Ethereum Whales Move $16M to BTC, ETH/BTC Ratio Dey Bullish
Wail dem plus retail traders don sell $16.3 million worth Ethereum for Wrapped Bitcoin, show say dem dey shift go Bitcoin as market dey shake. Lookonchain data show one big wail exchange 3,900 ETH for 143.26 WBTC price ratio be 0.03673. At the same time, institutional address from BlackRock, Fidelity plus Grayscale don record Ethereum sales for Coinbase, stop their previous buying trend. But two FalconX people withdraw $38 million ETH, show say institution dem get mixed feeling. CryptoQuant report sey retail Ethereum holding fall to 8.6 million ETH but big investors increase their holding to 10.8 million ETH. Although dem dey sell, ETH/BTC ratio still strong around 0.037, well above the 0.033 support level, and e don dey trend up since April low about 0.025. This strong ETH/BTC structure mean say altcoin season fit no finish despite capital dey move go Bitcoin. Traders suppose watch for long break below multi-week support for ETH/BTC chart before dem fit confirm broader drop for Ethereum strength.
Bullish
Even with whales waka send capital waka from Ethereum go Bitcoin wey don pass $16 million, di ETH/BTC trading pair still dey follow im bullish trend, dem dey hold above di 0.037 support level and dem don dey create higher highs since April low of 0.025. Similar sell-offs from whales and institutions before don usually cause short-term pullbacks but e no comot di bigger uptrend, as we see am for mid-2021. Di mixed institutional flows, wey some big players dey sell while others dey accumulate, na tactical rebalancing dem dey do no be dey structurally sell-off. More so, retail holdings don drop but big investors don increase their positions, e mean say experienced traders get confidence. For short term, traders fit face volatility around key support levels but to confirm say market shift to bearish, dem need sustained break below long-term support. As e be now, Ethereum relative strength show say e get more upside potential, e reinforce di bullish outlook for both near-term trading and the broader altcoin market cycle.