Ethereum Whale Scoops Up $32M in ETH as Bitcoin, Solana Whales Cash Out

Core Insights - The crypto market is experiencing increased speculation from large investors as Bitcoin remains in a tight trading range, with significant purchases of Ethereum noted [1][2] - A newly created wallet purchased $32 million worth of Ethereum, indicating strong institutional interest and liquidity in the Ethereum market [1][2] - In contrast, Ethereum saw a net outflow of $22.80 million in ETF flows, despite a $335.43 million weekly inflow for Bitcoin spot ETFs [3] Ethereum Market Activity - A new wallet acquired $32 million in Ethereum at an average price of $3,824, while SharpLink and Bitmine Immersion Technologies accumulated 203,826 ETH and 19,271 ETH, respectively, valued at $792 million and $74.9 million [1][2] - The current trading price of Ethereum is around $3,882, reflecting a 1.2% increase on the day [2] Whale Movements - A significant whale transferred 515,000 SOL (approximately $93 million) to Binance, indicating a preference shift towards Ethereum over Solana [4][5] - The whale still holds 828,000 SOL worth $150 million, suggesting a potential decline in confidence in Solana due to scalability concerns or competition [5] Bitcoin Market Activity - A whale closed a short position of 1,107 BTC, realizing a profit of $835,000, contributing to a total of over $6.6 million in profits from seven trades with a 100% win rate over the past week [5] - The closure of the short position suggests that Bitcoin may be entering an undervalued zone, hinting at a potential market recovery [6]