Bitcoin advocate Samson Mow believes Ethereum’s rally is nearing its peak, predicting many ETH investors will soon move profits back into Bitcoin.
Key Takeaways
- 1Samson Mow claims ETH’s surge is fueled by BTC holders rotating capital into Ethereum on new corporate treasury narratives.
- 2He warns of strong selling pressure as ETH approaches its all-time high, calling it a “Bagholder’s Dilemma.”
- 3Other analysts forecast ETH could break records first, triggering a mini alt-season before a shift back to BTC.
- 4Ethereum just closed its highest weekly candle since 2021, now only 12% below its record high.
What Happened?
Ethereum’s five-week surge has brought its price to $4,303, marking the highest weekly close since November 2021 and placing it just 12% away from its record peak of $4,878. The rally, fueled in part by institutional interest and innovative DeFi strategies, has reignited the long-standing debate between Bitcoin maximalists and Ethereum advocates.
Mow’s Prediction: ETH Profits Will Flow Back to Bitcoin
Samson Mow, CEO of Bitcoin adoption firm Jan3, argues that Ethereum’s rally is primarily driven by early ETH insiders who already hold significant Bitcoin reserves. According to him, these investors are rotating BTC into ETH to boost prices on new narratives, particularly the emergence of Ethereum treasury companies.
Let me explain what’s happening with ETHBTC.
,Samson Mow (@Excellion) August 10, 2025
Most ETH holders have a lot of BTC (ICO/insiders) and they are rotating that BTC into ETH to pump it on new narratives (Ethereum Treasury co’s).
Once they’ve gotten it high enough, they’ll dump their ETH, creating new generational…
Once ETH reaches sufficiently high levels, Mow predicts they will sell their holdings, leaving “new generational bagholders,” and move their profits back into Bitcoin. “No one wants ETH in the long run,” Mow stated. He added that surpassing the all-time high would be challenging due to psychological selling pressure as that level nears, a situation he calls the “Bagholder’s Dilemma.”
ETH/BTC Ratio Breaks Downtrend
The ETH/BTC ratio now stands at 0.036, double its April low of 0.018, according to TradingView. While some Bitcoin advocates see this as a temporary anomaly, Ethereum supporters interpret it differently. Anthony Sassano, a well-known Ethereum proponent, dismissed Mow’s remarks as “old school Bitcoin maxis” rhetoric and called it a bullish sign for ETH.
Old school Bitcoin maxis coping about ETH is actually one of the most bullish things imaginable.
,sassal.eth/acc 🦇🔊 (@sassal0x) August 10, 2025
So much higher. pic.twitter.com/AFB17XfUY4
Alternative Outlook: Altseason Before BTC Reclaims Dominance
Not all analysts agree with Mow’s bearish stance on ETH. Investor Ted Pillows expects Ethereum to hit a new all-time high, sparking a mini altseason before capital rotates back into Bitcoin, which he predicts could climb to $140,000. From there, he envisions another capital shift into ETH and other altcoins.
I think the next few months could follow a familiar rotation pattern.
,Ted (@TedPillows) August 10, 2025
First, $ETH moves higher and breaks ATH.
This sparks a mini alt season.
Then, capital rotates into BTC, aiming for $140K.
Alts lag as traders focus on Bitcoin.
Finally, Ethereum and alts take the lead…
This pattern mirrors previous bull market cycles, where Ethereum and altcoins peak after Bitcoin’s run. Bitcoin dominance has already dropped 10% since late June as traders diversify into alternative assets.
Institutional Interest and Treasury Holdings Boost ETH
The recent Ethereum rally has been fueled in part by corporate treasuries adding ETH to their reserves. BitMine Immersion Technologies, chaired by Tom Lee of Fundstrat, recently added 208,137 ETH to its holdings, bringing its total to 833,137 ETH valued at over $3 billion. This makes BitMine the largest Ethereum-holding treasury company and the fourth-largest crypto treasury overall.
However, Ethereum co-founder Vitalik Buterin has cautioned against the growing ETH treasury trend, warning that excessive leverage could become a long-term risk. “If you woke me up three years from now and told me that treasuries led to the downfall of ETH… my guess would basically be that somehow they turned it into an overleveraged game,” Buterin said.
CoinLaw’s Takeaway
I think this is one of those classic crypto tug-of-wars between Bitcoin diehards and Ethereum believers. Mow’s comments reflect a pattern we have seen before. Profits moving between BTC and ETH depending on the narrative. But with ETH so close to its all-time high and institutions piling in, I would not be quick to write it off. If history rhymes, we might see both camps enjoy their moment before the cycle turns again.
