Bitcoin: Merge makes ETH less of a cryptocurrency according to this BTC maximalist

Bitcoin [BTC] maximalist and chairman of Microstrategy Michael Saylor recently said that Ethereum [ETH] Merger meant that BTC was going to get stronger. Bloomberg reported that Saylor made that statement while attending an Australian conference. According to him, moving from Proof-of-Work (PoW) to Proof-of-Stake (PoS) makes ETH less of a crypto asset. Saylor said,

“Proof-of-Work is the only universally accepted, proven method for creating a digital good.”

Strong, but not all-rounder

However, it may seem that the former CEO made some important points. This is because BTC has hit some highs lately. The leading chain platform, Glassnode, revealed that the number of addresses with 1 BTC and more reached another all-time high (ATH).

📈 #Bitcoin $BTC The number of addresses with 1+ coins just reached an ATH of 902,510

Previous ATH of 902,466 was observed on September 15, 2022

See calculation: pic.twitter.com/AuMXNCl1n4

— glassnode alerts (@glassnodealerts) 17 September 2022

In addition, BTC also showed strength relative to the amount of supply that was last active in ten years. according to detailsthe calculation was now at an ATH of 2,516,592,726 BTC based on Glassnode data.

Source: Glassnode

However, BTC did not record highs in all aspects as there were some lows in significant areas. CryptoQuant showed that the seven-day average exchange inflows and outflows were down from the last 24 hours. While the average exchange inflow reduced with 46%, the outflow recorded a decrease of 54%.

Source: CryptoQuant

This decline may have been expected after a gigantic selling pressure per increased exchange coin inflow earlier.

As for the derivatives aspects, Coinglass showed that BTC had been worth over $27 million liquidated the last 24 hours. There appeared to be some stability compared to the previous day’s levels. Per the open futures interest, there has been one increase on almost all exchanges.

At press time, the open futures positions were a cumulative $14.68 billion. This state of affairs meant that BTC traders had been active in both long and short positions.

Source: CoinGlass

While BTC may have shown strength in the derivatives market, the price was not on the same page. CoinMarketCap revealed that BTC had lost control of maintaining $20,000. At the time of writing, it was trading at $19,882.

Despite outrage from some ETH stalwarts about the securities label, Saylor seemed to have made up his mind. The executive had previously stated that Bitcoin had no alternative. He went on tweeting The Wall Street Journal article on the Securities and Exchange Commission (SEC) considering ETH as securities.

Finally, there was no clear indication that BTC was not more significant than ETH. Loyalists from both ends, however, will hope that one gets it wrong as time goes on.