Whales Dump Bitcoin, Snatch Up $456M in Ethereum — Altseason Next?
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Crypto whales have shifted from Bitcoin to Ether, accumulating $456M as ETH outperforms BTC this month
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Hassan Shittu
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Hassan Shittu
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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
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Cryptocurrency whales are making a decisive shift in strategy, dumping Bitcoin while quietly scooping up hundreds of millions of dollars worth of Ethereum, sparking renewed speculation that an “altseason” could be on the horizon.
Blockchain analytics firm Arkham reported on Tuesday that nine large whale addresses purchased a combined $456.8 million in Ether.
Of those, five addresses received transfers from custodian BitGo, while the remainder bought their ETH through Galaxy Digital’s over-the-counter desk.
Arkham described the purchases as “massive,” highlighting the growing appetite for Ethereum among deep-pocketed investors.
Ethereum Whale Buys Signal Shift as BTC Slips and ETH Outperforms.
The move was quickly echoed by fresh data from Lookonchain, which revealed that eight newly created wallets snapped up another 35,948 ETH, worth $164 million, within just eight hours.
These wallets received their coins from FalconX and Galaxy Digital, reinforcing the view that institutional-grade platforms are serving as key pipelines for whale accumulation.
The whale activity comes against a backdrop of diverging performance between the two largest cryptocurrencies. Over the past month, Ether has surged nearly 18.5%, while Bitcoin has slipped 6.4%.
Bitcoin touched an all-time high of $124,128 earlier this year but now trades 10.3% below that peak. By contrast, Ether reached $4,946.05 and currently sits only 6.7% off its record, suggesting stronger relative momentum.
Analysts note that some long-dormant Bitcoin holders have begun taking profits. A whale who first acquired BTC in 2013, when the token traded at just $332, recently moved 750 BTC, worth $83.3 million, to Binance.
Despite selling part of his stack, the investor still holds another 750 BTC in his original wallet and an associated address containing 2,500 BTC, valued at more than $276 million. On-chain observers speculated that the proceeds may be redirected into Ethereum.
Similar cross-asset plays have already been documented. Earlier this month, one whale sold 670 BTC, worth $76 million, to purchase 68,130 ETH valued at $295 million. Another address inactive since 2021 withdrew 6,334 ETH, around $28 million, from Kraken, signaling renewed activity from sidelined investors.
In an even larger operation, an unknown participant reportedly purchased $2.55 billion in Ether through Hyperliquid and staked the coins, effectively locking them out of circulation.
Such moves suggest that major players are using Bitcoin profits to rotate into Ether during moments of correction. CoinGecko data shows that ETH has dropped 13% in recent days, falling from $4,900 to around $4,300.
Analysts argue that whales view this pullback as an attractive entry point for accumulation, adding fuel to Ethereum’s long-term bullish case.
Market strategists also point to structural differences between Bitcoin and Ether that may be driving the shift. Analyst Willy Woo explained that much of Bitcoin’s supply remains concentrated in...
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