BTC vs ETH accumulation flares, and institutions start to choose which assets to prioritize.
Metaplanet buys an additional 780 BTC and Sharlink Gaming adds 77,210 ETH.
Both assets show strong indicators for hitting higher ATH prices soon.
The Bitcoin vs Ethereum stage of the ongoing bull cycle gains traction. Often, at a critical point in any crypto market, BTC and ETH face off to hold or take dominance. This stage is often just as BTC hits closer to the cycle top highs and on the brink of the altseason peak explosion. Amidst this stage, the BTC vs ETH accumulation flares up as Metaplanet buys an additional 780 BTC and Sharplink Gaming adds 77,210 ETH.
BTC vs ETH Accumulation Flares
The time has come for BTC and ETH to battle it out and claim dominance; either way, analysts remain bullish for newer and higher ATH prices for both the pioneer crypto asset and the pioneer altcoin asset. So far, institutional accumulation also seems to be picking sides. For instance, Bit Digital switched its strategy to a full ETH-focused accumulation, while entities like Strategy remain with BTC alone and entities like BlackRock accumulate both.
https://twitter.com/Cointelegraph/status/1949673885013573863
As we can see from the post above, Metaplanet is a firm that has been steadily accumulating BTC and only BTC. Most recently, Metaplanet bought 780 BTC worth $92 million, bringing its total holdings to 17,132 BTC, amounting to a total value of $1.73 billion. This shows the long-time faith these BTC-first institutions have, as they continue to accumulate BTC no matter its current price, for long-term BTC value is expected to go to the $1 million target, if not higher.
https://twitter.com/Crypto_Twittier/status/1949634424594702503
For this bull cycle, Bitcoin’s latest ATH sits at the $123,000 price range, and the asset is still as bullish as ever. As the post above depicts, there is a bullish update on the M2 Global Money Supply vs the price of BTC. The analyst notes that it seems like Bitcoin is still following this chart almost perfectly, while Ethereum is slowly reaching for a new ATH, meaning altcoin prices are set to explode by Q4.
Bullish Indicators for BTC and ETH Prices Grow
https://twitter.com/Cointelegraph/status/1949651246513520690
Meanwhile, institutions going all in for ETH have started to become the norm. One such firm investing heavily in ETH is Sharplink Gaming. In detail, the entity just added another 77,210 ETH worth $295 million and is now holding 438,017 ETH worth $1.69 billion. Adding to the bullish expectations are reputed analysts highlighting several bullish factors. For instance, the post below shows how ETH is setting up for a monster move.
https://twitter.com/MerlijnTrader/status/1949469824847057049
According to this analyst, the many bullish factors include the massive bullish monthly candle, the fresh MACD crossover, the 3-year squeeze reaching its apex, and the ETH/BTC daily golden cross formation. With these factors in play, the analyst concludes a $4,200 ETH price and a break that’ll catapult the price of ETH to much higher ATH prices in the coming months ahead.
