Ethereum's value against Bitcoin has reached a 14-month low, with the ETH-BTC ratio dipping to near 0.0602, its lowest since July last year. This trend, which began over a year ago, supports market analysts' bearish sentiments about Ethereum's valuation against Bitcoin. Marcus Thielen, head of strategy and research at Matrixport, and crypto analyst Benjamin Cowen have both predicted that Bitcoin will continue to outperform altcoins, including Ethereum.
Large token holders, often referred to as whales, have transferred significant amounts of Ethereum to crypto exchanges in recent days. Among these is Ethereum co-founder Vitalik Buterin, who transferred 300 ETH (worth roughly $493,000) to Kraken on Tuesday. This move has been interpreted as a signal that Buterin intends to sell some of his ETH holdings. Another large holder deposited a total of 30,000 ETH (worth nearly $50 million) to crypto exchanges Binance, OKX, and KuCoin in the past four days.
These actions have raised concerns among investors that these whales are preparing for a bearish period by reducing their Ethereum holdings. Despite these concerns, some investors are looking forward to potential positive developments such as the approval of an Ethereum futures ETF in mid-October. Following the approval of a Bitcoin futures ETF by the SEC in 2021, Bitcoin saw an over 60 percent rally. Some experts believe that Ethereum could follow a similar trajectory.
At present, Ethereum is trading at $1,630 after a marginal drop of less than 1 percent in the last 24 hours. This represents a more than 65 percent drop from its all-time high of $4,878 reached almost two years ago.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.