Pro traders cut their EOS longs, but retail FOMO and $50K+ BTC could tip the scale

(EOS) began a descending trend 53 days ago and despite the recent 27% weekly gain, the altcoin is not showing any signs of a reversal. As a result, investors are questioning whether the former top-5 cryptocurrency has what it takes to turn around after Daniel Larimer, CTO of the development company behind EOS, resigned in late 2020.

EOS price at Bitfinex in USD. Source: TradingView

The emergence of competing proof-of-stake smart contract platforms like Solana (SOL), Polkadot (DOT) and Avalanche (AVAX) possibly weighed on this 2017-era project. One potentially bullish catalyst could be the fact that Block.one, the company responsible for the EOS token launch, owns over 160,000 Bitcoin (BTC), according to data compiled by BitcoinTreasuries.net.

The top decentralized apps on EOS. Source: DappRadar.com
EOS perpetual futures 8-hour funding rate. Source: Bybt.com
OKEx top traders’ EOS long/short ratio. Source: Bybt.com

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