Bit Digital - ETH treasury combining ETH staking with AI compute. Sponsored Friend & Sponsor Learn more

Home, Read, Article

King of the Hill

This is Bitcoin's world for now, and we're all just living in it

Jack Inabinet
Dec 20, 2023 • 1 min read

Subscribe to Bankless or sign in

Greener Pastures! Crypto markets make modest gains on the day amid a down day for a stock market that continues to inch towards new all-time highs. The total crypto market cap (TOTAL) is green, up 3.7%, but broadly alts are struggling against Bitcoin. What's driving BTC outperformance?

Ethereum continues to demonstrate persistent weakness against Bitcoin, with the ETH/BTC ratio now at risk of breaching the absolute lows it set during the 3AC implosion. Some are attributing Ether weakness towards the Celsius estate’s persistent offloading of ETH.

We have found that Celsius has sold $243M worth of $ETH over the past 30 days.

This selling activity happened despite their initial plan to redistribute those assets in kind, meaning they should not be liquidated for cash.

They still have $3.94B in digital assets remaining,… pic.twitter.com/9qRAiTfe1j

Abonnez-vous gratuitement pour continuer à lire

Soutenez le mouvement Bankless
Accès à des milliers d’articles
Archive complète des épisodes Bankless
Lancez-vous dans des quêtes gratuites sur Airdrop Hunter
De l’alpha quotidien dans votre boîte mail

Déjà abonné ? Se connecter

Sponsored Bit Digital ETH treasury combining ETH staking with AI compute.

Written by Jack Inabinet

498 Articles • View all

Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.