jakiro
Recently, more and more investors in the currency circle may have noticed an interesting phenomenon – Bitcoin, the world’s largest cryptocurrency, is continuing to fluctuate at high levels or even weaken, but Ethereum, the second largest cryptocurrency, is obviously going to be stronger…
Many analysts believe that the divergence in this trend seems to be related to the shift of large holders from Bitcoin to Ether.
And inLast week, a “Bitcoin Whale” that had been silent for seven years and suddenly woke up obviously also joined the camp of “Great Movement of the World” within this currency circle.
It is reported that last week, the “Bitcoin Whale”, which exceeded US$11 billion, sold 22,769 bitcoins worth US$2.59 billion (about RMB 18.5 billion), converted funds into 472,920 spot Ethereum (valued by US$2.2 billion), and established a $577 million long position on the decentralized exchange Hyperliquid.
On Monday, the giant whale closed a perpetual contract long position worth $450 million when the Ether price was $4735, locked in a profit worth $33 million, and then bought another spot Ether worth $108 million.
“He still holds a perpetual long position in 40,212 Ether (worth $184 million) with book profits of more than $11 million,” Lookonchain added in an X post on Monday.
According to TradingView data, as the demand for Ether has increased significantly in the past month, the strength and weakness differentiation between Bitcoin and Ether is becoming increasingly obvious – the price of Ether has risen by nearly 25% during this period, while Bitcoin has fallen by 5.3%.
Cryptocurrency traders often track the trends of giant whales in the currency circle to judge short-term market trends.
Analysts, including Willy Woo, pointed out that the capital rotation of these giant whales was the main reason why Bitcoin fell to $112,000 last Sunday.
According to Gracy Chen, CEO of Bitget, the world’s sixth largest daily trading volume, Bitcoin may continue to lack momentum in the next two weeks, which could send investor funds into Ethereum, heralding a new potential all-time high.
“Ether’s breakout above $4,300 indicates strong demand for its ecosystem and may open up a seasonal market for altcoins,” Chen said. “Bitcoin is expected to trade between $110,000 and $120,000 in the next week to two, while Ether will perform stronger with a target range between $4,600 and $5,200.”
Chen pointed out that Fed Chairman Powell’s “unexpected dovish remarks” last Friday were the “key catalyst” to boost risk appetite for cryptocurrency investors.“On-chain data shows that the capital rotation is underway, with giant whales selling bitcoin to increase Ethereum exposure, which further accelerates the momentum of Ethereum,” she noted.
It is worth mentioning that for several trading days this month, the trading volume of Ethereum ETFs remained flat or even exceeded the trading volume of Bitcoin, which was all after a wave of corporate procurement boom.
