BitBoy Ben has dug into the research and charts to find the culprit that could be keeping Ethereum from mooning.
Bitcoin has been busy bursting through all time highs with significant jumps but Ethereum has been slowly playing along, Ben says this reminds him of both coins race on which outperforms which between November-December (1:45).
Ben says the fundamentals have never been more bullish for Ethereum even though gas fees moon more than ETH price crushing smaller traders because it discourages people from making ETH transactions including selling ETH (2:57).
Exchange ETH balances have dropped 9% since January 9  even though the price is up 36% in the same span. Ben says this taps into the long term potential most investors feel ETH has for 2021 because despite the price surge, people aren’t sending to exchanges to sell (3:30).
Coinbase support for ETH 2.0 staking which allows customers to earn a yield of up to 7.5% is a huge bullish news for Ethereum says Ben (4:25). We are experiencing an explosive growth for Ethereum with the NFT market currently worth $250m, with a 2800% growth in 2020 and will be a multibillion dollar market in the next few years (5:00).
Ben says another key metric to be looking at is institutional demand for Ethereum. Last week, 80% of inflows or about $175m went into Ethereum investment products and we have never seen institutional interest like that before says Meltem Demirors, Coinshares CSO (6:00).
F2Pool, currently the largest multi-currency mining pool in the world, is universally recognized as the reason for all the Bitcoin dumps in January and early February. Hundreds of millions of dollars sold off directly linked to F2Pool (8:02).
Ben found out F2Pool is the second largest Ethereum mining pool, on February 13th they sold another 8,000 ETH (previously did in December), about $14m dump in one day, their massive selling triggered a major sell off over the next 2 days (10:02).
Ben says he won’t stop calling out F2Pool market manipulation as they stop every time they are being called out. Hopefully ETH will move ahead to $2k and then $3k within weeks afterwards (10:38).
This episode premiered on February 18th, 2021.