Bitcoin slides under USD $ 112,000 when whales rotate to Ethereum
By Hannah Pérez
Bitcoin loses ground against Ethereum in the midst of institutional appetite. BTC fell momentarily below USD $ 111,000 this Monday before a slight recovery; It has lost 5% in the month while ETH rises more than 24%.
***
- Bitcoin loses ground against Ethereum in the midst of rotation of institutional interest.
- Some whales are changing BTC by ETH, which denotes a change in the market
- BTC fell momentarily below USD $ 111,000 this Monday.
- ETH has won more than 24% in the month while Bitcoin falls 5%.
Bitcoin (BTC) continued to lose ground in front of Ethereum (ETH) When it sank below the USD $ 112,000 this Monday in the middle of the rotation of the whales towards the second largest cryptocurrency.
The price of BTC sank to a minimum of USD $ 110,956 in the early hours of Monday (east time) after a brief rebound on Friday, when Bitcoin It exceeded the USD $ 117,000, driven by the softest tone in the comments of the president of the Federal Reserve (FED), Jerome Powell, about possible interest rate cuts in September.
Although at the time of writing the leading cryptocurrency has recovered slightly, it still records a 3% drop in the last 24 hours and is 10% below its historical maximum of USD $ 124,000, quoting USD $ 111,617, according to data from data from Coingcko.
On the other hand, Ether He has shown more robust performance. During the weekend, the second main cryptocurrency reached a new historical maximum of USD $ 4,950 amid the broader optimism in the market fed by Powell’s words. In the last 30 days, Ethereum has grown 24.3% compared to the fall of more than 5% of Bitcoin In the same period.
Bitcoin whales migrate to Ethereum
The bassist pricing action for Bitcoin has coincided with a capital rotation by large investors, known as “whales“, toward Ethereumwith numerous analysts identifying this migration as a possible main factor behind the fall.
Last week, A whale sold more than 24,000 BTC and redirected them to ETHas reported The Block citing the CEO of WhalewireJacob King. These funds, valued at billions of dollars, were changed to approximately USD $ 2,000 million in ETH bought in cash and USD $ 1.3 billion for Stakingaccording to publications in the social network X.
“Once the whale began to sell, a panic waterfall was triggered, with other traders also selling, amplifying the fall“King explained about the recent descent of Bitcoin.
Meanwhile, a separate report noticed that a whale with more than USD $ 11,000 million in Bitcoin He sold 22,769 BTC (valued at USD $ 2,590 million) last week, rotating the funds to 472,920 eth (USD $ 2.2 billion) and a long perpetual position of USD $ 577 million in Ethereum On the platform Hyperliquid.
On Monday, that whale closed a long position of USD $ 450 million at an average price of USD $ 4,735, ensuring a gain of USD $ 33 million, and acquired USD USD $ 108 million in ETH al cash. According to Lookonchainthis whale still maintains a long position of 40,212 ETH (USD $ 184 million) with an unrelated gain greater than USD $ 11 million.
Vincent Liu, cio de Kronos Researchhe pointed to The Block that it is difficult to attribute the drop in the price of Bitcoin to a single actor, suggesting that “It is more likely that it is the work of multiple whales or an exchange with great holdings, instead of a single entity“
However, the tendency of rotation towards Ethereum It is clear, also backed by institutional flows. The funds quoted in the stock market (ETF) of Ethereum in cash in the US Sosovalue.
Eeth gains ground amid appetite due to risk
The dominance of Bitcoin In the market it has decreased from 61% to 57.94% this month, according to The Blockreflecting a growing interest in Altcoins, especially Ethereum.
Gracy Chen, CEO of exchange Bitgetcommented to Cointelegraph that “Ethereum’s rebound beyond USD $ 4,300 indicates a robust demand in its ecosystem and the possible start of a Altcoins season”
Chen predicts that Bitcoin It could be kept in a range of USD $ 110,000 to USD $ 120,000 in the next two weeks, while ETH has the potential to reach between USD $ 4,600 and USD $ 5,200. Bank analysts Standard Chartered They recently updated their projection to Ether pointing at a price of USD $ 7,500 for the end of the year and USD $ 25,000 in 2028.
Powell’s comments in Jackson Hole’s symposium last Friday have acted as a key catalyst to increase appetite for risk among crypto investors. “On-chain data show an ongoing capital rotation, with whales selling Bitcoin to increase its exposure to Ethereum, further accelerating the impulse of ETH ”Chen said.
What follows for the crypto market?
In the short and medium term, analysts expect greater volatility in the cryptocurrency market, especially while investors monitor key macroeconomic data, such as initial unemployment applications in the US. UU. Programmed for Thursday.
Nick Ruck, director of LVRG Researchdescribed the recent fall of Bitcoin like a “Market recalibration”Given the persistent economic uncertainties, according to The Block. On the other hand, the expectation of an approval of the ability to Staking for the ETFs of Ethereum could further boost the betting activity and the performance of Altcoinsaccording to Liu.
While Bitcoin Face bassist pressures, Ethereum It seems to capture the interest of institutional and retail investors alike, consolidating itself as a solid alternative in the crypto panorama. The dynamics between these two cryptocurrencies will continue to be a focal point for merchants in the coming weeks.
At the time of writing, ETH is quoted at USD $ 4,654, with a 2.4% drop in the last 24 hours.
Article written with the help of AI, edited by Diariobitcoin
Edited image of Unspash
WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.
Subscribe to our newsletter
