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Bitcoin [BTC] Maximalist and chairman of MicroStrategy’s board of directors, Michael Thaler, recently said: ethereum [ETH] The merge meant that BTC would become stronger.bloomberg report The Thaler made the statement while attending a conference in Australia. According to him, moving from Proof of Work (PoW) to Proof of Stake (PoS) will make ETH less valuable as a cryptocurrency. Thaler said,
Proof of work is the only universally accepted and proven method for creating digital goods.
strong but not omnipotent
However, it may appear that the former CEO made some key points. This is due to BTC’s recent highs. His Glassnode, a leading on-chain platform, has revealed that the number of addresses holding 1 BTC or more has reached an all-time high (ATH).
#bitcoin $BTC Number of addresses holding 1+ coins reached 902,510 ATH
902,466 previous ATHs observed on September 15, 2022
Show metrics:https://t.co/s7tx1xxyz3 pic.twitter.com/AuMXNCl1n4
Glassnode Alerts (@glassnodealerts) September 17, 2022
Additionally, BTC has shown strength per last active supply in the decade. detailthe metric came to ATH of 2,516,592.726 BTC based on Glassnode data.
Source: Glassnode
However, BTC did not hit highs on all fronts as there were some lows in key areas. CryptoQuant has shown that 7-day average exchange inflows and outflows have decreased from the last 24 hours.average inflow decreased 46%, outflow Recorded 54% decrease.
Source: CryptoQuant
This decrease is Large scale Selling pressure due to faster inflow of exchange coins.
On the derivatives side, Coinglass showed that over $27 million worth of BTC was traded. liquidated Within the last 24 hours. It looked somewhat stable compared to the previous day’s levels. For each open futures interest, gain on almost all exchanges.
Reportedly, open futures positions totaled $14.68 billion. This condition meant that BTC traders were active in both long and short positions.
Source: Coinglass
BTC may have shown strength in the derivatives market, but its price was not on the same page. clearly That BTC has lost control to hold $20,000. At the time of writing, it was trading at $19,882.
Despite outrage from ETH’s loyal corner about the security tag, Thaler seemed determined. Executives have previously said that Bitcoin has no alternatives.he passed further Tweet An article in the Wall Street Journal that the Securities and Exchange Commission (SEC) considers ETH a security.
Finally, there was no clear indication that BTC was less substantial than ETH. But supporters of both sides hope that over time, one or the other will be proven wrong.
