Whales Shift $46M from Bitcoin to Ether as Gold Hits Record $3.5K
Gold hit a record $3,500 per ounce, driven by safe-haven demand and Fed rate-cut bets. The precious metal’s surge signals risk-off sentiment in the broader cryptocurrency market. Bitcoin remains below key resistance levels, releasing limited momentum. Over the past four days, a whale moved $46.5 million worth of BTC into 10,500 ETH, reflecting a rotation to Ether. On-chain metrics show active Bitcoin addresses fell to 690,000 and fees stayed low, while $10.8 billion in transfer volume suggests large-entity repositioning rather than retail activity. A short-term holder indicator has flashed bottom signals, hinting at a potential Bitcoin trough. Meanwhile, altcoins saw mixed moves: WLFI plunged after its debut, while HYPE jumped following $100 million in August revenue. Traders in the cryptocurrency market should watch upcoming Tellor and Polygon token events, U.S. non-farm payrolls, and gold and Treasury yields for shifts in risk appetite that could drive Bitcoin and Ether volatility.
Neutral
The article highlights a significant rotation of capital from Bitcoin into Ether, as evidenced by a whale swapping $46.5 million of BTC for ETH. At the same time, gold’s record high underscores risk-off sentiment, which can dampen crypto appetite. On-chain metrics signal large-entity repositioning rather than broad retail engagement, while a short-term holder indicator suggests a potential Bitcoin bottom. Mixed altcoin performance and upcoming token events add further complexity. Historically, such rotations and safe-haven rallies produce short-term volatility but don’t necessarily dictate long-term directional bias for the entire market. The offsetting bullish signal for Ether and bearish signal for Bitcoin balance out, resulting in a neutral overall market impact.