Prominent Ethereum (ETH) supporter Adriano Feria claims that the “Store of Value” narrative around Bitcoin (BTC) may be on borrowed time because of conflicts of interest in the proof-of-work ecosystem, ongoing selling pressure, and miners’ susceptibility. The ETH/BTC exchange rate, meanwhile, fell to its lowest points since early April 2021.
Bitcoin (BTC) flawed by selling pressure and conflicts of interest: Opinion
Due to OFAC’s improper implementation of censorship mechanisms on its transactions, Ethereum (ETH) demonstrated its resilience to censorship. Adriano Feria, a long-time Ethereum (ETH) enthusiast and DeFi researcher, posted this remark on his X.
Meanwhile, more than 58% of post-Merge blocks were OFAC-compliant, meaning they were rejecting transactions using designated Ethereum (ETH) addresses, according to automated monitors of MEV impacts and OFAC penalties in Ethereum.
https://x.com/AdrianoFeria/status/1849826105655533806
However, Feria acknowledges that the biggest cryptocurrency, Bitcoin (BTC), is dealing with more risky issues. Miners who want to pay their bills will constantly put pressure on Bitcoin as an asset to sell. Furthermore, it is difficult to transfer advanced mining equipment, rendering the ecosystem as a whole inefficient.
Additionally, if price appreciation slows down and the optimistic momentum of halving occurrences becomes insufficient to draw in new investors, the business model of Bitcoin (BTC) mining challenges.
In contrast, Ethereum (ETH) continues to provide a steady return for long-term investors and is net deflationary following the merger.
Despite pale ETH dynamics, giants still betting big on Ethereum (ETH)
The performance of the Ethereum (ETH) network is also being pushed by Layer-2 scaling techniques, such as different kinds of rollups, whilst the Lightning Network of Bitcoin is still unfamiliar to the great majority of Bitcoin users.
This is why cryptocurrency giants Coinbase and Kraken, along with real-world IT giants like Sony and Samsung, are investigating rollup and appchain solutions on Ethereum’s L2s.
It should be mentioned that investors are quite pessimistic about Ethereum’s (ETH) price performance throughout this cycle.
Based on data from TradingView, the ETH/BTC exchange rate fell to 0.03628. Since the first week of April 2021, this is the lowest level in almost three and a half years.
