Stocking Up on Ethereum! A "Bitcoin Whale" Dormant for Seven Years Awakens
Recently, more crypto investors may have noticed an interesting phenomenon: the world’s largest cryptocurrency, Bitcoin, is experiencing sustained high volatility and even softening, while the second-largest, Ethereum, is showing a notably stronger trend…
Many analysts believe this divergence in performance may be linked to large holders shifting their positions from Bitcoin to Ethereum.
Last week, a "Bitcoin whale" that had been dormant for seven years and suddenly awakened has clearly joined this internal crypto "cosmic shift."
Reports indicate that this whale, with holdings exceeding $11 billion, sold 22,769 Bitcoins worth $2.59 billion (approximately ¥18.5 billion) last week, converting the proceeds into 472,920 spot Ethereum (worth $2.2 billion). It also opened a $577 million long position in Ethereum perpetual contracts on the decentralized exchange Hyperliquid.
According to data from the blockchain intelligence platform Lookonchain, on Monday, the whale closed a $450 million perpetual contract long position when Ethereum was priced at $4,735, locking in a $33 million profit, and subsequently bought an additional $108 million worth of spot Ethereum.
Lookonchain added in a Monday X post, “It currently still holds a 40,212 Ethereum ($184 million) perpetual contract long position, with unrealized profits exceeding $11 million.”
TradingView data shows that over the past month, as demand for Ethereum from large investors has noticeably increased, the divergence between Bitcoin and Ethereum has become more pronounced—Ethereum’s price has risen nearly 25%, while Bitcoin has fallen by 5.3%.
Crypto traders often track the movements of these crypto whales to gauge short-term market trends.
Analysts, including Willy Woo, point out that the capital rotation by these whales was a key factor behind Bitcoin’s drop to $112,000 last Sunday.
According to Gracy Chen, CEO of Bitget, the world’s sixth-largest crypto exchange by daily trading volume, Bitcoin may continue to lack momentum over the next two weeks, potentially driving investor funds into Ethereum, signaling a new potential all-time high.
“Ethereum breaking $4,300 indicates strong demand within its ecosystem and could trigger a seasonal altcoin rally,” Chen said.
“Over the next one to two weeks, Bitcoin is expected to trade between $110,000 and $120,000, while Ethereum is likely to perform stronger, targeting a range of $4,600 to $5,200.”
Chen noted that Federal Reserve Chair Jerome Powell’s “unexpectedly dovish remarks” last Friday were a “key catalyst” in boosting risk appetite among crypto investors. “On-chain data shows capital rotation is underway, with whales selling Bitcoin to increase Ethereum exposure, further accelerating Ethereum’s momentum,” she pointed out.
Notably, there have been several trading days this month where Ethereum ETF volumes have matched or exceeded Bitcoin’s, following a wave of corporate buying activity.