Whales Shift Investments from Bitcoin to Ether as Altcoin Rally Signals
Bitcoin (BTC) is currently priced at $113,000, down 9% from its all-time high of $124,457. Large investors are shifting capital towards Ether (ETH), with notable actions including:
- A whale is shorting BTC while holding a long position in ETH:
- 800 BTC valued at approximately $90.1 million
- 3,000 ETH valued at about $12.75 million
- A long-term Bitcoin holder sold 172.9 BTC (worth around $19.47 million) to acquire 4,567 ETH.
- This holder has purchased 55,039 ETH (around $237 million) and opened a long position of 135,265 ETH (valued at $577 million).
Exchange Reserve Trends
CryptoQuant data indicates:
- Bitcoin's exchange reserves remain steady at approximately 2.53 million BTC, indicating liquidity.
- Ethereum shows significant net outflows from exchanges, with large spikes exceeding -300,000 ETH observed recently, suggesting movement to cold storage or institutional custody.
At present, ETH trades around $4,300.
Altcoin Market Activity
Bitcoin dominance has decreased nearly 6% since June, often signaling strength in the altcoin market. A trader noted that the altcoin market cap chart displays a pattern similar to the 2018–2021 double bottom structure, indicating potential for significant rallies in altcoins.
Investor Shift Towards Bitcoin Hyper
As whales pivot towards ETH, Bitcoin Hyper (HYPER) is gaining attention with its presale attracting over $11.2 million. HYPER aims to address Bitcoin’s limitations by providing faster transactions and lower fees through a high-performance Layer 2 framework.
The HYPER token is central to the ecosystem, facilitating gas fees, staking, and unlocking additional utilities.