For years, Bitcoin (BTC) has been the compass of the crypto market. However, recent on-chain movements show a narrative shift: Ethereum (ETH) is capturing the attention of the oldest whales in the industry, while BTC faces key technical levels that define its immediate course.

Sleeping whales awaken

On-chain analysts detected that inactive wallets for over a decade have started moving again, unloading BTC into the market and generating uncertainty. The Binary Coin Days Destroyed (CDD) indicator, which measures the activity of old coins, reached levels that have historically anticipated corrective phases.

31,000 BTC rotated towards ETH in Hyperliquid by a veteran whale.

Movements of over USD 400 million in institutional purchases of ETH on exchanges like Bitgo and Galaxy.

A whale activated leveraged positions in ETH valued at USD 295 million, betting directly on the asset's rebound.

Bitcoin: between support and resistance

BTC bounced off the 200-day moving average (~$108K), a vital technical support.

However, it faces a wall at the 50 and 100-day SMAs (~$114K–$115K).

As long as it does not surpass the resistance of $123K, the market could remain in lateral consolidation.

Ethereum takes the stage

As BTC adjusts, Ethereum capitalizes on capital flow:

Staking with ~3.8% APY: attractive compared to simple holding of BTC.

Key updates (Dencun, Pectra) that optimize scalability and costs.

Clearer regulatory perception driving institutional entry.

This set of factors reinforces the narrative of ETH as a second-generation asset with utility and additional yield.

What does it mean for investors?

1. Monitor CDD: a metric that could anticipate new waves of BTC distribution.

2. ETH as an opportunity: the rotation of whale capital is not a coincidence; it reflects confidence in its fundamentals.

3. Risk and leverage: long positions in ETH can trigger extreme volatility.

Conclusion

The market is undergoing a transition where Ethereum begins to challenge Bitcoin for narrative leadership. Although BTC remains the benchmark asset, the accumulation and bets of whales on ETH suggest a new cycle of prominence for Ethereum.

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