温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/ur/56272.html
点击访问原文链接

Whales are collectively defecting from BTC and switching to ETH. Is a new king emerging?Recommended Articles | Bee Network

进入原网站 导航首页
Whales are collectively defecting from BTC and switching to ETH. Is a new king emerging?Recommended Articles | Bee Network Login ٹرینڈنگ نیوز میمی لانچ پیڈ اے آئی ایجنٹس DeSci TopChainExplorer نیوبی کے لیے 100x سکے مکھی کا کھیل ضروری ویب سائٹس اے پی پی کا ہونا ضروری ہے۔ کرپٹو مشہور شخصیات DePIN Rookies ضروری ٹریپ ڈیٹیکٹر بنیادی ٹولز اعلی درجے کی ویب سائٹس تبادلہ NFT ٹولز ہیلو، باہر جائیں ویب 3 کائنات کھیل ڈی اے پی پی شہد کی مکھیوں کا چھتا بڑھتا ہوا پلیٹ فارم AD تلاش کریں۔ انگریزی سکے ریچارج کریں۔ لاگ ان کریں ڈاؤن لوڈ کریں ویب 3 یونی کھیل ڈی اے پی پی شہد کی مکھیوں کا چھتا AD گھر•تجزیہ•Whales are collectively defecting from BTC and switching to ETH. Is a new king emerging?Recommended Articles Whales are collectively defecting from BTC and switching to ETH. Is a new king emerging?Recommended Articlesتجزیہ6 ماہ پہلے更新وائٹ 24,012 36 Author | Dingdang ( @XiaMiPP )

In the early morning hours of August 25th, the price of Ethereum surpassed $4,900, setting a new all-time high. However, the euphoria of ETH holders was ruthlessly interrupted by a sharp drop in Bitcoin’s price. Bitcoin’s price briefly plummeted below $111,000, a 24-hour drop of 4.3%, sending the entire market into a brief panic. In contrast, while Ethereum and Solana were also under pressure, their daily declines were limited to around 5%, demonstrating relative resilience and strong liquidity.

کے مطابق @CryptoDJ 04 , the trigger for Bitcoin’s rapid decline stemmed from an address marked as HTX Origin: Hot Wallet . This address, through Hyperliquid, collectively sold 24,110 Bitcoins, valued at approximately $2.6 billion. Simultaneously with the Bitcoin sales, another associated account purchased 416,598 ETH, valued at $2 billion, and simultaneously went long on 135,263 ETH. Furthermore, while frantically buying ETH, the operator gradually liquidated its long ETH positions. In other words, the operator simultaneously executed a “maximum swap” operation: heavily selling BTC while simultaneously investing heavily in ETH .

The identity of this operator remains a mystery. On-chain tracking by institutions like Arkham indicates that the wallet was previously linked to an old HTX (Huobi) deposit address, but the true owner remains anonymous. Speculations suggest that it may be Justin Sun and his associates, assets disposed of by Chinese authorities, or an early Chinese Bitcoin holder. However, given the aggressive nature of the operation, it seems more likely that Justin Sun’s funds یا early Bitcoin whales are strategically rotating their holdings, rather than simply engaging in a “judicial auction.”

What is more noteworthy is that in the past week, multiple Bitcoin whales almost simultaneously transferred their chips to Ethereum, and a “position switching wave” was quietly forming in the market.

[Ancient Bitcoin Whale] : Sold 19,663 BTC through two entities, cashing out approximately $2.22 billion for 455,672 ETH. Of this, approximately 279,000 ETH, valued at $1.13 billion, was staked. The whale still holds BTC on HyperLiquid and plans to continue exchanging it for ETH. He holds 176,616 ETH on-chain, valued at approximately $832 million. [Seven Years of Dormant Whale] : An OG address that received 100,784 BTC seven years ago recently emerged from dormancy. On August 22nd, it sold BTC and simultaneously purchased 62,914 ETH in spot trading, establishing a long position of 135,265 ETH. This address has already taken profits on some of its long ETH positions, and on the evening of the 25th, it staked 269,485 ETH, valued at $1.25 billion, to the ETH2 beacon chain. This stake surpasses the 231,000 ETH held by the Ethereum Foundation, the top four ETH holder, and reduces the gap between exits and entries on the Ethereum PoS network to 260,000 ETH. Another Bitcoin OG transferred 6,000 Bitcoin (approximately $689.5 million) to purchase Ethereum. This address has now accumulated 278,490 Ethereum (approximately $1.28 billion) at an average price of $4,585, and holds a long position of 135,265 Ethereum (approximately $581 million). These are just a few of the cases tracked on-chain, with more rotations occurring quietly behind the K-line charts. The collective exodus of whales reveals a structural shift in capital flows: the logic behind long-term Bitcoin holdings is being reevaluated, while the value of Ethereum’s asset allocation is being revalued.

Data Perspective: Ethereum’s Rise and Bitcoin’s Weakness Spot ETFs are a key indicator of market sentiment in this cycle. Over the past month, Bitcoin spot ETFs have seen slightly weak inflows, and recently experienced net outflows for six consecutive days, significantly cooling market enthusiasm. In stark contrast, Ethereum spot ETFs have performed exceptionally well, receiving continued large inflows and becoming the market’s new favorite.

تبادلہ contract open interest further supports this trend. Currently, Ethereum contract open interest has risen to $67.4 billion, gradually approaching Bitcoin’s $84.7 billion. More notably, Ethereum contract open interest has increased by over 20% this month, setting a new record high. Meanwhile, Bitcoin contract open interest has declined slightly compared to the previous month.

The strategic deployment of treasury companies has been a significant driver of Ethereum’s price appreciation. SharpLink and Bitmine have recently engaged in a “strategic arms race” for Ethereum, significantly increasing their holdings through multiple rounds of funding exceeding $100 million. Their holdings have surged by 168% and 105%, respectively, to $6.96 billion and $3.38 billion, respectively.

Looking at Bitcoin, Strategy, a pioneer in Bitcoin treasury, has seen its purchases shrink significantly in the past two weeks, from thousands of coins in the past to just a few hundred.

Although KindlyMD, a new member of the Bitcoin reserve camp, purchased 5,765 BTC worth $640 million on August 19, its overall amount pales in comparison with the wave of ETH treasury increases.

Capital Logic: Why Ethereum? Ultimately, behind this rise and fall is a shift in narrative and capital preferences.

Bitcoin has long held the throne of کرپٹوcurrencies as “digital gold.” Its decentralization, scarcity, and inflation resistance have made it a top choice for risk-averse investors. However, as established investors cashed out and new investors remained reluctant to enter the market in significant numbers, Bitcoin’s upward momentum stalled.

Ethereum’s logic is different. The addition of Treasury Inc. not only injects new momentum into Ethereum at the financial level, but also adds a new narrative logic to Ethereum, gradually giving it the institutional potential to transcend a single crypto asset .

Why did Wall Street capital choose to bet on Ethereum instead of Bitcoin? CryptoQuant analyst CryptoMe offers a unique perspective: Strategy, a pioneer in Bitcoin treasury, holds 3.3% of all BTC . However, founder Michael Saylor controls 45% of the company’s voting rights with just 10% of the shares . Wall Street is clearly unwilling to further increase Strategy’s wealth concentration.

Ethereum’s holdings, by contrast, appear much more dispersed. BitMine Chairman Tom Lee’s personal stake is far less significant than Saylor’s absolute influence. BitMine subsequently received investments from PayPal co-founder and Silicon Valley venture capitalist Peter Thiel, as well as Ark Investment, owned by Cathie Wood, known as “Wood Sister” and the “female Warren Buffett.” The former acquired a 9.1% stake in BitMine, while the latter subscribed to approximately 4.77 million shares. Meanwhile, companies like SBET, ETHZ, and GAME have also been increasing their holdings, gradually institutionalizing and decentralizing Ethereum’s capital narrative.

بازار view: Turning cautious in August On August 20th, on-chain analyst Boris Vest stated that based on an analysis of Binance’s fund flows, Bitcoin prices could face selling pressure in the next one to two weeks. Data shows that Binance’s net Bitcoin inflow has turned positive, while outflows have decreased. This trend suggests that Bitcoin is in a distribution phase. Furthermore, Binance’s trading reserves continue to grow, indicating that investors are selling their Bitcoin to exchanges for profit. Boris Vest noted that Binance’s massive trading volume plays a crucial role in influencing the cryptocurrency market. Therefore, as new buyers enter the market, whale sales often put significant selling pressure on Bitcoin prices. Bitcoin’s current weakness is confirming his view.

Tom Lee, the new chairman of BitMine and a believer in Ethereum, was even more blunt in a recent interview: “I think the probability of Ethereum’s market capitalization surpassing Bitcoin is extremely high, perhaps even reaching 50%. This is like the US dollar’s departure from the gold standard in 1971.”

Of course, there are also dissenting voices. Adam, a macro researcher at Greeks.live, believes that a cascade of liquidations has driven BTC from a high of $114,000 to $110,000, rapidly shifting sentiment from cautious optimism to bearish concerns. Despite the dramatic volatility, traders remain divided, with some believing $110,000 is Bitcoin’s bottom, while others anticipate further declines. However, most agree that this volatility is the result of the liquidation of excessive leverage .

Matrixport reports that while institutional funds largely retreated during the summer, Ethereum continued to attract inflows, while Bitcoin ETFs may see net outflows for the fifth consecutive month. This month’s outflows are expected to be approximately $1.2 billion, the second-highest on record, behind only February’s $3.5 billion. While seasonality may be fleeting, it serves as a reminder that the direction of capital flows is as important as seasonality. After maintaining a bullish stance in July, we shifted to a cautious stance in August.

The current market is indeed under pressure due to a severe drop in investor trading confidence. However, a consensus is emerging: funds are flowing out of Bitcoin and continuously increasing their investment in Ethereum. Despite this, the current market still requires vigilance.

From a more rational perspective, while Powell’s slightly dovish tone briefly sparked a surge in risk assets, it quickly retreated from its highs. While the “Bitcoin rotation leading to market weakness” was the trigger, the real catalyst was the cooling of sentiment after the “overly consistent optimism.” Powell’s words read more like a conditional response to recent revisions to employment and inflation than an endorsement of a path for rate cuts this year. The uncertainty surrounding the ultimate outcome of interest rates hasn’t dissipated; it’s simply been priced in by the market with a more optimistic risk premium, leading to a necessary “reversal” in trading.

نتیجہ The dynamics within the current crypto market are quietly evolving, adding new footnotes to this round of adjustments. Bitcoin remains the cornerstone of the crypto market, but now it is more like one end of a seesaw, representing existing capital and old narratives, while Ethereum is gradually becoming the other end, receiving new capital and new narratives. The market’s center of gravity is gradually shifting, and the seesaw is gradually tilting amid repeated selling pressure and accumulation of positions.

Ethereum may not have had its own “Salvador moment” yet, but it is gradually moving towards its own institutionalized moment.

یہ مضمون انٹرنیٹ سے لیا گیا ہے: Whales are collectively defecting from BTC and switching to ETH. Is a new king emerging?Recommended Articles

Related: From Robinhood to MyStonks: Leading the Tokenization of US Stocks and Innovation in Digital Asset Investment At the end of June 2025, Robinhood launched blockchain stock tokens of more than 200 US stocks and ETFs in the European market, opening a new chapter in digital securities trading. The product is based on the Arbitrum Layer 2 blockchain and supports zero commissions, 24/7 trading, and in-app dividends. Robinhood CEO Vlad Tenev has publicly stated that digital assets will become the backbone of the future global financial system, which is not only a supplement to the traditional financial system, but also a profound change. On July 2, MyStonks, the worlds leading U.S. stock tokenization trading platform, announced that the number of platform users has exceeded 10,000, and the number of its stock tokens has exceeded 146, covering multiple core industries such as technology, finance, consumption, medicine, semiconductors, energy,…

# تجزیہ# بٹ کوائن# کرپٹو# ایتھریم# ایکسچینج# مارکیٹ© 版权声明صف 上一篇 Is data infrastructure ready for the era of encrypted super apps?Recommended Articles 下一篇 The market is experiencing another "Huamen" trend. Where is the bull market progress bar?Recommended Articles 相关文章 Political and Business Winners Amid the Crypto Craze: Unveiling the $2.5 Billion Annual Income of the Trump Commerce Sec 6086cf14eb90bc67ca4fc62b 17,285 Messari Researcher: Using Perp DEX to Invest in US Stocks: The Next New Blue Ocean 6086cf14eb90bc67ca4fc62b 14,811 2 Lazy Financial Management Guide | Deposit USDC and earn 17%+ income; Don’t miss the SyrupUSDC limit incentive pool (June 6086cf14eb90bc67ca4fc62b 29,689 Pippin: Autonomous Agent Experiments on Solana 6086cf14eb90bc67ca4fc62b 16,021 One week of token unlocking: ENA unlocks approximately $138 million worth of tokensRecommended Articles 6086cf14eb90bc67ca4fc62b 22,200 1 With EF’s executive director personally taking part, can IRIS take up the banner of a new narrative? 6086cf14eb90bc67ca4fc62b 26,063 1 کوئی تبصرہ نہیں آپ کو ایک تبصرہ چھوڑنے کے لیے لاگ ان ہونا چاہیے! فوری طور پر لاگ ان کریں۔ کوئی تبصرہ نہیں... تازہ ترین مضامین Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing 12 گھنٹے پہلے 500 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock 12 گھنٹے پہلے 582 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound 12 گھنٹے پہلے 540 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ 12 گھنٹے پہلے 485 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations 12 گھنٹے پہلے 518 مشہور ویب سائٹسTempoLighterGAIBگلائیڈرپلانکریلزبی سی پوکرووئی Bee.com دنیا کا سب سے بڑا Web3 پورٹل شراکت دار سکے کارپ بائننس CoinMarketCap سکے گیکو سکے لائیو آرمر Bee Network APP ڈاؤن لوڈ کریں اور web3 کا سفر شروع کریں۔ سفید کاغذ کردار عمومی سوالات © 2021–2026۔ جملہ حقوق محفوظ ہیں۔. رازداری کی پالیسی | سروس کی شرائط Bee Network APP ڈاؤن لوڈ کریں۔ اور ویب 3 کا سفر شروع کریں۔ دنیا کا سب سے بڑا Web3 پورٹل شراکت دار CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors سفید کاغذ کردار عمومی سوالات © 2021–2026۔ جملہ حقوق محفوظ ہیں۔. رازداری کی پالیسی | سروس کی شرائط تلاش کریں۔ تلاش کریں۔InSiteآنچینسماجیخبریں 热门推荐: ایئر ڈراپ ہنٹرز ڈیٹا تجزیہ کرپٹو مشہور شخصیات ٹریپ ڈیٹیکٹر اردو English 繁體中文 简体中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia हिन्दी Русский اردو

智能索引记录