The cryptocurrency market is witnessing complex and unpredictable developments. Recently, in a podcast titled "On Consumer Crypto" on January 10, the two co-founders of Web3 Accelerator and Alliance DAO, Imran Khan and Qiao Wang, made comments on market trends.
Notably, Mr. Qiao Wang revealed a surprising information: After 10 years with Ethereum, he sold out of his ETH last year, citing the coin's growth potential as short.
This decision has sparked a lot of controversy in the community, especially when looking at the current picture of Ethereum: skyrocketing short selling and gas fees falling to record lows. Is this a sign that Ethereum is gradually losing its leading position?

Alliance co-founder DAO sells out of Ethereum
In the podcast, Imran Khan said that "in the context of the current volatile market, the attention of Base supporters has turned to Solana".
Mr. Qiao Wang also agrees with this view, commenting that Solana is showing great attractiveness in attracting users. While the transition to Solana requires developers familiar with EVM to get used to a completely new set of tools, the benefits it brings in terms of user base and supporting ecosystem are still worth it.
In particular, Mr. Qiao Wang revealed a surprising information: "I have been holding Ethereum since the early days, from the genesis block. However, after 10 years of service, I sold out of my Ethereum last year. It's hard to make this decision after such a long time, but I feel that Ethereum's growth potential is not much."
I assess the possibility that Ethereum Layer 2 projects can surpass Solana by only 10-20%. -- Mr. Qiao Wang added.--
In another development, Mr. Qiao Wang also talked about his observation and comparison process between the development of the project on Ethereum layer 2 and Solana. He said a year ago, he didn't see a significant difference between developing the project on Ethereum layer 2 or Solana.
However, after nearly a year of monitoring and evaluation, he found that startup projects have almost no transactions or users on Ethereum layer 2, while they are very active on Solana.
From these observations, Mr. Qiao Wang gave advice for crypto startups to consider choosing Solana as the platform for the project launch.

Mixed picture about Ethereum: Short selling soars, ETF cash flows pour in strongly
In the derivatives market, Ethereum short positions have seen a spike, amounting to more than 500% since November last year, reaching record highs.
Specifically, Wall Street institutional speculators on the CME have established the largest Ethereum short position in history on February 10, 2025, with short selling up 40% in just one week and a sharp increase of 500% since November 2024.

Although the CME market is betting heavily on ETH's possible downside, the inflows from ETFs show a completely different picture. Over the past three weeks, ETH has attracted more than $2 billion, including a record $854 million inflow in just one week from Wall Street, the highest level ever.
ETH trading volume is also remarkable, with spikes on January 21 (the day of the US President's inauguration) and February 3 (when the market witnessed a decline).

Currently, Ethereum is trading about 45% lowethan the historical high set in November 2021. Compared to many other major altcoins that have fallen by 70% or more from their peaks, ETH's decline is not the largest.
However, ETH's growth rate since 2024 has been slower than that of most other major cryptocurrencies, including Bitcoin.
These conflicting developments have sparked many speculations in the community. Some argue that this could be a form of market manipulation, a crypto hedging strategy, or simply a reflection of a negative view of Ethereum compared to competitors like Solana.
Ethereum gas fees drop to record lows
Data from Etherscan shows that gas fees on the Ethereum network have dropped to less than 1 gwei, or about $0.06. This record-low gas fee has led many to question the usage status of the largest layer 1 blockchain network on the market today.
According to JPMorgan, Ethereum is facing stiff competition from other platforms and lacks a clear leading story like Bitcoin.
Despite deploying the Dencun upgrade and preparing to test Pectra in February, most of the activity on Ethereum has moved to layer 2, reducing the demand for the mainnet and leading to a sharp drop in gas fees.
Notably, Uniswap, one of the most gas-consuming protocols on Ethereum, is also planning to leave the platform to switch to Unichain.

The move could deal a blow to Ethereum, especially given that the price of ETH has fallen by 10% over the past week, currently trading around $2,639.
#BTCStateReserves #solana #layer1layer2
$ETH

Jul 4, 2024

According to U Today, The cryptocurrency market has been experiencing a significant downturn, leading to massive liquidations and sharp declines in prices. XRP, the seventh-largest cryptocurrency by market capitalization, has not been immune to this sell-off. Over the past 24 hours, XRP’s price has fallen by 6.15%, trading at $0.4517. Despite the bearish market conditions, XRP has seen a remarkable 63% increase in trading volumes, with over $1.55 billion worth of XRP changing hands according to CoinMarketCap data. This surge in trading activity reflects a growing interest in XRP from both buyers and sellers navigating the market’s heightened volatility.
$OM

This surge in trading volume occurs amidst a broader context of market fear and opportunism. As the total liquidations across various digital assets reach $321 million, traders are reacting in diverse ways. Some are liquidating their positions to prevent further losses, while others are seizing the opportunity to accumulate assets at lower prices. XRP's increased trading volume suggests it is attracting significant attention during this period of market instability, potentially positioning itself as a focal point for traders seeking to capitalize on the price fluctuations.
$ZK

Looking ahead, XRP’s price movements are likely to be closely watched by the market. The immediate support levels are between $0.41 and $0.46, where bulls are expected to defend vigorously to prevent further declines. On the upside, the critical resistance level to monitor is the 50-day Simple Moving Average (SMA) at $0.503. If buyers can push XRP above this level, it could signal the start of a strong recovery towards the 200-day SMA at $0.554 and eventually the $0.57 mark. Traders and investors should keep a close eye on these key levels as they navigate the current market conditions.
$XRP

#Xrp🔥🔥 #Market_Update #BinanceNews #6thTrade #layer1layer2

After a steep decline post-listing, NIBI appears to have entered a consolidation phase, signaling potential stabilization. The $0.050 support level has been tested multiple times, with strong buyer interest. The recent deviation to the downside was swiftly followed by a recovery back into the accumulation box, indicating renewed bullish momentum.
🔹 Aggressive Entry: Buy at the current price to capitalize on early signs of a potential breakout.
🔹 Conservative Entry: DCA down to the bottom level of the accumulation box for a more cautious approach.
📈 Profit Targets: Clearly outlined on the chart for optimized exit planning. 🚀✨
Exchanges: Bybit, Kucoin, MEXC, Gate.io
#WeAreAllSatoshi #BURNGMT #Layer1 #DEFİ #layer1layer2
NIBI/USDT