Key Takeaways
- Samson Mow says Ethereum’s rally is temporary and traders will rotate back into Bitcoin.
- Mow claims most ETH whales hold large BTC reserves from the ICO era.
- ETH hit a three-year high above $4,300 but remains 12% below its all-time high.
Ethereum’s (ETH) price surge has captured headlines, but not everyone is convinced it will last.
Bitcoin (BTC) advocate Samson Mow has slammed the rally, warning that while ETH may be pumping now, traders will eventually take profits and move back into BTC.
His remarks come as ETH touched a fresh three-year high above $4,300, driven by growing exchange-traded fund (ETF) inflows and the rise of ETH treasuries among public companies.
Mow: ETH Whales Are Sitting on Big BTC Stashes
In an X post on Monday, Mow claimed that many large ETH holders still have significant Bitcoin reserves from the ICO days.
According to him, these whales are rotating BTC into ETH to fuel the current run-up, but they will eventually sell their ETH bags and funnel the gains back into Bitcoin.
He also argued that Ethereum faces a major psychological hurdle near its 2022 all-time high of $4,800.
As ETH approaches that level, he believes selling pressure will intensify, making it hard to break through.
Mow dubbed the situation a “Bagholder’s Dilemma,” comparing it to the Prisoner’s Dilemma in game theory:
“Bitcoiners shouldn’t be worried about ETHBTC breaking the downward trendline. Ethereum has always been a vehicle for those people to get more Bitcoin. It was true for the ICO, and it’s true now.”
Mow also took aim at Ethereum co-founder Vitalik Buterin for what he sees as hypocrisy over crypto treasuries.
While Buterin criticized public companies for holding BTC as part of their balance sheets, he praised firms in 2025 for adopting ETH treasuries, claiming it offered better investment opportunities to the public.
Will ETH Treasuries Push Prices to New Highs?
BTC treasuries have already weathered the 2022 bear market, with over 100 public companies now holding close to 1 million BTC.
ETH treasuries, however, are a relatively new phenomenon.
Historically, Bitcoin’s price has dropped 60–70% from cycle tops, while ETH and other altcoins have seen even sharper declines of over 80%.
With many companies financing ETH purchases through debt, a major market downturn could force liquidations and trigger heavy selling.
While Bitcoin has nearly doubled from its 2021 peak of $69,371, ETH remains about 12% below its $4,809 all-time high.
ETH sat out much of the 2024–25 bull run, only catching momentum in its final stages.
ETH optimists believe demand from public companies and strong ETF inflows could send prices above $8,000.
However, Mow insists the current rally is a temporary detour — and that Bitcoin will once again be the market’s final destination.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
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