60M$ Worth Bitcoins Moved to ETH

[fiulpro]

https://www.coindesk.com/nearly-60m-in-bitcoin-moved-to-ethereum-in-june

As the topic suggests:
Nearly 60M $ worth of Bitcoins were moved from BTC to ETH and that's alone for the month of June .

Research suggests that :
ETH is the most popular off-chain destination for Bitcoins

I do think some of you might be worrying that this would decrease the price of Bitcoins and such but the author explains very clearly how it's making a synergistic effect on both the cryptocurrencies.

Is the growing demand to use bitcoin on Ethereum a positive signal for the leading cryptocurrency? According to Demarco, the trend has a “synergistic” effect for both blockchains.

Chan agreed, telling CoinDesk that, for Ethereum, growth in the value of assets on decentralized finance applications is “a step towards the maturation of trustless and transparent financial services.” For Bitcoin, the benefit comes from being able to earn yield and collateralize bitcoin,” which “adds incentive” for users to invest in the cryptocurrency, according to Chan.

Using bitcoin on Ethereum is “potentially bullish for both networks,” Chan said.

Therefore what we can infer from this new is :

•Both BTC and ETH are supporting each other , BTC being the first choice of the investors and ETH having a more varied applications.

•Competition is not always a bad thing , the cryptocurrencies might as well coexist without having topics like : What's better BTC or ETH?

What do you guys think about it ? Worth noting or just unnecessary?

[batang_bitcoin]

It just normally happens. With people that are looking into the upgrade of Ethereum's 2.0. People who have bitcoin and are looking forward for the upgrade converted earlier so that if the price of ETH shoots, they are already there. And those people might have a bunch of bitcoins on their stash and it's part of their strategy to convert to bitcoin. Another thing that's trending about Ethereum is the proliferation of people who are joining the scam of Forsage. That's possibly contributing to the conversion.

[cheezcarls]

There is a possibility that they move their BTCs to ETH is because of the upcoming Ethereum 2.0. However, if they are thinking long term about Ethereum, it’s going to be all about decentralized finance (DeFi).

On the other side, there’s also a possibility that they move their BTCs to ETH is because of the Forsage scam hype (which is now the #1 DApp according to DappStats) where they are using Ethereum’s smart contract in their ponzi scheme system. It also hogs 13% to 25% of the Ethereum’s network which results to high gas fees.

This is just my own analysis or point of view though about the possibilities of moving funds to Ethereum.

[btc78]

Thanks for this transaction so My Ethereum is going good and if this really coming(because it seems that nothing still in effect in the market) all i wanna say is Thanks and congratulations.

Have been waiting for ETH to at least Seat at 300$ so if this is the start then i would consider accumulating some more before the train runs.

I'm not surprised to be honest.
With ETH 2.0 lurking behind the corner, it's expected. Especially with everyone speculating that the price migh go up drastically

everyone talks about this 2.0 but there are no even news getting closer to this.

[so98nn]

I'm not surprised to be honest.
With ETH 2.0 lurking behind the corner, it's expected. Especially with everyone speculating that the price migh go up drastically

Exactly. It could actually be temporary investment into the ETH due to the fact of 2.0 launch. In the future, price will rise, investors will take the profit and will leave ETH one more time to gain more from bitcoin. This back and forth investment actually creates more liquidity for both the coins. For example, more clients are attracted towards ETH when someone is making loads of investment into it and seeing the prices going up they will push it more. The vice versa scenario is also true when these whales will start putting money back into BTC people will think now BTC is gonna be profitable, they will reverse the transaction as well. I believe it's completely naturally tendency for the investors to play around the crypto coins like this. It's like whats in demand is first choice of raffle.

[btcltcdigger]

everyone talks about this 2.0 but there are no even news getting closer to this.

It could just be some speculation.
Think about it, $60m  converted to ETH from BTC, ppl start to talk

1) Maybe that guys knows something we don't
2) Maybe he's just trying to push some bullish behaviour and cause FOMO

[LogitechMouse]

I'm not surprised to be honest.
With ETH 2.0 lurking behind the corner, it's expected. Especially with everyone speculating that the price migh go up drastically

Not a surprising news already and I expected this to happen already (at least a bit).

With the upgrade of ETH coming up within the next months/years, many are holding ETH already and buying while it is cheap right now because they want to join the staking. Well, this huge transfer might come from a few institutions only or a few rich people which are planning for it.

[tbct_mt2]

With the DeFi trend in crypto, people still FOMO about the DeFi and any projects that are seeded with the DeFi word this transition of capital from bitcoin to ETH is understandable. The level of FOMO now is less than what people did in the 2017 or 2018 with ICOs trend and Dapps trend that was caused by the game Cryptokitties.

I wish that they will soon realize that in crypto, Bitcoin is the strongest and most solid cryptocurrency. Altcoins at the right time can help investors to get fast profits with high ROIs but most of time bitcoin is the best. In the long term investment perspective, invest in bitcoin is the safest way for crypto investors. They don't fall into scam cryptocurrency projects and don't lost their capital fastly to zero as simple as invest wrongly into scam projects.

[GreatArkansas]

I'm not surprised to be honest.
With ETH 2.0 lurking behind the corner, it's expected. Especially with everyone speculating that the price migh go up drastically

I also don't think the reason is the ETH 2.0, maybe in fundamental part YES, but if you consider the technical part especially on the chart.
Ethereum is really bullish for the long term especially when it broke before above $200.

And we also consider that the all-time-high percentage, which ETH is still far from it's all-time-high so people much prefer to put their money in Ethereum than Bitcoin since ethereum still got more room for profits if ever we visit again the all-time-high.

[XCANA]

I'm not surprised to be honest.
With ETH 2.0 lurking behind the corner, it's expected. Especially with everyone speculating that the price migh go up drastically

For the forthcoming ethereum 2.0 upgrade those hitches of ethereum will be handle and this will bring much scalability to the future of ethereum. Although, the team hasn't brought us the news of this upgrade and this has made many thinking of the possibility of it happens soon. Let wait for their official announcement about this for us to draw conclusion. The price of ethereum can't surface and that of Bitcoin left below. According to CZ, "the upcoming pump will only have positive effect on those projects with active progress."

[Blank-Head]

As all are said that it could be the reason of Ethereum 2.0 Upgrade and that's why almost 60M$ worth of Bitcoins moved to ETH.
I also think so and in this ethereum 2.0 upgrade is Amazon news in Crypto world.So here I got a topic where op described in details about the major changes and benefits of ETH 2.0
The main change is to upgrade from POA(Proof of Work) to POS(Proof of Stake) blockchain.So now it's necessary to know in details about this major upgrade.

So here you can check the details about ETH 2.0 from this topic :

❓❓❓ What the heck is Ethereum 2.0 anyway ❓❓❓

And here is another article about this Upgrade which is very informative

https://consensys.net/blog/blockchain-explained/what-is-ethereum-2

[Spenjoyere3]

Do you know how much is trading or transferring money between tether and bitcoin? Millions of dollars are transferred every day, but this does not mean that tether is better.
$ 60 million is a small sum, and perhaps one of the reasons that lead to transportation is the possibility that prices will double when POS ETH V0.2 happens.
ETH is good cryptocurrency and is the best altcoins if there is any problem with bitcoin, people trust it and therefore whoever does not want bitcoin will find a few good altcoins.

[audaciousbeing]

As much as 60M$ is a huge fund to cause some notices, it still does not really cause for concern in the scheme of things considering the volume and capitalisation of the market itself and then restricting it to btc market. The 60M$ moving is only obvious because its going at once or over a period of time but at the same time, we have not done the calculation to know the amount that left ETH to bitcoin within the period under review or the amount of cash that went into bitcoin so also is the amount of other alt coins that went into bitcoin.

[stompix]

the author explains very clearly how it's making a synergistic effect on both the cryptocurrencies.

Very clearly....lol

Currently $132 million worth of bitcoin is on Ethereum, at the time of publication, or roughly 0.08% of the leading cryptocurrency’s market capitalization, according to OnChainFX.

Again the ETH 2.0 hype, we've had that for years and it hasn't moved an inch with Bitcoin leading the pack of altcoins and shitcoins.

With the DeFi trend in crypto, people still FOMO about the DeFi and any projects that are seeded with the DeFi word this transition of capital from bitcoin to ETH is understandable. The level of FOMO now is less than what people did in the 2017 or 2018 with ICOs trend and Dapps trend that was caused by the game Cryptokitties.

Pumpers are desperate, thousands have joined the crypto scene from the last bitcoin rush in 2017 and are not seeing their profits multiplying by x10 as they were promised, so it's getting desperate, they need something and are clinging to anything that might cause a pump, with the halving not bringing the expected gains some hoped, for now, they are looking around digging up everything and making it sound as sensational news
When ICO failed there was IEO, it was supposed to be the next level, it didn't work, now it's DeFi which with all the hype in the media is not going any bit of traction.

And we also consider that the all-time-high percentage, which ETH is still far from it's all-time-high so people much prefer to put their money in Ethereum than Bitcoin since ethereum still got more room for profits if ever we visit again the all-time-high.

The bigger the fool, the harder the fall.

[KrisAlex18]

That is really a big money, it is almost 6603 BTC that was converted into ETH, is it held only by one person or it is from a group of people? Converting it into ETH is not that so surprising because of predictions that ETH can reach so high and they will make a big amount of money once it happens. I amaze to those people who are confident at investing a huge amount of money, they really give big trust to the cryptocurrency in a way that they could take a risk their 60m USD for investing.

It just normally happens. With people that are looking into the upgrade of Ethereum's 2.0. People who have bitcoin and are looking forward for the upgrade converted earlier so that if the price of ETH shoots, they are already there. And those people might have a bunch of bitcoins on their stash and it's part of their strategy to convert to bitcoin. Another thing that's trending about Ethereum is the proliferation of people who are joining the scam of Forsage. That's possibly contributing to the conversion.

Indeed, many people are investing now because of the Etheruem 2.0 which is really profitable once etheruem reach so high. If you want to make profit as well then make investment now.

[yazher]

With this, most of the tokens that use the Ethereum network will increased their price. There hasn't been any further movement with the ETH price right now, maybe it will trigger when there will be another good news about ETH again. Anyway, this is a good thing for ETH since last year a lot of negative rumors are spreading about them because of the price of ETH isn't increasing when BTC price was sky-rocketing last year when it reaches to almost $14,000.

[btc78]

everyone talks about this 2.0 but there are no even news getting closer to this.

It could just be some speculation.
Think about it, $60m  converted to ETH from BTC, ppl start to talk

1) Maybe that guys knows something we don't
2) Maybe he's just trying to push some bullish behaviour and cause FOMO

Ohh yeah i Got your Point there.

60million is not a small amount to risk converting from the most practical currency to second rank like ethereum when everyone of us know that before ETH pump it must be Bitcoin first so i am puzzled by His behavior.

With this, most of the tokens that use the Ethereum network will increased their price. There hasn't been any further movement with the ETH price right now, maybe it will trigger when there will be another good news about ETH again. Anyway, this is a good thing for ETH since last year a lot of negative rumors are spreading about them because of the price of ETH isn't increasing when BTC price was sky-rocketing last year when it reaches to almost $14,000.

That is what made me think,he has already inBTC in which expecting to be bullying at anytime but transferring in ETH?there must be something He knows that we don't.

[iTradeChips]

Along with the majority of the people who have given their responses, most seem to agree that this movement of currency should not be a cause of concern or excitement, especially if you consider the volume and capitalization of the market itself. We do not even have solid details whether the move was only caused by an individual transaction or a series of transactions being sent at the same time. Ethereum has been the second most used cryptocurrency and it has been for a long time. This is not surprising in any way it should surprise newbies but the vets are like "Ok".

[BrewMaster]

this is just a paid advertisement for a shitcoin called ether. they have been doing it for a very long time now, they pay the news sites to publish this type of misinformation to help with the pump of their shitcoin.

the only thing that is happening these days is that bitcoin price is stable and like always in the past decade whenever that happens traders start pump and dumping shitcoins such as ETH and thousands of others.

if you check the altcoin exchanges you can see how shitcoins are getting pumped every day and of course ETH overlords are scared that their shitcoin is not getting pumped as much as other shitcoins so they start spending money to stay relevant

[kryptqnick]

https://www.coindesk.com/nearly-60m-in-bitcoin-moved-to-ethereum-in-june

As the topic suggests:
Nearly 60M $ worth of Bitcoins were moved from BTC to ETH and that's alone for the month of June .

Research suggests that :
ETH is the most popular off-chain destination for Bitcoins

I do think some of you might be worrying that this would decrease the price of Bitcoins and such but the author explains very clearly how it's making a synergistic effect on both the cryptocurrencies.

Is the growing demand to use bitcoin on Ethereum a positive signal for the leading cryptocurrency? According to Demarco, the trend has a “synergistic” effect for both blockchains.

Chan agreed, telling CoinDesk that, for Ethereum, growth in the value of assets on decentralized finance applications is “a step towards the maturation of trustless and transparent financial services.” For Bitcoin, the benefit comes from being able to earn yield and collateralize bitcoin,” which “adds incentive” for users to invest in the cryptocurrency, according to Chan.

Using bitcoin on Ethereum is “potentially bullish for both networks,” Chan said.

Therefore what we can infer from this new is :

•Both BTC and ETH are supporting each other , BTC being the first choice of the investors and ETH having a more varied applications.

•Competition is not always a bad thing , the cryptocurrencies might as well coexist without having topics like : What's better BTC or ETH?

What do you guys think about it ? Worth noting or just unnecessary?

I don't know what to make of it. Yes, it's a solid amount of BTC exchanged for Ethereum (if that's what this is about and after reading the article I'm honestly not sure). But how much Ethereum was exchanged for Bitcoin at the same time? And how did they calculate it? Did they take trading BTC-ETH into account with sell and buy orders going back and forth all the time?
The more I think about it, the more I believe that we're misinterpreting this thing. The article says 'tokenized Bitcoin' which is not Bitcoin per se (there's this WBTC token that comes up, for instance), and they're talking about some off-chain stuff which again isn't exactly Bitcoin. Can someone who understands what this is about clarify these things?