In the third quarter of 2024, Bitcoin’s dominance surged to its highest level since April 2021, as $BTC traded sideways while both $ETH and smaller tokens reached new yearly lows.
This trend suggests that Bitcoin is increasingly being viewed as a form of money, whereas Ethereum’s valuation appears more closely linked to its cash flows, according to analysis from @intotheblock.
Bitcoin's dominance surged to its highest level since April 2021 in Q3, with $BTC trading sideways while $ETH and smaller tokens hit new yearly lows.
This suggests BTC is being valued as money, while ETH's valuation is more tied to its cash flows, according to @intotheblock pic.twitter.com/pABPXu5cnD
— Satoshi Club (@esatoshiclub) October 7, 2024
In related news, Vitalik Buterin, known by his Twitter handle vitalik.eth, recently sold 10 billion $MOODENG tokens for 308.69 $ETH, equating to approximately $762,000. Following this transaction, he transferred 260.16 $ETH, valued at around $642,000, to the charity Kanro just 45 minutes ago. Despite these movements, Buterin retains a substantial holding of 40 billion $MOODENG, worth approximately $8 million.
vitalik.eth(@VitalikButerin) sold 10B $MOODENG for 308.69 $ETH($762K) again and transferred 260.16 $ETH($642K) to the charity #Kanro 45 mins ago. #MOODENG
vitalik.eth still holds 40B $MOODENG, worth $8M!https://t.co/9qlzO4uzPG pic.twitter.com/hE9o9wNxoq
— Lookonchain (@lookonchain) October 7, 2024
Ethereum Spot ETFs Recorded Net Outflow Of $30 Million
Amid these developments, the Ethereum spot ETFs experienced a net outflow of $30.69 million last week. Grayscale’s ETHE saw a significant outflow of $66.74 million, while BlackRock’s ETHA managed to attract an inflow of $55.83 million. These fluctuations highlight ongoing volatility in investor sentiment regarding Ethereum.
Last week (September 30 to October 4), Ethereum spot ETFs had a net outflow of $30.69m. Grayscale ETF ETHE had an outflow of $66.74m, and Blackrock ETF ETHA had an inflow of $55.83m.https://t.co/Tvs2oCSxTg
— Wu Blockchain (@WuBlockchain) October 7, 2024
As Bitcoin consolidates its position as the leading cryptocurrency, the market remains cautious about Ethereum’s future. The stark contrast in performance between these two major assets raises questions about their respective roles in the evolving crypto landscape. While Bitcoin solidifies its status as a store of value, Ethereum faces challenges that could impact its valuation and growth potential in the months ahead.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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