Ethereum Gains Favor Over Bitcoin Amid $86M Whale Transfer
A notable shift in favor of Ethereum (ETH) over Bitcoin (BTC) has been observed by a cryptocurrency whale, which could be an indication of a divergence between the two largest cryptocurrencies.
The whale in question sold 1,107 $BTC worth approximately $86.76 million on Hyperliquid over the past five days, according to data from on-chain tracker Lookonchain. The same entity then purchased 34,422 $ETH, or roughly $86.5 million, and staked its entire position.
The decision to stake the acquired ETH instead of holding it as a liquid trading position suggests that the rotation was not just a quick switch to cash but rather an investment in Ethereum's growth potential.
From a technical standpoint, Bitcoin is currently facing resistance around $81,500-$82,000. A clear breakout above this range would be necessary for BTC to continue its rebound. On the other hand, Ethereum has been moving upward, breaking above the $2,400-$2,550 consolidation range and trading near $2,649.