Recent activities by large cryptocurrency investors, known as whales, indicate an increasing interest in Ethereum amid declining BTC positions.
Whales Shift from BTC to ETH
The market is witnessing a significant shift of capital from BTC to ETH, occurring for the first time in years. One major ETH holder bought tokens worth $2.5 billion and immediately sent them for staking. This event drew the attention of crypto traders, particularly as even long-term BTC holders began to divest their assets.
ETH Purchase and Its Status
The purchased tokens boosted the validator entry queue by over 450K ETH. Current data shows that another 906K ETH are awaiting withdrawal, as the Beacon chain contract remains mostly balanced. The ratio between BTC and ETH rose to nearly a one-year high above 0.042 BTC, while ETH dominance held at 13.8% and BTC dipped to 56.6%. ETH maintained levels above $4,400 despite rejecting a new all-time high.
Unusual Trades on Hyperliquid
The recent ETH purchases originated from Hyperunit's service on the Hyperliquid platform. On-chain data indicates that several major investors acquired ETH and simultaneously opened long positions on this platform. These transactions suggest that significant old holdings are being liquidated, undermining the notion that BTC would fully absorb demand.
Thus, the capital shift towards ETH and active whale activities underscore a growing interest in Ethereum, which may influence the dynamics of altcoins in the future.
