Ethereum Surpassing Bitcoin: Michael Terpin, Cryptocurrency Pioneer Announces Dominance
In the dynamic world of cryptocurrencies, this week has seen significant milestones. Spot Bitcoin Exchange-Traded Funds (ETFs) have reached a new all-time high in BTC holdings, marking a notable achievement in the industry.
Two heavyweights in the Bitcoin ETF market, BlackRock's IBIT and Fidelity's FBTC, have played a crucial role in this record-breaking feat. Their combined holdings have contributed significantly to the surge in BTC holdings.
Meanwhile, the Ethereum market has also been buzzing with activity. The Ethereum price has soared past the $4,200 mark, reflecting a strong bullish sentiment among investors. This surge comes as Spot Ethereum ETF inflows reached an all-time high of $1 billion on Aug. 11, 2021.
The largest institutional buyer of Bitcoin ETFs, which acquired more than 1.25 million Bitcoin on one of the recent days, is Grayscale Investments. The total value of this massive Bitcoin haul in fiat currency stands at approximately $1,422,460,000.
However, Bitcoin itself has seen a decline from its recent all-time high of $124,000 and is currently trading below $114,000. This dip in Bitcoin's price has not deterred crypto enthusiasts, as many, including well-known thought leader Michael Twerpin, believe that Ethereum will outperform Bitcoin in the current cycle.
As of Aug. 17, spot Bitcoin ETFs collectively hold a total of 1.25 million Bitcoin. This development underscores the growing institutional interest in Bitcoin and the broader cryptocurrency market.
These developments underscore the ongoing growth and maturity of the cryptocurrency market, with both Bitcoin and Ethereum setting new records and attracting increased institutional investment. As always, it's essential for investors to conduct thorough research and make informed decisions when navigating this exciting and rapidly evolving landscape.
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