Ether ETH price falls against Bitcoin BTC price as major Ethereum investors deposit tokens on crypto exchanges
The Ether-to-Bitcoin ratio fell to a 14-month low as major token holders, including Ethereum co-founder Vitalik Buterin, transferred coins to crypto exchanges, possibly as a prelude to selling.
ETH-BTC fell to nearly 0.0602 on Tuesday, its lowest level since July, according to TradingView data.
The recent price action extended a trend that began in September 2022 and confirmed some bearish predictions from analysts for the second-largest cryptocurrency by market cap.
Marcus Thielen, head of strategy and research at Matrixport, said on CoinDeskTV on Monday that Ethereum’s protocol revenue has declined over the past three months and expected BTC to continue to outperform the broader crypto market, including ETH.
Well-known crypto analyst Benjamin Cowen, founder of IntoTheCryptoverse, pointed out in an X post that a possible collapse in ETH valuation against BTC could be imminent.
The latest price drop occurred as some prominent investors – also known as whales – recently deposited a total of $60 million in ETH to crypto exchanges, raising alarms about further price declines.
Market participants closely monitor whales’ on-chain maneuvers as they are considered well-informed and have significant influence on the market. Depositing assets to an exchange typically signals an intent to sell, while withdrawals indicate accumulation.
Most recently, Ethereum co-founder Vitalik Buterin transferred 300 ETH — worth about $493,000 — to Kraken on Tuesday, according to blockchain data from security firm PeckShield. Although the deposit is rather small, it has sparked speculation among crypto watchers given Buterin’s importance to Ethereum.
Another large holder has deposited a total of 30,000 ETH – worth nearly $50 million – on crypto exchanges Binance, OKX and KuCoin over the past four days, blockchain expert Lookonchain noted.
Lookonchain also noted that a crypto wallet that acquired tokens from Ethereum’s initial coin offering (ICO) nine years ago deposited 6,000 ETH — worth nearly $10 million — to Kraken on Monday.
This company received approximately 255,000 ETH during the ICO, which is now worth $423 million according to Lookonchain. Given that the token’s initial price was around 31 cents, selling Coinw at $1,650 now would represent a 527,000% gain.
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