Whales expect Ethereum to outperform Bitcoin; if the staking ETF is approved, this trend may be strengthened.

According to Hash World, Singapore's crypto investment company QCP Capital stated that recently, in a market with insufficient liquidity, there was a sell-off of about 24,000 bitcoins, causing Bitcoin to quickly drop after the Jackson Hole meeting, evaporating about $500 million in support instantly. Meanwhile, Ethereum continues to reach new highs, pushing the exchange rate to 0.04 within a week, indicating that capital is shifting from Bitcoin to Ethereum, driving its price upward with an upward trend. Currently, Bitcoin's dominance has decreased from 60% to 57%, although it is still above the low of 50% in 2021, but the holding situation has raised market speculation that large holders expect Ethereum to outperform Bitcoin. If Ethereum's staking ETF is approved later this year, this view will be further supported. Recently, Bitcoin seems to be giving its upward momentum to Ethereum, but its structural view on Bitcoin has not changed. The market is expected to see institutions buying in when prices drop, similar to when it absorbed about 80,000 bitcoins in July this year.