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Michael Twerpin, one of the earliest crypto thought leaders and influencers, whom CNBC has named the “Crypto Godfather,” has addressed the community, talking about the two largest cryptocurrencies — Bitcoin and Ethereum.
In particular, Twerpin in his tweet highlighted a massive surge in Ethereum ETF inflows that have been taking place recently.
Ethereum prepares to outperform Bitcoin in this cycle: Twerpin
Twerpin mentioned the massive inflows into spot Ethereum ETFs this August, when they reached an all-time high of $1 billion for the first time in history on Aug. 11. The Ethereum price also continues to grow; by now, it has surpassed $4,200, while Bitcoin has declined from the recent all-time high of $124,000 and is now changing hands below $114,000.
The Crypto Godfather stated that Bitcoin is consolidating, while Ethereum ETFs are increasing their holdings, calling this process “textbook cycle rotation dynamics.” He believes that financial institutions are now embracing “merge economics + DeFi yields.” And this, in his view, is a “strategic positioning for Ethereum's relative outperformance in late Supercycle.”
Spot Bitcoin ETFs reach new ATH
According to on-chain data agency CryptoQuant, spot Bitcoin exchange-traded funds have hit a new historic peak in BTC holdings this week. In particular, this happened thanks to the two largest ETFs — BlackRock’s IBIT and Fidelity’s FBTC.
The aforementioned data source has reported that, as of Aug. 17, Bitcoin ETFs hold a whopping 1.25 million Bitcoin. This is the highest level that has ever been recorded in these ETFs. A total of 1.25 million BTC is valued at $1,422,460,000 in fiat.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team