Ether Drops to 14-Month Low Against Bitcoin as Vitalik Buterin, Ethereum Whales Send $60M ETH to Exchanges
The recent decline in the ETH/BTC ratio continues a trend that began more than a year ago....
- The ether-to-bitcoin ratio dropped to a 14-month low as large token holders, including Ethereum co-founder Vitalik Buterin, moved coins to crypto exchanges, possibly as a prelude to selling.
- ETH-BTC dipped to near 0.0602 on Tuesday, its lowest reading since July, confirming bearish forecasts for Ethereum.
- Ethereum's protocol revenues have been decreasing for the last three months, and BTC is expected to continue outperforming the broader crypto market.
- There is speculation of a potential breakdown in ETH's valuation versus BTC.
- Prominent investors, including Vitalik Buterin, have deposited a total of $60 million ETH to crypto exchanges, raising concerns about further price declines.
- Depositing assets to an exchange usually signals intention to sell, while withdrawals suggest accumulation.
- Buterin transferred 300 ETH to Kraken, while another large holder deposited 30,000 ETH to Binance, OKX, and KuCoin.
- A crypto wallet that acquired tokens from Ethereum's ICO nine years ago deposited 6,000 ETH to Kraken, now worth just shy of $10 million.
- Selling the acquired tokens now at $1,650 would represent a 527,000% profit.
The sentiment in the article is mostly negative, as it highlights the drop in the ether-to-bitcoin ratio, bearish forecasts for Ethereum, and concerns about further price declines.