Despite the heavy sell-off, the whale still holds around 50,000 BTC. At current prices, that amounts to nearly $5.4 billion. This indicates a short-term hedging strategy rather than a complete exit. At the same time, the whale’s long-term confidence in Bitcoin remains intact. 

CryptoQuant data shows the BTC was not converted into stablecoins but sent to Hyperliquid. Analyst JA Maartunn confirmed that these assets were swapped directly into Ethereum. Moreover, the fact that the address belongs to a well-known, long-standing investor made the move even more significant. 

Historical Whale Activity and Market Impact 

Similar whale patterns emerged in past cycles. In both 2017 and 2021, gradual whale sales marked distribution phases that capped rallies. In 2020, certain whales shifted into ETH before the DeFi boom, while Bitcoin entered a consolidation period. This rotation allowed Ethereum to outperform. 

The latest whale shift reflects a similar outlook. Ethereum may capture short-term momentum while Bitcoin struggles to hold its ground. Meanwhile, gold prices surged to record highs as investors sought safer havens. U.S. monetary policy uncertainty continues to weigh on overall risk sentiment. 

On the technical side, Bitcoin charts display a golden cross signal. Under normal conditions, this is a bullish indicator. However, aggressive whale selling is overshadowing the signal. In addition, the move into Ethereum strengthens a cautious market tone. 

In the long run, this is not a total exit from Bitcoin. The whale still holds 50,000 BTC, underscoring long-term conviction. Yet, short-term capital flow favors Ethereum. This rotation signals a temporary momentum shift rather than a structural change in market dominance. 

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According to CryptoQuant analyst Maartunn, this growth is the result of a combination of risk-hedging and expectations of price appreciation. Fund managers are using derivative products to hedge their positions while continuing to seize upside opportunities. 

Another indicator supporting this institutional movement is the rise of spot ETH ETFs. Data from SoSo Value reveals that spot Ethereum ETFs have seen uninterrupted inflows for the past 16 days, with total inflows exceeding $5 billion during this period. 

ETF Inflows Accelerate, BlackRock Leads 

Ethereum ETFs are currently experiencing the strongest streak of inflows since their launch. BlackRock’s ETH ETF is leading this trend and currently holds nearly 3 million ETH. According to ETF analyst Nate Geraci, net inflows into the funds reached $452.72 million on July 25 alone. This figure marks the fourth-largest single-day inflow in Ethereum ETF history. 

Moreover, ETH ETFs have outperformed Bitcoin ETFs in terms of performance over the past 7 days. This indicates that investors are increasing their positions in favor of ETH and that new capital flows are shifting accordingly. 

Whale Addresses Increase, Technical Indicators Support the Rally 

Institutional movement isn’t limited to ETFs. Data from Glassnode shows that 170 new addresses holding more than 10,000 ETH have been added to the network in the last 30 days. This increase has brought the total number of such mega whale wallets to 1,050. These types of wallets usually belong to custodial institutions and indicate a strong accumulation trend. 

The price of ETH is currently trading at $3,771. It has risen by 2.41% in the past 24 hours, while daily trading volume has decreased by 40% to $25.38 billion. The total market capitalization has reached $452 billion. 

On the technical side, analyst Merlijn The Trader noted using TradingView data that Ethereum is still moving within its long-term primary channel. This channel previously generated strong reversal signals in 2018 and 2021. Additionally, RSI data indicates that ETH is not currently in overbought territory, suggesting that the rally remains healthy. 

The acceleration in institutional buying, the record open interest in futures, increased ETF inflows, and the rise in mega whale wallets may all create upward pressure on Ethereum’s price in the coming period. The direction of institutional capital appears to favor ETH.

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