Whales Are Frenziedly Selling BTC and Buying ETH! What Does This Mean for ETH?

Bitcoin failed to capitalize on the bullish momentum on Friday following the weak speech by Fed Chairman Jerome Powell at Jackson Hole. That bullish momentum reversed over the weekend, with the price falling to $112,000. As the bullish trend of BTC weakens, Ethereum has reached a new ATH over the weekend, and there are reports that the huge "whales" are the reason for the increase in ETH. At this time, analysts say that OG Bitcoin investors are selling BTC and buying ETH, which is transferring capital to Ethereum and creating volatility in the market. The CEO of WhaleWire, Jacob King, stated that the price of Bitcoin has fallen sharply due to whales selling. According to Jacob King, the drop in Bitcoin today was due to a single whale selling over 24,000 BTC to buy Ethereum. The analyst stated in his post that he sold over 24,000 BTC, including the amount of BTC that he had not moved for more than five years, and sent over 12,000 BTC to the Hyperunite platform just today. The analyst noted that this is part of a larger sell-off, which has seen 18,000 BTC (2 billion dollars) sold off, with most of the funds being shifted into Ethereum. According to the analyst, 2 billion dollars have been bought in and 1.3 billion dollars have been staked. According to a post by Lookonchain, the Bitcoin OG whale, who bought 100,784 BTC ( worth 642 million dollars at that time, is now worth 11.4 billion dollars ) seven years ago, is frantically exchanging his BTC for Ethereum. Accordingly, in the past five days, this giant "whale" has sent 22,769 BTC (2.59 billion dollars) to Hyperliquid for sale. With this amount, he purchased 472,920 ETH (2.22 billion dollars) from the spot market and opened a long position of 135,265 ETH (577 million dollars). No whale can be held responsible for the fall of Bitcoin However, speaking with The Block, the Chief Information Officer of Kronos Research, Vincent Liu, stated that it is very difficult to identify a single culprit for the fall in Bitcoin prices. "The bullish of Bitcoin after Powell's speech is due to a lack of liquidity, not because of any long-term belief. When leverage is no longer present, the momentum quickly subsides and BTC falls below a crucial level. Furthermore, this fall is likely due to the impact of multiple whales or an exchange holding significant stakes, rather than a single individual. Large-scale transactions like the recent drop often require institutional investors or coordinated action." Liu also emphasized the increasing interest in Ethereum: "With the approval of staking for the upcoming Ethereum ETF, we expect the performance of ETH to continue to improve thanks to increased staking activity and a potential altcoin season. Ethereum is expected to take a central position."