Cryptocurrency whales (i.e., large investors) are making significant purchases of hundreds of millions of dollars in Ethereum (ETH). Analysts point out that investors' attention is organically shifting towards altcoins with greater upside potential.
The blockchain data platform Arkham announced on Tuesday via the X platform that nine "massive" whale addresses have cumulatively purchased $456 million worth of Ethereum (ETH) from Bitgo and Galaxy Digital.
Nicolai Sondergaard, a research analyst at the crypto intelligence platform Nansen, stated that the growing demand for Ethereum from whales, the second-largest cryptocurrency globally, indicates that the market is naturally rotating towards Ethereum and other altcoins with more room for growth.
In an interview with Cointelegraph, analysts noted that many phenomena appear to be a natural rotation. Investors are locking in profits after Bitcoin's rise and then turning to other tokens to seize potential upside opportunities. He added:
Analysts pointed out that the recent movements of Ethereum whales are worth noting. However, the broader trend is that capital flows have begun to spread from Bitcoin, and market participants are seeking new opportunities.
Sondergaard added that the increase in Bitcoin profit-taking may signal that more "investor attention" will shift towards Ethereum.
Crypto analyst Willy Woo also noted that capital is continuously rotating from Bitcoin (BTC) to Ethereum.
In a post on the X platform on Tuesday, the analyst stated, "Funds flowing into Ethereum are reaching $900 million daily (silver curve), nearing the inflow levels of Bitcoin (orange curve)." He added that the latest round of capital inflow "began with Tom Lee's BitMine Ethereum Trust initiating Ethereum accumulation."
According to Cointelegraph, these comments were made as a whale holding over $11 billion in Bitcoin sold $2.59 billion worth of Bitcoin a week ago. The whale rotated the funds into $2.2 billion in Ethereum spot and $577 million in Ethereum perpetual contract long positions, with the related transactions occurring on the decentralized exchange Hyperliquid.
The Nansen blockchain intelligence platform tracks "smart money," or the top-performing cryptocurrency investors, who have begun rotating into altcoins, sparking investor expectations for an altcoin season in 2025.
Nansen data shows that based on acquisitions of major market cap tokens by this smart money, they have purchased $1.2 million worth of Chainlink (LINK), $967,000 worth of Ethena (ENA), and $614,000 worth of Lido DAO (LDO).
Cointelegraph reported on Tuesday that the increase in LINK acquisitions may be related to Bitwise Asset Management's application to the U.S. Securities and Exchange Commission to launch a LINK-based exchange-traded fund.
However, compared to a dormant whale that has not been active since 2021 purchasing $28 million in Ethereum, these cumulative altcoin acquisitions still seem modest.
Related: Metaplanet's board approves a plan to raise $1.2 billion, designating $835 million for Bitcoin (BTC) purchases.
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