whales bought $456m worth of eth while large holders trim bitcoin positions

whale activity this week is showing a clear trend toward ethereum. arkham data flagged nine whale addresses that acquired \$456 million worth of eth from bitgo and galaxy digital.

this looks less like random accumulation and more like strategic repositioning. a nansen analyst described it as natural rotation, with investors taking bitcoin profits and moving into assets with greater upside potential.

the scale of these flows is significant. willy woo noted that daily inflows into eth have reached 0.9 billion dollars, approaching the current rate of bitcoin inflows. this acceleration aligns with bitmine’s recent push to expand its eth treasury.

on the altcoin side, nansen’s smart money tracker shows allocations into chainlink, ethena, and lido dao. the chainlink purchases are noteworthy given bitwise’s new filing for a chainlink etf, but the size of those positions is small compared to what is moving into eth.

the rotation is not just limited to trading firms. one whale who sold 2.59 billion dollars of bitcoin last week has already reallocated 2.2 billion into spot eth and added a 577 million eth perpetual long on hyperliquid. even dormant wallets from 2021 are reappearing, including one that bought 28 million in eth this week.

for me, this does not look like speculative noise. it appears to be steady accumulation by large holders and institutions. the question now is whether eth can consolidate above 4500 and maintain enough momentum to lead the broader market higher.

positions: holding eth from 3800 and monitoring dips for potential adds