Samson Mow, a Bitcoin advocate and CEO of JAN3, once again criticizes ETH despite its growing popularity. With the increasing amount of unstaked ETH and the rising number of validators withdrawing, Mow warns that "the market may see significant changes in the near future."

Ethereum Unstaking Set to Reach 1 Million ETH

Mow highlights the increase in the number of Ethereum withdrawals, with about 909,788 ETH, worth nearly 3.9 billion USD, still unstaked. He predicts that this number will soon exceed 1 million ETH, arguing that such a large withdrawal could impact the price. This is in stark contrast to the optimistic predictions from analysts like Tom Lee of Fundstrat.

"ETH surpassing Bitcoin will never happen, but 1 million ETH unstaking will come," he said in a previous post on X. He also warned that the ETH/BTC ratio could drop to 0.03 or even lower.

Currently, about 29% of the total Ethereum supply, equivalent to about 35.3 million, is being staked. However, new staking demand has slowed down while the number of validators withdrawing continues to increase. The withdrawal queue has now reached nearly 1 million ETH, worth approximately nearly 4 billion USD, which has also contributed to the recent weakening of ETH prices.

ETH Faces Selling Pressure

ETH ETF funds have also seen recent weakening, with 257 million USD withdrawn in the past two days. This selling pressure has pushed ETH down from its weekly high, with the current price below 4,300 USD.

The CEO of Canary Capital also shares a pessimistic view. He believes that Ethereum is outdated and slower compared to other blockchains like Solana and Sui. He does not expect ETH to reach a new all-time high and is currently only optimistic about Bitcoin, predicting that the price could rise to 140,000–150,000 USD this year, thanks to ETF demand and an increasing number of institutional investors.

CryptoQuant analysts note that the inflow of money into Bitcoin on exchanges remains stable, indicating stable market sentiment and limited selling pressure. However, Ethereum activity has surged. In mid-August, the amount of ETH transferred to exchanges reached 2.6 million coins in just one day, indicating higher trading activity and suggesting that investors may be taking profits.