposited 6,000 ETH (worth nearly $10 million) to Kraken earlier this week.
Ethereum (ETH) Outlook
ETH investors who closely watch these accounts are now concerned that the whales are getting rid of their stash ahead of a bearish period. With the potential of further declines in ETH prices, investors are in limbo.
Despite the current sentiments, investors are looking forward to the approval of an Ethereum futures ETF in mid-October. In 2021 when a Bitcoin futures ETF was approved by the SEC, the leading digital asset witnessed an over 60 percent rally. Some experts believe that Ethereum will befall the same fate and could end the year outperforming Bitcoin. In addition to an Ethereum futures ETF, Cathie Wood’s ARK Invest has recently applied for an Ether spot ETF.
Related: Crypto on the Edge: Bitcoin’s $25K Battle and Ethereum’s ETF Ascent
These are positive developments that could drive Ethereum adoption among institutional investors. Even if Ethereum suffers a short-term dip in the coming weeks or months, the inevitable entry of institutional investors will drive demand and lead to higher ETH prices.
At the time of press, ETH is exchanging for $1,630 after a marginal drop of less than 1 percent in the last 24 hours. This is a more than 65 percent drop from its all-time high of $4,878 reached almost two years ago.
