According to Mow, the strategy is temporary: once ETH reaches levels they consider high enough, these investors will sell, leaving newer buyers holding the bag, and rotate profits back into BTC. He calls this a “Bagholder’s Dilemma” and warns that the closer ETH gets to its all-time high, the stronger the incentive to take profits.
Despite the ETH/BTC ratio breaking a long-term downtrend and doubling from April’s 0.018 low to 0.036, Mow sees no cause for concern, describing Ethereum as “a vehicle to get more Bitcoin” both in the past and today.
Ethereum supporters see things differently. Advocate Anthony Sassano dismissed Mow’s remarks as “old school Bitcoin maxi” criticism, suggesting such skepticism is actually bullish for ETH.
Others expect a more traditional market cycle. Investor Ted Pillows predicts ETH could set a new all-time high and trigger a brief altcoin season before capital rotates back into Bitcoin — potentially driving BTC to $140,000 — followed by a final push into Ethereum and smaller altcoins.
Market data appears to support the altcoin rotation narrative. Bitcoin dominance has fallen 10% since late June, while ETH’s institutional-driven climb has boosted DeFi total value locked and renewed interest in yield farming and lending strategies, according to LVRG Research’s Nick Ruck.
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