60M$ Worth Bitcoins Moved to ETH | Bitcointalksearch.org

batang_bitcoin

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Quote from: KrisAlex18 on July 08, 2020, 08:04:06 AM

Quote from: batang_bitcoin on July 08, 2020, 05:12:32 AM

It just normally happens. With people that are looking into the upgrade of Ethereum's 2.0. People who have bitcoin and are looking forward for the upgrade converted earlier so that if the price of ETH shoots, they are already there. And those people might have a bunch of bitcoins on their stash and it's part of their strategy to convert to bitcoin. Another thing that's trending about Ethereum is the proliferation of people who are joining the scam of Forsage. That's possibly contributing to the conversion.

Indeed, many people are investing now because of the Etheruem 2.0 which is really profitable once etheruem reach so high. If you want to make profit as well then make investment now.

While us who are currently holding Ethereum can't wait for it because the devs are slack with the development. Although they have said that it might take sometime but we're just too excited for it.
I think many are starting to reach the 32 ETH threshold so that they can stake it whenever the PoS consensus is already done. I still haven't that amount but I'll pursue it.

Eugenar

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It is not that so surprising because there are many people who are doing the same things because of thinking about etherium 2.0, in which they can make a good profit once they invested in it. What makes me surprised is the amount of money, it is a really big amount of money, I am curious if it is only owned by one person or many people, still, confused where and how did they earn the 60m USD.
I have done the same way, some of my assets are bow converted into ETH because I also believe that I will make a profit a lot with this.

Quote from: KrisAlex18 on July 08, 2020, 08:04:06 AM

I amaze to those people who are confident at investing a huge amount of money, they really give big trust to the cryptocurrency in a way that they could take a risk their 60m USD for investing.

Well said, investing a huge amount of money is not that easy and people doing it are so confident and have a strong trust with cryptocurrency.

davis196

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The Synergistic theory about both cryptocurrencies helping each other is pretty interesting,but I can't see any real proof that this theory actually works.60M USD is a very small amount,so there's no way such small amount can have any substantial influence over the crypto markets.
I've always though that the Bitcoin price growth is pumping the prices of all the other altcoins,but all the altcoins can't help for pumping the Bitcoin price.There's no "reverse correlation",if I can use this term. Grin

The "which one is better" dispute is kinda pointless,because BTC and ETH are different.Each one has different pros and cons.It would be nice if both coins help each other and exist in some sort of collaboration,but I don't see this happening.

fullhdpixel

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It's not going to have any negative effect on the price of bitcoin.. The price of Bitcoin is already going up, and it increased today to $9,311. And you're right! They are both complementing each other. That's why any time the price of Bitcoin is going up the price of ethereum is always going with it.

ETH wouldn't go up if Bitcoin is not going up, I have not seen that happen before. Even with this $60 million that was shifted to the ether network, they both still complements each other just as the op has said. ETH wouldn't go up without BTC. The last time that I checked the price they were both going up and ethereum has around 3% increase, and Bitcoin has around 1.5% or so. It's not just the both of them, there are other cryptocurrencies that are going a similar direction with the both.

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This might be minor but one of the reasons could be that for the past few months, ETH has been more volatile than BTC. So, just like me who converted BTC to trade in ETH contracts in Bybit, which seems much profitable because a slight edge in volatility as compared to BTC, I believe many more traders out there have been doing the same thing

Oilacris

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Quote from: pawanjain on July 08, 2020, 10:13:16 AM

I think this is kind of expected since the ETH upgrade might happen anytime soon.
Thought the date has not been officially announced yet, it is believed that the Upgrade of ETH 2.0 might happen by the end of this year.
Many people would opt to stake the ether and gain more bitcoins later by exchanging it.
So may be that's why people are starting to accumulate more ether these days.
This might happen more in the upcoming months.

One of the things that i had in mind directly when i do saw that huge conversion from BTC to ETH just because of that possible upcoming 2.0 of Eth.

We know that whales will surely move out into something on which they can benefit out or even on small traders/investors out there, when they do saw

opportunities then its no question that they will dive in and do took risk but in the end of the line, these people would just simply go back and accumulate btc once again.

concept2

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It kinda a great news Grin

I do love ethereum and bitcoin. I think this an opportunity for both coin to develop side by side and both of them will rule the world in the next few years.

Bitcoin is trusted more by the people. Many say that it can be considered as digital gold while Ethereum is fulfilled with many new techs and advantages. Therefore, Ethereum can be used just like money or paypal but way more better and faster. In the world we are living right now, people tend to trust gold and fiat in real life while bitcoin and ethereum have their own place on the Internet. Soon I believe ethereum will replace paypal cause people love the convenient decentralized system which do not harm them by requiring personal data Cool

sayulita

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Quote from: cheezcarls on July 08, 2020, 05:41:34 AM

There is a possibility that they move their BTCs to ETH is because of the upcoming Ethereum 2.0. However, if they are thinking long term about Ethereum, it’s going to be all about decentralized finance (DeFi).

On the other side, there’s also a possibility that they move their BTCs to ETH is because of the Forsage scam hype (which is now the #1 DApp according to DappStats) where they are using Ethereum’s smart contract in their ponzi scheme system. It also hogs 13% to 25% of the Ethereum’s network which results to high gas fees.

This is just my own analysis or point of view though about the possibilities of moving funds to Ethereum.

People always fall for these HYIP schemes and when their money gets struck in the contract then they come and whine about it, even though we already have told them about it in the first place. Moreover I don't think that this much of bitcoins should be transferred to Ethereum blockchain for the purpose of investing in Forsage as this would also show in the incoming ethers to the smart contract, I guess it is just because of the Ethereum 2.0 hype because people want to capitalize on it and are preparing for dumping their coins on the people who are going to buy ethers after the 2.0 announcement.

pawanjain

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I think this is kind of expected since the ETH upgrade might happen anytime soon.
Thought the date has not been officially announced yet, it is believed that the Upgrade of ETH 2.0 might happen by the end of this year.
Many people would opt to stake the ether and gain more bitcoins later by exchanging it.
So may be that's why people are starting to accumulate more ether these days.
This might happen more in the upcoming months.

kryptqnick

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Quote from: fiulpro on July 08, 2020, 04:56:37 AM

https://www.coindesk.com/nearly-60m-in-bitcoin-moved-to-ethereum-in-june

As the topic suggests:
Nearly 60M $ worth of Bitcoins were moved from BTC to ETH and that's alone for the month of June .

Research suggests that :
ETH is the most popular off-chain destination for Bitcoins

I do think some of you might be worrying that this would decrease the price of Bitcoins and such but the author explains very clearly how it's making a synergistic effect on both the cryptocurrencies.

Quote

Is the growing demand to use bitcoin on Ethereum a positive signal for the leading cryptocurrency? According to Demarco, the trend has a “synergistic” effect for both blockchains.

Chan agreed, telling CoinDesk that, for Ethereum, growth in the value of assets on decentralized finance applications is “a step towards the maturation of trustless and transparent financial services.” For Bitcoin, the benefit comes from being able to earn yield and collateralize bitcoin,” which “adds incentive” for users to invest in the cryptocurrency, according to Chan.

Using bitcoin on Ethereum is “potentially bullish for both networks,” Chan said.

Therefore what we can infer from this new is :

•Both BTC and ETH are supporting each other , BTC being the first choice of the investors and ETH having a more varied applications.

•Competition is not always a bad thing , the cryptocurrencies might as well coexist without having topics like : What's better BTC or ETH?

What do you guys think about it ? Worth noting or just unnecessary?

I don't know what to make of it. Yes, it's a solid amount of BTC exchanged for Ethereum (if that's what this is about and after reading the article I'm honestly not sure). But how much Ethereum was exchanged for Bitcoin at the same time? And how did they calculate it? Did they take trading BTC-ETH into account with sell and buy orders going back and forth all the time?
The more I think about it, the more I believe that we're misinterpreting this thing. The article says 'tokenized Bitcoin' which is not Bitcoin per se (there's this WBTC token that comes up, for instance), and they're talking about some off-chain stuff which again isn't exactly Bitcoin. Can someone who understands what this is about clarify these things?

BrewMaster

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this is just a paid advertisement for a shitcoin called ether. they have been doing it for a very long time now, they pay the news sites to publish this type of misinformation to help with the pump of their shitcoin.

the only thing that is happening these days is that bitcoin price is stable and like always in the past decade whenever that happens traders start pump and dumping shitcoins such as ETH and thousands of others.

if you check the altcoin exchanges you can see how shitcoins are getting pumped every day and of course ETH overlords are scared that their shitcoin is not getting pumped as much as other shitcoins so they start spending money to stay relevant Cheesy

iTradeChips

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Along with the majority of the people who have given their responses, most seem to agree that this movement of currency should not be a cause of concern or excitement, especially if you consider the volume and capitalization of the market itself. We do not even have solid details whether the move was only caused by an individual transaction or a series of transactions being sent at the same time. Ethereum has been the second most used cryptocurrency and it has been for a long time. This is not surprising in any way it should surprise newbies but the vets are like "Ok".

btc78

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Quote from: btcltcdigger on July 08, 2020, 05:58:29 AM

Quote from: btc78 on July 08, 2020, 05:47:26 AM

everyone talks about this 2.0 but there are no even news getting closer to this.

It could just be some speculation.
Think about it, $60m converted to ETH from BTC, ppl start to talk

1) Maybe that guys knows something we don't
2) Maybe he's just trying to push some bullish behaviour and cause FOMO

Ohh yeah i Got your Point there.

60million is not a small amount to risk converting from the most practical currency to second rank like ethereum when everyone of us know that before ETH pump it must be Bitcoin first so i am puzzled by His behavior.

Quote from: yazher on July 08, 2020, 08:15:19 AM

With this, most of the tokens that use the Ethereum network will increased their price. There hasn't been any further movement with the ETH price right now, maybe it will trigger when there will be another good news about ETH again. Anyway, this is a good thing for ETH since last year a lot of negative rumors are spreading about them because of the price of ETH isn't increasing when BTC price was sky-rocketing last year when it reaches to almost $14,000.

That is what made me think,he has already inBTC in which expecting to be bullying at anytime but transferring in ETH?there must be something He knows that we don't.

yazher

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With this, most of the tokens that use the Ethereum network will increased their price. There hasn't been any further movement with the ETH price right now, maybe it will trigger when there will be another good news about ETH again. Anyway, this is a good thing for ETH since last year a lot of negative rumors are spreading about them because of the price of ETH isn't increasing when BTC price was sky-rocketing last year when it reaches to almost $14,000.

KrisAlex18

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That is really a big money, it is almost 6603 BTC that was converted into ETH, is it held only by one person or it is from a group of people? Converting it into ETH is not that so surprising because of predictions that ETH can reach so high and they will make a big amount of money once it happens. I amaze to those people who are confident at investing a huge amount of money, they really give big trust to the cryptocurrency in a way that they could take a risk their 60m USD for investing.

Quote from: batang_bitcoin on July 08, 2020, 05:12:32 AM

It just normally happens. With people that are looking into the upgrade of Ethereum's 2.0. People who have bitcoin and are looking forward for the upgrade converted earlier so that if the price of ETH shoots, they are already there. And those people might have a bunch of bitcoins on their stash and it's part of their strategy to convert to bitcoin. Another thing that's trending about Ethereum is the proliferation of people who are joining the scam of Forsage. That's possibly contributing to the conversion.

Indeed, many people are investing now because of the Etheruem 2.0 which is really profitable once etheruem reach so high. If you want to make profit as well then make investment now.

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Quote from: fiulpro on July 08, 2020, 04:56:37 AM

the author explains very clearly how it's making a synergistic effect on both the cryptocurrencies.

Very clearly....lol

Quote from: tbct_mt2 on July 08, 2020, 06:39:49 AM

With the DeFi trend in crypto, people still FOMO about the DeFi and any projects that are seeded with the DeFi word this transition of capital from bitcoin to ETH is understandable. The level of FOMO now is less than what people did in the 2017 or 2018 with ICOs trend and Dapps trend that was caused by the game Cryptokitties.

Pumpers are desperate, thousands have joined the crypto scene from the last bitcoin rush in 2017 and are not seeing their profits multiplying by x10 as they were promised, so it's getting desperate, they need something and are clinging to anything that might cause a pump, with the halving not bringing the expected gains some hoped, for now, they are looking around digging up everything and making it sound as sensational news
When ICO failed there was IEO, it was supposed to be the next level, it didn't work, now it's DeFi which with all the hype in the media is not going any bit of traction.

Quote from: GreatArkansas on July 08, 2020, 06:46:43 AM

And we also consider that the all-time-high percentage, which ETH is still far from it's all-time-high so people much prefer to put their money in Ethereum than Bitcoin since ethereum still got more room for profits if ever we visit again the all-time-high.

The bigger the fool, the harder the fall. Grin

audaciousbeing

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As much as 60M$ is a huge fund to cause some notices, it still does not really cause for concern in the scheme of things considering the volume and capitalisation of the market itself and then restricting it to btc market. The 60M$ moving is only obvious because its going at once or over a period of time but at the same time, we have not done the calculation to know the amount that left ETH to bitcoin within the period under review or the amount of cash that went into bitcoin so also is the amount of other alt coins that went into bitcoin.

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Do you know how much is trading or transferring money between tether and bitcoin? Millions of dollars are transferred every day, but this does not mean that tether is better.
$ 60 million is a small sum, and perhaps one of the reasons that lead to transportation is the possibility that prices will double when POS ETH V0.2 happens.
ETH is good cryptocurrency and is the best altcoins if there is any problem with bitcoin, people trust it and therefore whoever does not want bitcoin will find a few good altcoins.

Blank-Head

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As all are said that it could be the reason of Ethereum 2.0 Upgrade and that's why almost 60M$ worth of Bitcoins moved to ETH.
I also think so and in this ethereum 2.0 upgrade is Amazon news in Crypto world.So here I got a topic where op described in details about the major changes and benefits of ETH 2.0
The main change is to upgrade from POA(Proof of Work) to POS(Proof of Stake) blockchain.So now it's necessary to know in details about this major upgrade.

So here you can check the details about ETH 2.0 from this topic :

❓❓❓ What the heck is Ethereum 2.0 anyway ❓❓❓

And here is another article about this Upgrade which is very informative

https://consensys.net/blog/blockchain-explained/what-is-ethereum-2

XCANA

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Quote from: ?? on ??

I'm not surprised to be honest.
With ETH 2.0 lurking behind the corner, it's expected. Especially with everyone speculating that the price migh go up drastically

For the forthcoming ethereum 2.0 upgrade those hitches of ethereum will be handle and this will bring much scalability to the future of ethereum. Although, the team hasn't brought us the news of this upgrade and this has made many thinking of the possibility of it happens soon. Let wait for their official announcement about this for us to draw conclusion. The price of ethereum can't surface and that of Bitcoin left below. According to CZ, "the upcoming pump will only have positive effect on those projects with active progress."

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