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ETH/BTC exchange rate hits 18-month low
Whale liquidates holdings on the chain
Will Ethereum be eliminated?
Recently, the excitement of 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 (reaching a low of 0.4977), hitting an 18-month low 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 about $9.26 million) during the rate drop today. After that, the whale voluntarily returned 92 WBTC, with 1,463 WBTC still pending repayment.
On the other hand, according to information shared by on-chain analyst Yu Yin, a whale recently closed leveraged positions on the Ethereum chain, sold a large amount of Ether to settle all on-chain debts, and transferred the full amount of $35.78 million to Binance exchange. This raises doubts about whether this whale intends to leave Ethereum for other ecosystems.
The weak trend of Ether has led to an increasing number of voices in the community advocating for abandoning Ether and moving to other ecosystems. Even Messari’s latest research report believes that compared to Bitcoin and other new public chains, Ether lacks attractiveness and cost-effectiveness.
The question of whether Ether can maintain its dominant position has even sparked intense discussions within the community. Many supporters of new public chains like Solana believe that Ethereum has become the tears of the era and will be surpassed in the next bull market.
Over the years, slogans like “overtake Ether,” “Ether is dead,” “eliminate Ethereum,” and “Ethereum killer” have been heard countless times, as if someone wants to kill Ethereum in every cycle. 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 the founder of dForce, Yang Mindao, said, it may be too early to talk about “overtaking” now.
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