Summary
- There is a prediction that Ethereum (ETH) investors will transfer their funds back to Bitcoin (BTC) after price increases.
- Samson Mow, Jan3 CEO, said most ETH holders are likely to sell Ethereum and repurchase Bitcoin once the price rises.
- He pointed out that as Ethereum gets closer to its all-time high, selling pressure could increase, creating a dilemma.
As the leading cryptocurrency Bitcoin (BTC) and leading altcoin Ethereum (ETH) compete in the virtual asset (cryptocurrency) market in terms of growth rates, there is an opinion that most Ethereum investors will eventually return to Bitcoin.
According to Cointelegraph, a virtual asset-specialized media outlet, on the 11th (Korea time), Samson Mow, CEO of Jan3, shared via X (formerly Twitter) that "if Ethereum's price exceeds a certain level, investors will move their funds back into Bitcoin."
CEO Mow stated, "Most ETH holders possess a lot of Bitcoin acquired during the initial coin offering (ICO) or through insider allocations," and claimed, "they are converting this into Ethereum to push the price up with a new narrative (Ethereum Treasury companies)."
He went on to add, "Once the price rises enough, they will sell Ethereum to create a new generation of 'bagholders' and shift the profits back to Bitcoin," saying, "in the long term, there will be no one truly interested in holding Ethereum." In other words, Ethereum is merely a vehicle for acquiring more Bitcoin.
Furthermore, he noted, "as Ethereum approaches its all-time high, the dilemma of increasing selling pressure may come into play."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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