A whale who had a long position on Bitcoin recently decided to return to Ethereum.
Reported by on-chain analysis platform Lookonchain to data According to a cryptocurrency whale Switching from Bitcoin (BTC) to Ethereum (ETH) made.
The whale, who previously had a long position worth millions of dollars on Bitcoin, February 15 He took action on the day and converted his Bitcoin assets to Ethereum and took a long position on Ethereum. Whale this process ETH/BTC parity average with a rate of 0.05373 carried out.
This move of the whale was interpreted as an obvious expectation that Ethereum will perform better against Bitcoin in the coming period.
Last year and earlier this year, Ethereum disappointed its investors when it failed to perform as expected against Bitcoin. In parallel, ETH/BTC is the lowest in the last 2 years. to 0.0479 level It had regressed as much.
On the other hand, the US Securities and Exchange Commission (SEC) spot Ethereum exchange traded fund (ETF) applications The expectation that it can be approved has recently led investors to think focused on Ethereum again.