Bitcoin Whale Unleashes Massive $108M Spot Ether Acquisition, Signaling ETH Upside
A colossal movement within the crypto market has caught the attention of investors worldwide. A prominent Bitcoin whale, holding assets valued at over $11 billion, has made a significant bet on ETH upside, executing a massive rotation of funds. This strategic shift involves selling a substantial amount of Bitcoin to acquire hundreds of millions worth of spot Ether. This action signals a strong bullish sentiment for the world’s second-largest cryptocurrency, potentially heralding a new phase of growth for Ethereum.
The Strategic Shift: Bitcoin Whale Rotates Billions to Spot Ether
Last week, a multi-billionaire Bitcoin whale initiated a major portfolio restructuring. This investor sold an impressive 22,769 Bitcoin (BTC), valued at approximately $2.59 billion. Consequently, these funds were largely rotated into Ethereum, demonstrating a clear preference for ETH. Specifically, the whale acquired 472,920 spot Ether (ETH), amounting to $2.2 billion. Furthermore, a $577 million Ether perpetual long position was opened on the decentralized exchange Hyperliquid, as reported by Crypto News Insights. This substantial investment highlights a strong conviction in Ethereum’s future performance.
Profiting from Momentum: Locking in ETH Gains
The strategic moves continued this week. On Monday, the whale closed $450 million worth of their perpetual long position. This transaction occurred at an average Ethereum price of $4,735, securing a notable $33 million in profit. Following this successful profit-taking, the investor further increased their exposure to Ethereum. An additional $108 million worth of spot Ether was acquired. According to blockchain intelligence platform Lookonchain, the whale still holds 40,212 ETH ($184M) in long positions, with an unrealized profit exceeding $11 million. Cryptocurrency traders frequently monitor such large whale movements to anticipate short-term market trends and identify potential shifts in the broader crypto market sentiment.
Source: Lookonchain
ETH vs BTC, one-month chart. Source: Crypto News Insights/TradingView
Ethereum Price Outperforms as Capital Flows Shift
Over the past month, demand for Ether has surged significantly. This increase in demand coincided with a remarkable performance by Ether’s price, which rose almost 25%. In contrast, Bitcoin experienced a 5.3% decline over the same 30-day period, according to TradingView data. This divergence suggests a notable capital rotation. Analysts, including Willy Woo, attribute last week’s Bitcoin slump to these substantial whale rotations. For instance, Bitcoin fell nearly 2.2% on Sunday, dropping from $114,666 to $112,546 in just nine minutes, before bottoming out at $112,174. This movement underscores the impact large investors can have on market dynamics.
Expert Outlook: Targeting New Ethereum Price Highs
Despite Bitcoin’s recent ‘crab walk’ — a period of sideways trading — investor capital may continue flowing into Ether. This scenario could potentially drive Ethereum to new all-time highs. Gracy Chen, CEO of Bitget, the world’s sixth-largest cryptocurrency exchange by daily trading volume, shares this optimistic view. Chen stated that “Ethereum’s rally past $4,300 signals robust ecosystem demand and the potential onset of an altcoin season.” She elaborated on Bitcoin’s likely trajectory, predicting it would trade in the $110,000–$120,000 range over the next one to two weeks. Meanwhile, Ethereum looks considerably stronger, with targets set between $4,600 and $5,200.
Chen identified Federal Reserve Chair Jerome Powell’s “unexpectedly dovish” comments as a crucial catalyst. This stance has boosted risk appetite among crypto investors. Furthermore, on-chain data confirms the ongoing capital rotation. Whales are actively selling Bitcoin to increase their Ethereum exposure, thereby further accelerating ETH’s momentum. These insights from Chen came shortly after Powell’s speech at the annual central bank symposium in Jackson Hole on Friday, where he hinted at interest-rate cuts resuming in September. Such macro-economic signals often influence the broader crypto market, providing tailwinds for assets like Ethereum.
The Broader Implications for the Crypto Market and ETH Upside
The actions of this particular Bitcoin whale are not isolated; they reflect a growing sentiment among large investors. The rotation of billions from BTC to spot Ether, combined with strategic profit-taking and re-investment, strongly indicates confidence in significant ETH upside. As capital continues to shift, the Ethereum price could indeed reach the ambitious targets set by experts. This period could mark a pivotal moment, potentially leading into a vibrant altcoin season and reshaping the dynamics of the entire crypto market. Investors will continue to watch these whale movements closely for further indicators of market direction.
