October 23 эфириум got ahead Bitcoin on a key investment metric that has a significant impact on cryptocurrency price fluctuations.
Analyst Leon Weidmann said that эфириум- treasury entities already own 4% of the ETH supply, while Bitcoin- Treasury institutions own only 3,6% of the issued BTC. Judging by the chart published by the expert, it took Ethereum only three and a half months to catch up and overtake Bitcoin on this indicator.
Changes in the share of BTC and ETH on the balance sheet of treasury institutions
Weidmann believes that «big money» prefers эфириум Instead of Bitcoin, since ETH can be staked to generate passive income of up to 4,08% per annum at the moment. However, to be fair, it’s worth noting that BTC holders also have the opportunity to grow their capital by locking their coins on an exchange or, for example, in the decentralized service Babylon.
Leon believes that BTC will continue to lag behind ETH in terms of the amount of coins held by treasury companies because the Ethereum blockchain is growing in popularity due to the issuance of tokenized assets and second-layer networks. In this case, the actual circulating supply of ETH will decrease, which should positively impact the cryptocurrency’s price in the long term.