The crowd has spoken, and they have been predominantly bullish on bitcoin rather than ether, which could mean that the latter has more room for growth, said Santiment.
Ethereum has become a rock star in the cryptocurrency industry lately, with multiple companies launching strategies to hold ETH as a reserve asset.
ETH Has More Potential Than Bitcoin?
The analytics company revealed that comments such as “higher” or “above” coincided “perfectly” with last week’s surge on Wednesday and Thursday to a new all-time high for bitcoin. Recall that the asset skyrocketed above $124,500 to chart a fresh peak and crashed by over six grand in the following days.
The situation with ETH is slightly different as its investor base hasn’t shown the same enthusiasm regarding its price performance, even though the asset has risen by more than 22% on a monthly scale. Moreover, it jumped to its highest price levels in almost four years at over $4,700 but failed to breach its own record marked in 2021.
The team at Santiment has been a long-time proponent of the narrative that prices typically move in the opposite direction of retail’s expectations, which should, at least in theory, paint a more bullish path for ETH.
Who’s Buying ETH?
The second-biggest cryptocurrency had a rough start to Q2 as it dumped to a multi-year low of under $1,500 during the most intense period of Trump’s trade war. However, it quickly bounced off and has been on a roll, especially since the beginning of July.
Within this timeframe, a big part of the narrative around Ethereum has shifted as investors are rushing to acquire the asset. Companies such as Tom Lee’s Bitmine and SharpLink have accumulated billions of dollars worth of ETH, whales have been consistently purchasing the token, while the ETFs have seen unprecedented demand.
In the past week alone, these regulated financial vehicles registered net inflows of over $1 billion on Monday, more than $520 million on Tuesday, $729.1 million on Wednesday, and $639.6 million on Thursday before a minor outflow on Friday of $59.3 million. In total, more than $2.850 billion entered the funds in the span of five trading days.
This demand, alongside the fact that ETH is yet to break its 2021 ATH and that the crowd has not entered a peak euphoria phase, could indeed mean that ether has more potential for the next few months than BTC.
