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

(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.

The emergence of competing proof-of-stake smart contract platforms like (SOL), (DOT) and (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 (BTC), according to data compiled by BitcoinTreasuries.net.

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