A multi-billionaire Bitcoin whale has shifted billions of dollars into Ether, signalling growing institutional confidence in the world’s second-largest cryptocurrency. The move comes as Ethereum outperforms Bitcoin, sparking speculation of a possible altcoin season.
Whale Exits Bitcoin, Buys Billions in Ether
Blockchain intelligence platform Lookonchain reported that a whale with more than $11 billion in digital assets sold 22,769 Bitcoin worth $2.59 billion last week. The proceeds were rotated into 472,920 Ether, valued at $2.2 billion, along with a $577 million Ether perpetual long position on the decentralised exchange Hyperliquid.
On Monday, the whale closed $450 million of the long position at an average Ether price of $4,735, securing $33 million in profit. Shortly afterwards, he purchased an additional $108 million worth of spot Ether. Despite the partial closure, the whale still holds 40,212 Ether longs valued at $184 million, with over $11 million in unrealised gains.
Ethereum Outperforms Bitcoin
Whale demand for Ether has grown sharply over the past month, coinciding with a 25% rise in its price. By contrast, Bitcoin has fallen by 5.3% over the same period, according to TradingView. Analysts suggest these large-scale rotations are fuelling Bitcoin’s recent weakness, with Willy Woo identifying whale selling as a key driver of last week’s decline.
On Sunday, Bitcoin slid 2.2% in just nine minutes, dropping from $114,666 to $112,546, before hitting a local bottom at $112,174. Ethereum, meanwhile, has continued to show strength, with rising volumes and increased accumulation from deep-pocketed investors.
Analysts Eye $5,200 Target for Ether
Bitget CEO Gracy Chen believes Ethereum could be set for a new all-time high. She noted that its rally past $4,300 demonstrates strong ecosystem demand, suggesting a potential altcoin season.
“Bitcoin is expected to trade in the $110,000–$120,000 range over the next one to two weeks, while Ethereum looks stronger, with targets between $4,600 and $5,200,” Chen said.
She pointed to Federal Reserve Chair Jerome Powell’s dovish remarks at the Jackson Hole symposium as a catalyst for renewed risk appetite among investors. Powell hinted that interest-rate cuts could resume in September, fuelling optimism across financial markets.
Market Rotation Signals Investor Confidence
On-chain data confirms that capital is rotating out of Bitcoin and into Ether, driven by whales seeking higher returns. Analysts suggest this trend may accelerate Ethereum’s momentum, particularly as institutional investors diversify beyond Bitcoin.
The developments highlight shifting market sentiment, with Ethereum emerging as a potential leader in the next phase of crypto growth. Traders are closely monitoring whale movements, often seen as early indicators of broader market direction.
