Key Takeaways
Rising Taker Buy Volume and CME Open Interest bolstered Ethereum, while Bitcoin’s flattening OI suggested fading momentum.
A major crypto whale made headlines this week after executing one of the largest portfolio shifts seen in recent months.
According to Lookonchain, the investor offloaded ~22,769 Bitcoin [BTC] worth $2.59 billion on Hyperliquid, then bought 472,920 ETH ($2.22 billion) spot and opened a 135,265 ETH ($577 million) long.
The scale of the move has turned market attention sharply toward Ethereum [ETH], raising the question whether the second-largest cryptocurrency is on the verge of outshining Bitcoin in the near term.
Reading between the lines of whale moves
Large players do not always call the market right, but they often move with conviction. In fact, the whale’s rotation into ETH mirrored a clear uptick in Taker Buy Volume across exchanges.
From late July’s $8.2 billion baseline to multiple surges above $20 billion by mid-August, buyers consistently showed a willingness to lift offers aggressively.
Historically, such spikes in Taker Buy Volume have preceded short-term rallies, as they reflect market participants eager to pay higher prices rather than wait passively.
Source: CryptoQuant
Naturally, that aggressive posture adds fuel to upward momentum and can serve as an early signal of shifting sentiment.
Why Ethereum and not Bitcoin?
Institutional flows also supported the case. CME Open Interest on ETH futures has been climbing, signaling rising engagement from professional desks, even as retail participation lagged.
Having said that, Bitcoin looked fatigued. BTC Open Interest flattened, and recent price action showed little conviction compared to Ethereum’s momentum. While not collapsing, BTC appeared to be consolidating.
On top of that, for a whale managing billions and other investors alike, that is a reason enough to rotate capital.
Source: CryptoQuant
The bigger picture
Is this the start of Ethereum truly breaking away from Bitcoin’s shadow? It is too early to say.
However, the mix of whale confidence, institutional activity, and bullish technical signals gave ETH the edge in current market dynamics.
If momentum holds, Ethereum could continue to pull ahead, leaving Bitcoin to consolidate while the market tests just how far ETH can run.
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