60M$ Worth Bitcoins Moved to ETH - page 2.

GreatArkansas

legendary

Activity: 2338

Merit: 1354

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

I also don't think the reason is the ETH 2.0, maybe in fundamental part YES, but if you consider the technical part especially on the chart.
Ethereum is really bullish for the long term especially when it broke before above $200.

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.

tbct_mt2

hero member

Activity: 2366

Merit: 838

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.

I wish that they will soon realize that in crypto, Bitcoin is the strongest and most solid cryptocurrency. Altcoins at the right time can help investors to get fast profits with high ROIs but most of time bitcoin is the best. In the long term investment perspective, invest in bitcoin is the safest way for crypto investors. They don't fall into scam cryptocurrency projects and don't lost their capital fastly to zero as simple as invest wrongly into scam projects.

LogitechMouse

legendary

Activity: 2576

Merit: 1043

Need A Campaign Manager? | Contact Little_Mouse

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

Not a surprising news already and I expected this to happen already (at least a bit).

With the upgrade of ETH coming up within the next months/years, many are holding ETH already and buying while it is cheap right now because they want to join the staking. Well, this huge transfer might come from a few institutions only or a few rich people which are planning for it.

btcltcdigger

hero member

Activity: 2086

Merit: 761

To boldly go where no rabbit has gone before...

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

so98nn

hero member

Activity: 2114

Merit: 603

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

Exactly. It could actually be temporary investment into the ETH due to the fact of 2.0 launch. In the future, price will rise, investors will take the profit and will leave ETH one more time to gain more from bitcoin. This back and forth investment actually creates more liquidity for both the coins. For example, more clients are attracted towards ETH when someone is making loads of investment into it and seeing the prices going up they will push it more. The vice versa scenario is also true when these whales will start putting money back into BTC people will think now BTC is gonna be profitable, they will reverse the transaction as well. I believe it's completely naturally tendency for the investors to play around the crypto coins like this. It's like whats in demand is first choice of raffle.

btc78

full member

Activity: 2520

Merit: 214

Eloncoin.org - Mars, here we come!

Thanks for this transaction so My Ethereum is going good and if this really coming(because it seems that nothing still in effect in the market) all i wanna say is Thanks and congratulations.

Have been waiting for ETH to at least Seat at 300$ so if this is the start then i would consider accumulating some more before the train runs.

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

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

cheezcarls

hero member

Activity: 2282

Merit: 659

Looking for gigs

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.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

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.

fiulpro

hero member

Activity: 1890

Merit: 831

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?

Topic: 60M$ Worth Bitcoins Moved to ETH - page 2. (Read 340 times)