OG Whale Flips $2.6B Bitcoin Into Ethereum Positions – Details

Bitcoin is entering a critical consolidation phase after a week of heightened volatility and selling ￰0￱ its surge to a new all-time high of $124,500 just ten days ago, BTC has since retraced by more than 10%, now struggling to hold the $115K level as ￰1￱ pullback signals potential buying exhaustion, with analysts warning of a possible deeper correction if momentum fails to ￰2￱ sentiment has shifted as traders weigh whether this retrace is a healthy cooldown or the beginning of a more sustained ￰3￱ experts highlight that price action below $115K suggests bulls are losing control of short-term momentum, raising the risk of further ￰4￱ to the pressure , Lookonchain data highlights the moves of a Bitcoin OG who has recently re-emerged after years of ￰5￱ whale, who first received 100,784 BTC seven years ago, has begun shifting large portions of his holdings out of ￰6￱ of holding, he is aggressively reallocating into Ethereum, using both spot purchases and long positions to execute the ￰7￱ Rotation: New Market Dynamics At Play According to Lookonchain, the past five days have seen one of the most aggressive onchain moves from this Bitcoin ￰8￱ whale deposited approximately 22,769 BTC, worth nearly $2.59 billion, into Hyperliquid for ￰9￱ of holding BTC, the capital was rapidly shifted into Ethereum, where the whale bought 472,920 ETH on spot markets, valued at $2.22 billion, and simultaneously opened a massive 135,265 ETH long worth around $577 ￰10￱ makes the move even more notable is the whale’s follow-up ￰11￱ later, Lookonchain reported that this OG began closing his ETH longs and converting them into spot holdings.

Specifically, he closed 95,053 ETH longs, worth roughly $450 million, at an average price of $4,735, locking in over $33 million in ￰12￱ after, he purchased an additional 23,575 ETH in spot markets, valued at $108 ￰13￱ the shift, the whale still maintains an active derivatives position of 40,212 ETH longs (worth about $184 million) with $11 million in unrealized ￰14￱ sequence of trades highlights an undeniable capital rotation from Bitcoin into Ethereum, a move that aligns with the growing narrative of ETH gaining dominance in the ￰15￱ also helps explain recent price divergences between BTC and ETH, where Bitcoin has stalled below resistance levels while Ethereum continues testing new ￰16￱ Analysis: Testing Pivotal Price Level Bitcoin is currently trading around $111,266, showing weakness after failing to hold momentum above the $115K ￰17￱ chart reveals a sharp decline from the $123,217 ATH, with BTC now testing critical support ￰18￱ is sitting just above the 200-day moving average (red line at ~$111,487), which has historically acted as a strong demand zone.

A decisive break below this level could accelerate selling pressure, potentially driving BTC toward the $108K–$110K ￰19￱ 50-day (blue) and 100-day (green) moving averages have both started to flatten and slope downward, reflecting waning bullish ￰20￱ signals that the market may be entering a consolidation phase after months of aggressive ￰21￱ the upside, bulls will need to reclaim the $116K–$118K range to shift short-term momentum and attempt another run toward the ATH at $123K. The chart highlights a crucial crossroads for BTC. A successful defense of the 200-day MA could restore confidence among buyers, while a breakdown risks a deeper ￰22￱ are watching closely as this level could define whether Bitcoin resumes its broader bullish cycle or enters a prolonged ￰23￱ image from Dall-E, chart from TradingView