60M$ Worth Bitcoins Moved to ETH

[pawanjain]

I think this is kind of expected since the ETH upgrade might happen anytime soon.
Thought the date has not been officially announced yet, it is believed that the Upgrade of ETH 2.0 might happen by the end of this year.
Many people would opt to stake the ether and gain more bitcoins later by exchanging it.
So may be that's why people are starting to accumulate more ether these days.
This might happen more in the upcoming months.

[sayulita]

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.

People always fall for these HYIP schemes and when their money gets struck in the contract then they come and whine about it, even though we already have told them about it in the first place. Moreover I don't think that this much of bitcoins should be transferred to Ethereum blockchain for the purpose of investing in Forsage as this would also show in the incoming ethers to the smart contract, I guess it is just because of the Ethereum 2.0 hype because people want to capitalize on it and are preparing for dumping their coins on the people who are going to buy ethers after the 2.0 announcement.

[concept2]

It kinda a great news   I do love ethereum and bitcoin. I think this an opportunity for both coin to develop side by side and both of them will rule the world in the next few years.

Bitcoin is trusted more by the people. Many say that it can be considered as digital gold while Ethereum is fulfilled with many new techs and advantages. Therefore, Ethereum can be used just like money or paypal but way more better and faster. In the world we are living right now, people tend to trust gold and fiat in real life while bitcoin and ethereum have their own place on the Internet. Soon I believe ethereum will replace paypal cause people love the convenient decentralized system which do not harm them by requiring personal data 

[Oilacris]

I think this is kind of expected since the ETH upgrade might happen anytime soon.
Thought the date has not been officially announced yet, it is believed that the Upgrade of ETH 2.0 might happen by the end of this year.
Many people would opt to stake the ether and gain more bitcoins later by exchanging it.
So may be that's why people are starting to accumulate more ether these days.
This might happen more in the upcoming months.

One of the things that i had in mind directly when i do saw that huge conversion from BTC to ETH just because of that possible upcoming 2.0 of Eth.

We know that whales will surely move out into something on which they can benefit out or even on small traders/investors out there, when they do saw

opportunities then its no question that they will dive in and do took risk but in the end of the line, these people would just simply go back and accumulate btc once again.

[logfiles]

This might be minor but one of the reasons could be that for the past few months, ETH has been more volatile than BTC. So, just like me who converted BTC to trade in ETH contracts in Bybit, which seems much profitable because a slight edge in volatility as compared to BTC, I believe many more traders out there have been doing the same thing

[fullhdpixel]

It's not going to have any negative effect on the price of bitcoin.. The price of Bitcoin is already going up, and it increased today to $9,311. And you're right! They are both complementing each other. That's why any time the price of Bitcoin is going up the price of ethereum is always going with it.

ETH wouldn't go up if Bitcoin is not going up, I have not seen that happen before. Even with this $60 million that was shifted to the ether network, they both still complements each other just as the op has said. ETH wouldn't go up without BTC. The last time that I checked the price they were both going up and ethereum has around 3% increase, and Bitcoin has around 1.5% or so. It's not just the both of them, there are other cryptocurrencies that are going a similar direction with the both.

[davis196]

The Synergistic theory about both cryptocurrencies helping each other is pretty interesting,but I can't see any real proof that this theory actually works.60M USD is a very small amount,so there's no way such small amount can have any substantial influence over the crypto markets.
I've always though that the Bitcoin price growth is pumping the prices of all the other altcoins,but all the altcoins can't help for pumping the Bitcoin price.There's no "reverse correlation",if I can use this term.
The "which one is better" dispute is kinda pointless,because BTC and ETH are different.Each one has different pros and cons.It would be nice if both coins help each other and exist in some sort of collaboration,but I don't see this happening.

[Eugenar]

It is not that so surprising because there are many people who are doing the same things because of thinking about etherium 2.0, in which they can make a good profit once they invested in it. What makes me surprised is the amount of money, it is a really big amount of money, I am curious if it is only owned by one person or many people, still, confused where and how did they earn the 60m USD.
I have done the same way, some of my assets are bow converted into ETH because I also believe that I will make a profit a lot with this.

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.

Well said, investing a huge amount of money is not that easy and people doing it are so confident and have a strong trust with cryptocurrency.

[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.

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.

While us who are currently holding Ethereum can't wait for it because the devs are slack with the development. Although they have said that it might take sometime but we're just too excited for it.
I think many are starting to reach the 32 ETH threshold so that they can stake it whenever the PoS consensus is already done. I still haven't that amount but I'll pursue it.