A notable Bitcoin whale has made headlines by shifting millions into Ethereum, signaling a significant portfolio adjustment amid a broader trend favoring Ethereum over Bitcoin. This move comes during what many are calling the beginning of an “Ethereum season.”
Whale Repositions Assets into Ethereum
According to blockchain analytics firm Lookonchain, the whale initially acquired 14,837 BTC seven years ago for an average cost of $7,242 each, amounting to $107.5 million at the time. Today, those assets are valued at over $1.6 billion.
Recent transactions reveal that the whale deposited 670.1 BTC, worth $76 million, into the decentralized trading platform Hyperliquid. Following this sale, the whale opened long leveraged positions totaling 68,130 ETH, valued at approximately $295 million across four wallets.
Many of these transactions employed leverage of up to 10x, heightening potential gains or losses. Despite incurring unrealized losses totaling $1.8 million, the whale’s significant shift indicates a strategic move toward ETH during a time when its performance eclipses that of BTC, with Ethereum recording gains of 71.91% in the third quarter, compared to a meager 6.28% for Bitcoin.
Institutional Demand Fuels Ethereum Growth
Institutional interest in Ethereum has surged significantly. Corporate Bitcoin purchases for treasury reserves have dwindled, with only 2.8 firms per day adding BTC to their portfolios. In contrast, Ethereum is witnessing sustained inflows.
The Strategic ETH Reserve reports that institutional ETH holdings have skyrocketed from $6 billion to $17 billion in just a month, marking an increase of 183%. This accumulation underscores growing confidence in Ethereum’s market trajectory.
The whale’s leveraged entry into ETH aligns with this broader trend, suggesting that both individual and institutional strategies are increasingly gravitating toward Ethereum, which appears to be leading the current altcoin phase of the market cycle.
Ethereum Season Signals Next Phase in Altcoin Cycle
The current Ethereum rally is widely seen as part of a larger “altseason.” In this cycle, capital tends to flow first into Bitcoin, then Ethereum, before eventually dispersing among various altcoins.
With ETH having outperformed BTC in previous quarters and institutional investments accelerating, analysts suggest the market may now be transitioning into the second phase of the altcoin cycle. The whale’s decision to convert a portion of its BTC into ETH reinforces this narrative, highlighting how long-term holders are adapting to market changes.
John is a seasoned journalist at The Bothside News, specializing in balanced reporting across news, sports, business, and lifestyle. He believes in presenting multiple perspectives to help readers form informed opinions. His work embodies the publication’s philosophy that truth emerges from examining all sides of every story.
