📊 ETH Struggles: Bitcoin up, Ethereum down! ETH/BTC is down 1.6% today and on the verge of retracing the relief rally incepted by BlackRock’s decision to file for a spot Ether ETF. Will the ratio continue to trade lower?
Earlier this month, DCinvestor wrote, “Expect ETHBTC to get truly painful.” Despite the momentary momentum shift in Ethereum’s favor, we’re returning to our regularly scheduled programming of Ether underperformance.
expect ETHBTC to get truly painful
bottom could already be in, or it will go further to a point where you wonder how it could even happen
you will sell, and then that is when it will rage pump and melt your face off
on my timeframe, i am patient, and i am accumulating
— DCinvestor (@iamDCinvestor) November 1, 2023
While stablecoin market caps have ticked up slightly in November, primarily driven by the creation of $2.6B new Tethers during the month, the availability of new crypto capital remains constrained. Contributing towards the decline in the Ratio is undoubtedly ETH investors rotating out of their bags in search of Haute assets with fresher investment narratives, like SOL and TIA 🚀🥮
ETH/BTC may have found support above 0.05, but the Ratio will soon be at risk of retesting this critical level for the first time since the depths of the 3AC collapse if the downturn continues…
I’d guess the persistent ETH weakness is from ETH holders selling to gamble on other stuff
if you accept that, for now, there is finite amounts of money to bet on L1/L2/whatever Celestia is, and new tokens keep launching, some asset has to be sold for other assets to go up
— Sisyphus (@0xSisyphus) November 16, 2023
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