On-Chain Data Reveals: Ethereum Whales Growing, Bitcoin Whales Declining

Ethereum whales are growing, while large Bitcoin holders are declining
New blockchain data reveals a striking trend: the number of large Ethereum wallets is growing, while the number of Bitcoin (BTC) holders is declining. This difference in whale activity raises questions about potential capital shifts within the crypto market. What exactly does this shift mean?

Growth in Ethereum accumulation versus decline in Bitcoin
According to data from Santiment, the number of wallets holding at least 1,000 Bitcoin (BTC) has decreased by 1.61 percent over the past two weeks. At the same time, the number of wallets holding at least 10,000 Ethereum (ETH) increased by 8 percent. This opposite trend between the two largest cryptocurrencies points to shifting preferences among large investors.

In the past two weeks, the amount of Bitcoin wallets holding at least 1,000 BTC has fallen by 1.61%. Meanwhile, the number of Ethereum wallets holding at least $10,000 ETH has risen by 8.00%. The top two crypto coins are seeing contrasting whale behavior.

Analyst Ali Martinez reported on X that some of the largest Ethereum whales have collectively purchased more than 220,000 ETH in 48 hours, worth a total of around $840 million. This large-scale purchase is seen by some as a potential signal for a so-called altcoin rotation, where capital shifts from Bitcoin to other assets such as Ethereum and altcoins.

Some of the largest whales on the network have bought over 220,000 Ethereum $ETH, worth around $840 million, in the last 48 hours!

Despite the increasing activity around Ethereum, on-chain data does not point to an immediate capital flight from Bitcoin. According to an analysis by Carmelo Alemán of CryptoQuant, Bitcoin's "Realized Capitalization" is currently at a record high of $1.018 trillion. This indicates continued inflows and accumulation, rather than outflows.

Alemán emphasizes that Ethereum's recent price rise is likely fueled by fresh capital entering the market. There is no strong evidence that Bitcoin investors are flocking to Ethereum. Instead, both assets appear to be benefiting simultaneously from broader market interest. Yet, it is Ethereum that has been in the spotlight in recent weeks.

Ethereum has significantly outperformed Bitcoin over the past month. ETH rose 52 percent and is currently trading around $3,800. BTC climbed 9 percent over the same period to a current price of around $118,300. While Bitcoin continues to attract strong institutional inflows, capital inflows into Ethereum, including through ETFs and corporate reserves, are accelerating faster than before.

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