Bitcoin [BTC] MicroStrategy maximalist and CEO Michael Saylor recently said that the ether [ETH] The merger meant that BTC would become stronger. Bloomberg reported that Saylor made this statement while attending an Australian conference. According to him, moving from Proof-of-Work (PoW) to Proof-of-Stake (PoS) makes ETH less of a crypto-asset. Sailor said
“Proof-of-work is the only universally accepted, proven method for creating a digital good.”
Strong but not round
However, it may seem that the ex-CEO made some important points. This is because BTC has been hitting some highs lately. Leading on-chain platform Glassnode announced that the number of addresses holding 1 BTC and above hit another all-time high (ATH).
📈 #Bitcoin $BTC The number of addresses with 1+ coins just reached an ATH of 902,510
The previous ATH of 902,466 was observed on September 15, 2022
View metric: https://t.co/s7tx1xxyz3 pic.twitter.com/AuMXNCl1n4
— Glassnode Alerts (@glassnodealerts) September 17, 2022
In addition, BTC also showed strength in terms of supply volume active in the last ten years. According to that detailsthe metric now stands at an ATH of 2,516,592.726 BTC based on Glassnode data.
Source: Glassnode
However, BTC did not make highs in all aspects as there were some lows in key areas. CryptoQuant showed that the average exchange inflow and outflow over seven days decreased compared to the last 24 hours. While the middle exchange inflow reduced by 46% of the outflow recorded a drop of 54%.
Source: CryptoQuant
This decline might have been expected after a Celebration Selling pressure per increased exchange coin inflow earlier.
Regarding the derivatives aspects, Coinglass showed that BTC had been worth over $27 million liquidated in the last 24 hours. There seemed to be some stability compared to the previous day’s levels. According to the open futures interest, there was one increase on almost all exchanges.
At press time, open futures positions totaled $14.68 billion. This condition meant that BTC traders were active in both long and short positions.
Source: CoinGlass
While BTC may have shown strength in the derivatives market, its price has not been on the same page. CoinMarketCap uncovered that BTC had lost control of maintaining $20,000. At the time of writing, it was trading at $19,882.
Despite the outrage from some ETH-loyal corners at the securities label, Saylor appeared to have made up his mind. The executive had previously stated that Bitcoin had no alternative. He kept walking past tweet the Wall Street Journal article on the Securities and Exchange Commission (SEC) considering ETH a security.
After all, there was no clear indication that BTC was not more substantial than ETH. However, loyalists from both sides would hope that over time one would prove wrong.
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