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3w ago

Whale Rotation Slams Bitcoin Near $110K as Ethereum Cools After Record High

Spot ETH ETF inflows and whale accumulation point to a rotation of capital 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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ETH retraces after ATH: Can returning buyers push Ethereum back above $4.8K?
Ethereum's supply shock incoming? Peeking into what traders are up to

Overview

  • Bitcoin slipped to roughly $110,000–$112,000 after an early wallet moved about 22,000–24,000 BTC to Hyperliquid and rotated into roughly 473,000 ETH with sizable long positions, according to Lookonchain.
  • Coinglass data showed roughly $800 million to $900 million in 24‑hour liquidations, clearing out more than 150,000 traders as thin weekend liquidity magnified the move.
  • Ethereum notched a new all‑time high near $4,900 before pulling back to the mid‑$4,000s, supported by multi‑billion‑dollar August inflows into spot ETH ETFs and increased whale buying on Binance.
  • Hyperliquid logged a record $3.4 billion in 24‑hour spot volume, including about $1.5 billion in BTC trades, as the whale’s rotation funneled activity to the venue.
  • DeFi metrics indicate liquidity continues to tilt toward Solana, which has led Ethereum in decentralized exchange volume for 10 consecutive months.