Ethereum Surge or Trap? Samson Mow Predicts Profits Will Flow Back to Bitcoin
Samson Mow, CEO of JAN3 and a vocal Bitcoin advocate, started a debate on X on Aug. 10, 2025, claiming that Ethereum (ETH) investors, especially those from the ICO era and insiders, are pumping ETH prices to buy more Bitcoin (BTC) through narratives like “Ethereum Treasury companies.”
According to Mow, those investors intend to pump ETH, sell at the peak levels, and redirect profits into BTC, leaving retail investors as “new generational bagholders.” He calls this the “Bagholder’s Dilemma,” describing a psychological pressure to sell as ETH nears its all-time high (ATH) of $4,878, which could terminate its bullish run.
“Nobody wants ETH long term,” Mow stated, framing Ethereum as a vehicle to own more Bitcoin, a pattern he links to the 2017 ICO boom.
The ETH/BTC ratio, currently at 0.03527, has more than doubled from April’s 5.5-year low of 0.018, showing the altcoin leader’s recent strength against BTC.
ETH/BTC Ratio (Source: TradingView)
Despite this, Mow is convinced that the breakout won’t challenge Bitcoin’s long-term dominance, since historical patterns show capital tends to return to BTC after altcoin surges. His X posts consistently describe the altcoin as a short-term play for Bitcoin gains, a view shared by some Bitcoin maximalists.
ETH Soars, BTC Stable: What’s Driving the Shift?
Ethereum has surged 21.92% over the past week, reaching $4,305 as of Aug. 11, 2025, its highest weekly close since November 2021, and is now 11.96% below its 2021 ATH of $4,981, according to CoinMarketCap.
ETH Price Chart (Source: CoinMarketCap)
Institutional interest in decentralized finance (DeFi), yield farming, and lending strategies has driven this rise, with DeFiLlama reporting increased total value locked (TVL) in Ethereum protocols.
Meanwhile, Bitcoin’s market dominance has fallen approximately 10% since late June, from 65% to 55–60%, due to capital rotation into altcoins like ETH, according to CoinMarketCap data.
BTC/ETH Market Dominance (Source: CoinMarketCap)
Bitcoin, priced at around $121,833 as of Aug. 11, 2025, remains stable but under pressure as altcoins gain momentum. Past bull cycles show altcoins often peak after Bitcoin’s major rallies, with capital returning to BTC as markets mature, in line with Mow’s prediction.
BTC Price Chart (Source: CoinMarketCap)
However, Ethereum’s expanding ecosystem, including DeFi and NFTs, challenges the idea of limited long-term demand. The ETH/BTC ratio’s 38% weekly rise shows ETH’s strength, but its long-term bear run against BTC supports Mow’s cautious outlook.
ETH’s Defenders Push Back on Bitcoin Maximalism
Ethereum supporter Anthony Sassano countered Mow’s claims on X, labeling them “old school Bitcoin maxi,” arguing that they are bullish for ETH. Ethereum’s dominance in DeFi and NFTs backs it as a strong long-term asset, Sassano argues.
Nick Ruck of LVRG Research also noted that institutional strategies and new yield opportunities are drivers behind ETH’s rally, countering Mow’s claim of waning demand.
On Aug. 8, 2025, U.S. spot Ethereum ETFs recorded $461 million in net inflows, slightly above Bitcoin ETFs’ $403 million. Weekly data shows ETH ETFs with $326.83 million in inflows, surpassing BTC’s $246.75 million, showing strong institutional interest in both assets.
Some analysts predict ETH could hit $20,000 in 2025, given increasing DeFi and ETF adoption, though Mow warns of a potential sell-off as prices approach the ATH.
