Bitcoin [BTC]<\/span><\/a> maximalist and Microstrategy board chairman Michael Saylor recently said that the <\/span>Ethereum [ETH]<\/span><\/a> Merge meant BTC was going to be stronger. Bloomberg <\/span>reported<\/span><\/a> that Saylor made that statement while attending an Australian conference. According to him, moving from Proof-of-Work (PoW) to Proof-of-Stake (PoS) renders ETH less of a crypto asset. Saylor said,<\/span><\/p>\n \u201cProof-of-Work is the only universally accepted, proven method for creating a digital commodity.\u201d<\/p>\n<\/blockquote>\n It may, however, seem that the ex-CEO made some significant points. This is because BTC has been hitting some highs lately. Leading on-chain platform, Glassnode, revealed that the number of addresses holding 1 BTC and more reached another All-Time High (ATH).<\/span><\/p>\n 📈 #Bitcoin<\/a> $BTC<\/a> Number of Addresses Holding 1+ Coins just reached an ATH of 902,510<\/p>\n Previous ATH of 902,466 was observed on 15 September 2022<\/p>\n View metric:https:\/\/t.co\/s7tx1xxyz3<\/a> pic.twitter.com\/AuMXNCl1n4<\/a><\/p>\n \u2014 glassnode alerts (@glassnodealerts) September 17, 2022<\/a><\/p>\n<\/blockquote>\n Additionally, BTC also showed strength per the amount of supply last active in ten years. According to the <\/span>details<\/span><\/a>, the metric was now at an ATH of 2,516,592.726 BTC based on Glassnode data.<\/span><\/p>\n Source: Glassnode<\/p>\n<\/div>\n However, BTC did not record highs in all aspects, as there were some lows in significant areas. CryptoQuant showed that the seven-day mean exchange inflow and outflow were down from the last 24 hours. While the mean exchange inflow <\/span>decreased<\/span><\/a> by 46%, the outflow <\/span>recorded<\/span><\/a> a 54% decline.\u00a0<\/span><\/p>\n Source: CryptoQuant<\/p>\n<\/div>\n This decrease may have been expected following a <\/span>massive<\/span><\/a> selling pressure per increased exchange coin inflow earlier.<\/span><\/p>\n On the derivatives aspects, Coinglass showed that over $27 million worth of BTC had been <\/span>liquidated<\/span><\/a> in the last 24 hours. There seemed to be some stability compared to the previous day\u2019s levels. Per the open futures interest, there has been an <\/span>increase<\/span><\/a> across almost all exchanges.<\/span><\/p>\n At press, the open futures positions were a cumulative $14.68 billion. This state meant BTC traders had been active in both long and short positions.<\/span><\/p>\n Source: CoinGlass<\/p>\n<\/div>\n While BTC might have shown strength in the derivatives market, its price was not on the same page. CoinMarketCap <\/span>revealed <\/span><\/a>that BTC had lost control of sustaining $20,000. At the time of writing, it was trading at $19,882.<\/span><\/p>\n Despite outrage from some ETH faithful corners about the securities tag, Saylor seemed to have made up his mind. The executive had earlier stated that Bitcoin had no alternative. He went further by <\/span>tweeting <\/span><\/a>the Wall Street Journal article on the Securities and Exchange Commission (SEC) considering ETH as securities.<\/span><\/p>\n\n
Strong, but not all round<\/strong><\/h3>\n
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