Bitcoin advocate Samson Mow has ignited fresh debate by suggesting investors may “rotate” their Ethereum holdings back into Bitcoin. In a sharply worded post on X, he said, “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)”
What Mow is trying to imply is that the recent ETH surge may be leveraged by insiders who will soon reverse course. Mow has repeatedly argued that Ethereum is substantially overvalued compared to Bitcoin, citing its large premined supply. He suggests that if ETH’s supply mirrored Bitcoin’s capped circulation, its valuation would be far lower, making current prices appear bloated.
Is ETH overheated?
He goes on to share another Bitcoin Advocate, Pierre Rochard’s tweet showing Vitalik Buterin’s double standards on Bitcoin treasury companies versus Ethereum treasury companies. While Vitalik calls out Michael Saylor’s accumulation strategy as “Not what crypto is about”, he defends Ethereum accumulation as “good and valuable”.
Bitcoin is currently trading above $121,000–$122,000, surging nearly 4% in the past 24 hours and closing in on its all-time high. Ethereum, meanwhile, has eclipsed the $4,300–$4,488 range, marking multi-month highs. While ETH’s rally has been fueled by booming ETF flows, DeFi demand, and optimism around stablecoin regulation, it has managed to outpace Bitcoin in recent days. However, this sudden rally might fall short if those holding ETH decide to move back to BTC.
The above chart compares Bitcoin (BTC) and Ethereum (ETH) price performance over the last 24 hours, using percentage change to highlight relative gains. ETH (blue line) has surged by +7.65%, significantly outperforming BTC (orange line), which rose +3.17% in the same period. This divergence suggests stronger short-term bullish momentum in Ethereum, potentially driven by higher network activity and investor interest, while Bitcoin remains stable above recent breakout levels.
Growing ETH-BTC debate
Bitcoin proponents have made their Ethereum skepticism loud and clear. Peter Schiff continues to favor Bitcoin over Ethereum. He argues that despite ETH’s impressive gains, Bitcoin remains the safer long-term bet. He even went on to say, “If you put a gun to my head, I’d choose Bitcoin.”
Crypto trade James Wynn, in late July, had suggested that market makers were dumping BTC for ETH and “creating panic amongst long leverage traders”. However, he went on to suggest that the altcoin rally would come only after Bitcoin breaks new highs.