Bitcoin whales rotate into Ether, despite record $5B ETH validator exit queue: Finance Redefined
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Crypto markets are seeing a “natural rotation” into Ether and altcoins with more potential upside, Nansen’s research analyst told Cointelegraph.
Bitcoin whales, or large tokenholders, are selling more of the world’s first cryptocurrency to gain exposure to Ether’s price.
The move signals the market’s “natural rotation” into Ether (ETH) and other altcoins with more upside potential, Nicolai Sondergaard, research analyst at crypto intelligence platform Nansen, told Cointelegraph.
The growing investor capital rotation occurred despite increasing concerns over incoming selling pressure, due to the Ethereum validator queue reaching an all-time high of nearly $5 billion worth of ETH tokens on Thursday, pushing withdrawal times to a record 18 days, 16 hours.
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