ETHBTC Exchange Rate Hits 18Month Low Solana Supporters Rally to the Defense Is Ethereum Facing Obsolescence

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ETH/BTC Exchange Rate Hits 18-Month Low
Chain Whale Liquidates Holdings
Will Ethereum be Eliminated?
The recent excitement in the cryptocurrency market seems to have bypassed the Ethereum ecosystem. Data shows that the exchange rate of the ETH/BTC trading pair briefly dropped below $0.5 today (reaching a low of 0.4977), marking an 18-month low, approaching the low point of June 2022.
According to information shared by user X @ai_9684xtpa, a whale who went long on the ETH/BTC exchange rate (borrowing BTC to sell and buy ETH) was liquidated today as the exchange rate dropped, resulting in the liquidation of 4,210 ETH (worth approximately $9.26 million). Following this, the whale voluntarily repaid 92 WBTC, with 1,463 WBTC still pending repayment.
On the other hand, information shared by on-chain analyst Yu Jin indicates that a whale recently closed leveraged positions on the Ethereum chain, selling a large amount of Ether and settling all on-chain debts, transferring the full amount of $35.78 million to the Binance exchange. This move raises questions about whether the whale intends to leave the Ethereum ecosystem for other platforms.
The weak performance of Ether has sparked increasing voices within the community advocating for abandoning Ether in favor of other ecosystems. Even the latest research report from Messari suggests that compared to Bitcoin and other new public chains, Ether lacks attractiveness and cost-effectiveness.
The discussion of whether Ether can maintain its dominant position has sparked intense debates within the community. Many supporters of new public chains like Solana believe that Ethereum has become a relic of the past and will be surpassed in the next bull market.
Over the years, slogans like “surpassing Ether,” “Ether is dead,” “eliminating Ethereum,” and “Ethereum killer” have been heard countless times, as if someone is always trying to predict the demise of Ethereum in each cycle. However, looking back now, Ethereum has continuously innovated and grown in each cycle. There is still a large group of people in the community who firmly believe that Ethereum will continue to maintain its leading position. As Yang Mindao, the founder of dForce, said, it may be too early to talk about “surpassing” now.