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ETH/BTC Exchange Rate Hits 18-Month Low
Whales Liquidating Holdings on the Chain
Is Ethereum Being Eliminated?
The recent excitement in the cryptocurrency market seems to have bypassed the Ethereum ecosystem. Data shows that the exchange rate of the ETH/BTC trading pair today fell below $0.5 (dropping as low as 0.4977), reaching a new low point in 18 months and approaching the low point of June 2022.
According to information shared by user X (@ai_9684xtpa), a whale who was longing the ETH/BTC exchange rate (borrowing BTC to sell for ETH) was liquidated for 4,210 ETH (worth approximately $9.26 million) when the exchange rate dropped today. After that, the whale voluntarily returned 92 WBTC and still has 1,463 WBTC to be repaid.
On the other hand, according to information shared by on-chain analyst Yu Yin, a whale recently closed its leveraged positions on the Ethereum chain, sold a large amount of Ether, settled all on-chain debts, and transferred the full amount of $35.78 million to Binance exchange. This has raised suspicions about whether this whale intends to leave Ethereum and move to other ecosystems.
The weak trend of Ether has led to an increasing number of voices in the community calling for abandoning Ether and shifting to other ecosystems. Even Messari’s latest research report suggests that compared to Bitcoin and other new public chains, Ether is relatively less attractive and cost-effective.
The question of whether Ether can maintain its dominant position has sparked intense discussions in the community. Many supporters of new public chains like Solana believe that Ethereum has become a relic of the past and will be surpassed in the next bull market.
Over the years, slogans such as “Surpassing Ether,” “Ether is Dead,” “Eliminate Ethereum,” and “Ethereum Killer” have been heard countless times, as if there are always people wanting to end Ethereum. But looking back now, Ethereum has been continuously innovating and growing in each cycle. There is still a large number of people in the community who firmly believe that Ethereum will continue to maintain its leading position. As Yang Mindao, the founder of dForce, said, it may be too early to talk about “surpassing” now.
