Bitcoin Pioneer Offloads 4,000 BTC to Dive Into Ethereum as Market Shifts Heat Up

After achieving a new record high of $124,500, Bitcoin is now striving to maintain the $115,000 threshold as support. The bulls, who prevailed just a few days prior, are finding it difficult to initiate a new surge, placing the market in a fragile state. While fundamental factors, like institutional adoption and high holder demand, continue to bolster the overall upward trend, capital movements indicate a new influence is emerging.

Numerous analysts observe indications of capital shifting from Bitcoin to altcoins, a trend that frequently signifies changes between market cycle phases. Ethereum, in particular, is standing out as a primary recipient of this transition.

Compounding the intrigue, on-chain analytics firm Lookonchain has been monitoring the activities of a long-sleeping Bitcoin OG whale, who has resurfaced with remarkable activity. On Friday, the whale deposited 300 BTC ($34.86 million) into Hyperliquid to exchange for Ethereum. His audacious strategy is yielding results: he now holds over $100 million in unrealized gains.

The whale currently possesses a 135,265 ETH ($581M) long position at a $4,295 average entry, up $58 million, and has also acquired 122,226 ETH ($535M) spot at a $4,377 average, up $42 million. This bold shift highlights a critical moment—one where Bitcoin is stabilizing, but altcoins, spearheaded by Ethereum, may take center stage.

Bitcoin OG’s Daring Shift Towards Ethereum

According to Lookonchain, the enigmatic Bitcoin OG whale continues to capture market attention with bold on-chain transactions. Most recently, he shifted another 4,000 BTC (~$460 million) into exchanges, where the capital was transformed into Ethereum. This signifies yet another large-scale realignment that has intrigued both analysts and investors.

Thus far, the whale has gathered a staggering 179,448 ETH (~$806 million) at an average cost of $4,490, alongside a 135,265 ETH ($581 million) long position that remains active. These ambitious investments demonstrate a decisive realignment strategy away from Bitcoin and towards Ethereum, indicating a wager on ETH’s superior performance in the next phase of the cycle.

The implications are profound. On one hand, such a substantial capital transition underscores rising institutional-level confidence in Ethereum as it breaks through all-time highs and challenges Bitcoin’s supremacy. On the other hand, it stirs concerns regarding short-term volatility.

Analysts caution that in spite of the optimistic outlook, a shakeout might occur before enduring gains are realized. With leverage in derivatives markets increasing and liquidity becoming sparse in spot trading, sharp retracements could potentially eliminate overextended positions.

Bitcoin Vs. Ethereum: Weekly Chart Overview

The ETH/BTC weekly chart illustrates Ethereum gaining significant ground against Bitcoin following a prolonged downtrend that persisted from mid-2022 to the start of 2025. ETH has now surged to the 0.041 BTC level, registering strong bullish candles and reclaiming vital moving averages. The 50-week SMA (blue) has just been surpassed to the upside, and price is testing the 100-week SMA (green), a significant resistance zone. Should ETH manage to maintain its momentum above this level, the next crucial target lies around the 200-week SMA (red) at approximately 0.055 BTC.

This shift is especially significant given that ETH has been lagging behind Bitcoin for over two years. The recent upswing indicates a potential capital migration from BTC towards ETH, a trend bolstered by substantial institutional acquisitions and whales transitioning their positions into Ethereum.

On the downside, if ETH/BTC encounters pushback at the current resistance, the pair might reassess support around 0.035 BTC, which corresponds with earlier consolidation. However, momentum indicators imply strength is presently with Ethereum.

Featured image from Dall-E, chart from TradingView

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