Samson Mow, CEO of Bitcoin adoption firm JAN3, made a bold statement that no one wants ETH in the long run. In a post on X, Mow explained that Ethereum (ETH) is being manipulated by investors who hold Bitcoin (BTC) reserves.
He alleged these insiders are strategically rotating their BTC into ETH to inflate its price with new narratives, only to dump their ETH holdings later, leaving new investors as “generational bagholders.” He also advised investors to plan their investments accordingly.
Mow stated, on X, “Most ETH holders have a lot of BTC (ICO/insiders), and they are rotating that BTC into ETH to pump it on new narratives (Ethereum Treasury co’s).”
He added, “Once they’ve gotten it high enough, they’ll dump their ETH, creating new generational bagholders, and then rotate the gains back into BTC.”
According to the Bitcoin advocate, Ether’s rally, driven by new narratives and institutional interest, may soon hit a ceiling as early ETH holders offload their positions.
In the same thread, Mow described this scenario as a “Bagholder’s Dilemma,” suggesting that psychological resistance near all-time highs (ATH) will trigger profit-taking and suppress ETH’s ability to break out further.
Mow also dismissed concerns over the ETH/BTC ratio and its downward trendline. He emphasized that Ethereum has historically been a vehicle for accumulating more Bitcoin, echoing past trends from the 2014 Initial Coin Offering (ICO) era.
This view is consistent with Ethereum supporters. Anthony Sassano, a well-known Ethereum advocate, criticized Mow’s comments as old-school Bitcoin maxi rhetoric and suggested such skepticism is often a bullish signal for ETH.
Historical Market Trends Show Broader Rotation
Investor and entrepreneur Ted Pillows offered a contrasting outlook, forecasting a continued climb for ETH that could spark a mini altseason before capital rotates back into Bitcoin—potentially pushing BTC toward $140,000, followed by another wave back into Ethereum and other altcoins.
Recent performances of Ethereum have also led to a decline of 10% in dominance since late June. The reasons behind the rise in ETH are, on the one hand, the institutional interest in Ethereum as a strategic reserve asset and, on the other hand, the rise in DeFi exchanges. Users are being lured back into the Ethereum ecosystem by innovative practices like yield farming and lending protocols, all of which are increasing the amount of assets locked to their total value (TVL), according to Nick Ruck, Director at LVRG Research.
At the time of writing, ETH was trading at $4,299.39 while BTC was trading at $122,003 as per Coingecko data.
Although market participants disagree on this, the consensus among market watchers is that the next weeks of the market might determine whether the ETH rally will have legs or a well-known rotation to Bitcoin will once again take center stage.
Also Read: Ethereum Hits New Local All Time High in Japan and South Korea
