On Tuesday, ETH/BTC dropped to around 0.0602, according to TradingView data, marking its lowest level since July.
The recent price action has extended the trend that began in September 2022, confirming some analysts’ predictions of a decline in the value of the second-largest cryptocurrency by market capitalization.
Marcus Thielen, a strategic specialist and researcher at Matrixport, noted on Monday (September 18) that Ethereum’s protocol revenue has decreased over the past three months, and he expects BTC to continue outperforming the broader cryptocurrency market, including ETH.
Renowned cryptocurrency analyst Benjamin Cowen, the founder of IntoTheCryptoverse, pointed out in an X post that there is a possibility of a pricing issue with ETH compared to BTC.
The latest price drop occurred as some well-known investors, often referred to as “whales,” recently sent a total of $60 million worth of ETH to cryptocurrency exchanges, raising concerns about further price declines.
Market participants closely monitor the on-chain activities of whales, as they are considered to have access to comprehensive information and significant market impact. Depositing assets into exchanges typically signals an intention to sell, while withdrawals indicate accumulation.
Most recently, Ethereum co-founder Vitalik Buterin transferred 300 ETH, valued at around $493,000, to Kraken on Tuesday (September 19), according to blockchain data recorded by security company PeckShield. Although the amount sent was relatively small, it fueled speculation among cryptocurrency enthusiasts about Buterin’s influence on Ethereum.
Another major holder sent a total of 30,000 ETH, worth nearly $50 million, to cryptocurrency exchanges Binance, OKX, and KuCoin over the past four days, as noted by blockchain detective Lookonchain.
Lookonchain also pointed out that a cryptocurrency wallet that had acquired tokens from Ethereum’s initial coin offering (ICO) nine years ago sent 6,000 ETH, worth about $10 million, to Kraken on Monday (September 18).