- Ethereum miners currently dumping their holdings
- ETH currently underperforming against Bitcoin
In recent weeks, Ethereum miners have been forced to sell their Ethereum holdings because the crypto asset has been performing far below expectations, especially when compared to Bitcoin.
While Bitcoin has rallied and is currently trading at a record price, other crypto assets have had a massive drop in their performance, which has made investors and other crypto enthusiasts shift focus to the leading crypto asset.
Some analysts have predicted that, at some point, investors would shift capital and focus to other assets like Ethereum, but when this shift of focus would happen is what many do not know.
Ethereum’s recent underperformance has been linked to its single on-chain trend and the dumping of Ethereum holdings by Ethereum miners. An analytic platform made it known that the above reason could be why the second largest crypto asset could be rapidly underperforming.
Ethereum miners beginning to dump Ethereum
Miners of Ethereum have begun to massively dump their ETH holdings because of the degradation of the coin’s technical strength.
Sanctimony, an analytic platform, announced via a tweet that the balance of Ethereum miners has rapidly dwindled in the past couple of days. This could be a reason why the coin has been actively underperforming when compared to Bitcoin.
It is believed that until Ethereum miners stop dumping their holdings, the coin may significantly underperform Bitcoin.
Ethereum currently trades for less than $400, and it has sold for as low as $380. Ethereum would need to climb as high as 20% before it can sell for its all-time high of $490, which was its peak when there was a massive hype around the DeFi tokens.