As Bitcoin’s largest holders reduce their positions, the number of Ethereum whale wallets is increasing, fuelling speculation about a possible altcoin rotation led by Ethereum.
Summary
ETH whale wallets jumped 8% while BTC whales fell 1.61% in two weeks.
Top holders purchased $840 million in ETH in 48 hours. According to CryptoQuant data, ETH gains are the result of new inflows, not BTC selling and rotation.
Santiment shared data from the blockchain on July 29 and said that there are at least 1,000 Bitcoin wallets. btc
-0.48%
Over the past two weeks, Bitcoin has lost 1.61 percent. In contrast, Ethereum Ethereum
eth
-1.63%\
Ethereum wallets with at least 10,000 ETH have grown by 8%, marking a clear difference in whale activity between the two leading cryptocurrencies.
Popular analyst Ali Martinez stated in a subsequent post on X that some of the largest holders of Ethereum had amassed over 220,000 ETH, or approximately $840 million, in the preceding 48 hours. The scale of this activity has fueled talk of a capital rotation from Bitcoin to Ethereum, often seen at the start of an altcoin cycle.
Whales accumulate Ethereum, but not at Bitcoin’s expense
Despite growing ETH interest, on-chain data shows no major capital shift away from Bitcoin to Ethereum. A separate analysis by CryptoQuant’s Carmelo Alemán shows no clear sign of Bitcoin holders selling to buy ETH. The fact that Bitcoin’s Realized Capitalization recently hit a new all-time high of $1.018 trillion indicates that capital inflows and accumulations are continuing rather than outflows. Alemán argues that new capital entering the ecosystem, not money leaving Bitcoin, is driving Ethereum’s rally. Both assets appear to be benefiting from increased interest rather than competing for the same liquidity.
ETH gains outpace BTC in recent weeks
Ethereum is currently trading at $3,805, up 52 percent in the last 30 days and 2 percent in the last week. Bitcoin is up 9% on the month and 0.6% in the last week, holding at $117,966.
While Bitcoin has experienced stronger institutional demand based on capital inflows, Ethereum’s inflows have grown at a higher rate. A recent surge in Ethereum corporate treasuries, as well as sustained exchange-traded fund inflows, is expected to further boost ETH’s value in the coming months.
Read more: The 1 crypto dream
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