A crypto whale with assets exceeding $11 billion has turned its attention to Ether, reallocating funds from Bitcoin. This move is attracting analysts' attention, who expect growth in the second-largest cryptocurrency.
Whale's Investments in Ether
Last week, a prominent whale worth over $11 billion sold 22,769 Bitcoin worth $2.59 billion. These funds were shifted into 472,920 spot Ether, amounting to $2.2 billion, along with a $577 million position in Ether on the decentralized exchange Hyperliquid. On Monday, the whale closed part of its perpetual long position in Ether for $450 million at an average price of $4,735, locking in a $33 million profit.
Market Trends and Analyst Expectations
Cryptocurrency traders often track whale movements to gauge short-term market trends. Over the past month, whale demand for Ether has increased as its price rose almost 25%, while Bitcoin saw a decrease of 5.3%. Analysts, including Willy Woo, attribute the recent dip in Bitcoin to such whale rotations.
Future of Ether and Bitcoin
Gracy Chen, CEO of Bitget, suggests that Ether may target new highs as investor capital flows into Ether amid Bitcoin's low momentum. Chen expects Bitcoin to remain within the $110,000–$120,000 range in the coming weeks, while suggesting that Ether shows stronger prospects with targets between $4,600 and $5,200.
In conclusion, active reallocations among major investors reflect a growing interest in Ether, which could signal further growth for this cryptocurrency.
