Whale Triggers BTC to ETH Rotation with $2.6B Move
On-chain data shows a long-dormant Bitcoin whale has reignited market activity by transferring over 22,769 BTC (~$2.6 billion) into exchanges, triggering a BTC to ETH rotation. The whale initially moved 4,000 BTC (~$460 million) to buy ether, boosting its holdings to over 179,000 ETH (~$806 million at an average cost of $4,490).
Over the past five days, it acquired 472,920 ETH ($2.22 billion) on spot markets and opened 135,265 ETH in long positions ($577 million). It later closed 95,053 ETH longs at an average of $4,735, netting $33 million in profits, and added 23,575 ETH ($108 million) on spot. The whale now holds 40,212 ETH longs ($184 million) with $11 million in unrealized gains.
This aggressive capital rotation comes as Bitcoin retreats over 10% from its $124,500 all-time high, trading around $111K–$115K near the 200-day MA, while the ETH/BTC pair has broken above its 50-week SMA and is testing the 200-week SMA. Traders view this BTC to ETH rotation as a bullish signal for Ethereum, underlining ETH’s growing market dominance amid potential short-term volatility due to high leverage and thinning liquidity.
Bullish
The whale’s large-scale transfer of BTC to ETH and substantial spot purchases and long positions underline a strong institutional-like conviction in Ethereum, likely boosting ETH price in the near term. Historically, similar whale-driven capital rotations have triggered bullish momentum, attracting additional buyers and validating ETH’s market dominance. Short term, this could drive volatility as markets adjust to the influx, but the overall effect is positive for ETH. Longer term, sustained whale accumulation signals growing confidence, potentially leading to further upside as Ethereum’s on-chain demand increases and its technical indicators remain supportive.