Bitcoin
ETH Sees a 14-Month Low Spot against BTC as Whales Transact $60M to Exchanges
The respective ETH whales have reportedly shifted tokens to some crypto exchanges, perhaps as the initial step before moving toward conclusive selling.
The ratio from Ether to Bitcoin has recently slumped to a 14-month decreased spot. The chief reason behind this relates to the big token holders, taking into account Vitalik Buterin (the co-founder of Ethereum). The respective ETH whales have reportedly shifted tokens to some crypto exchanges, perhaps as the initial step before moving toward conclusive selling.
Ether Witnesses a 14-Month Low Position against Bitcoin While ETH Whales Send $60 Million to Exchanges
On Tuesday, the ETH–BTC token pair plunged to approximately 0.0602, as per the data that TradingView provided. The reports point out that this is the pair’s lowest reading following July this year. The latest price action broadened a trend that started in September last year. This confirmed a few of the bearish predictions that the analysts made for Ethereum.
Marcus Thielen, Matrixport’s head of strategy and research, commented on this matter on Monday. The executive said that the protocol revenues of Ethereum have been seeing continuous decreases for the previous 3 months. As per the executive, BTC may keep on outcompeting the wider crypto industry, including Ether.
Also Read: As USDT’s Exchange Supply Rises, BTC and ETH’s Supply Drops, Says Report
Famous crypto analyst Benjamin Cowen, who is also IntoTheCryptoverse’s founder, shared a post on X. He noted in the post that a likely breakdown in the valuation of Ether versus Bitcoin could be an impending action. The new price slump took place as a few well-known investors have recently credited a cumulative amount of up to $60M in Ether to crypto exchanges.
The Heavy Deposits into Exchanges Raise Concerns about Additional Price Plunges
This has raised caution concerning the additional plunges in the crypto token’s price. Market members closely follow the whales’ on-chain manoeuvres because they have a huge effect on the market. Assets’ deposits into an exchange normally signify the intention to sell but withdrawals indicate accumulation.
