Whales Dump Bitcoin Near $112,700, Pivot Hard to Ethereum Surge
Big money's making big moves—and leaving Bitcoin behind at the $112,700 mark.
Shift to Ethereum: Why Whales Are Betting Big
They’re not just dipping toes; they’re diving headfirst into ETH. Call it a flight to smarter yield, or just another case of whales chasing the next shiny object in the crypto ocean. Either way, Bitcoin’s feeling the drain.
Bitcoin’s Pullback: A Blip or the Start of Something Heavier?
It’s not crashing, but it’s not cruising either. Resistance at $112,700 is turning into a real headache for the bulls. Meanwhile, Ethereum’s lighting up—classic ‘rotation’ play, or are the big players finally getting bored of Bitcoin’s slow-and-steady mantra?
Timing, as always, is everything. While retail traders panic over a 5% dip, the pros are already repositioning. Just another day in crypto—where the only thing more volatile than the charts are the emotions of those watching them.
Whale-driven selling and Ethereum shift
Much of the pressure came from a large whale offloading over 24,000 BTC between August 16 and 24, according to posts circulating on X. The bitcoin was moved in tranches of 3,000 to 6,000 BTC, which triggered a wave of panic selling.
WhaleWire CEO Jacob King said the activity caused a cascade effect as other traders rushed to exit. He noted that a large share of the funds flowed into Ethereum, with around $2 billion purchased and $1.3 billion staked.
Data from Lookonchain also showed that a whale wallet rotated part of its 100,784 BTC into 62,914 ETH and opened a 135,265 ETH derivatives long position. Institutional flows mirrored this shift, as ether ETFs attracted stronger inflows compared to bitcoin ETFs through August.
Ethereum is currently trading at $4,712, after touching a record high above $4,946 last Friday. Bitcoin dominance has dropped to 57.94% from 61% at the start of the month, underscoring a growing tilt toward altcoins.
Liquidations and support levels
Over the last 24 hours, the market saw $667.49 million in liquidations, with $507.36 million coming from long positions and $160.14 million from short positions, as per data from Coinglass. Bitcoin accounted for $238.14 million of that total, including $226 million in long bets and $11.88 million in shorts.
Miners added extra weight to the sell-off by dumping $237 million in bitcoin, the most they’ve sold since December 2024.
On-Chain Support Levels
Using the UTXO Realized Price Distribution (URPD), the nearest support zone lies between $104k–$108k, where over 1.15M BTC was accumulated over the past year. This dense supply region may serve as a strong support if the market continues to correct.… pic.twitter.com/ThhwtmIjFK
Analysts say the next big safety net for the market sits between $104,000 and $108,000, a range where more than 1.15 million bitcoin were bought over the past year. They believe this zone could help stabilize prices if the slide continues.
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