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1h ago

Whale Rotation Slams Bitcoin as Ethereum Pulls Back From New Peak

ETF flows point to capital rotating toward Ethereum.

A souvenir bitcoin token is seen pictured with a 100 ruble bill in Moscow on July 30, 2024. Russian lawmakers voted on July 30, 2024 to tighten rules on petrocurrency mining, while also paving the way for it to be used in cross-border payments as a means to skirt Western sanctions. (Photo by Alexander NEMENOV / AFP) (Photo by ALEXANDER NEMENOV/AFP via Getty Images)
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Overview

  • Bitcoin is consolidating near $109,000–$112,000 after a flash crash tied to a roughly 24,000 BTC dump, while Ethereum retraced a day after notching a new high around $4,950.
  • Lookonchain tracking shows an early BTC wallet sent about 23,000 BTC to Hyperliquid, then bought roughly 473,000 ETH and opened large ETH longs, later taking partial profit but keeping over 40,000 ETH longs open.
  • Forced liquidations over 24 hours totaled roughly $800 million to $900 million across futures markets, with more than 150,000 traders wiped out and longs bearing the brunt.
  • Hyperliquid logged a record $3.4 billion in 24-hour spot volume and over $4.7 million in fees during the turmoil, underscoring how concentrated venue flows can magnify moves.
  • August flows favor ETH as spot Ethereum ETFs drew about $2.8 billion in net inflows while Bitcoin funds saw outflows, with corporate buyers such as Bitmine adding multi‑billion‑dollar ETH positions.