Bitcoin News Today: Bitcoin Whales Bet on Bull Run as Ethereum Snares $2.2B in Fresh Capital

A major Bitcoin whale has extended its long position in BTC, securing an unrealized profit of nearly $15 million, according to on-chain analytics from Lookonchain [1]. This whale's strategy aligns with broader market optimism, as Bitcoin's price has surged to over $105,000, amplifying gains for long-term holders. The whale's position contrasts with recent volatility, including a $1 billion liquidation event in futures markets last week triggered by price swings tied to geopolitical and macroeconomic factors [2].

The whale's activity underscores a shift in capital allocation within the crypto market. Another large holder, previously dormant for two years, recently purchased 250 BTC for $26.37 million, marking its first activity since 2022 [2]. At current prices, this position now carries an unrealized gain of $39 million. This move has drawn attention from traders and analysts, who view it as a signal of institutional confidence in Bitcoin's long-term trajectory. Historical data shows that large holders often act as market barometers, with their trades influencing retail investor sentiment and broader liquidity dynamics [1].

Technical indicators suggest mixed signals for Bitcoin's near-term direction. The asset is currently forming an inverse cup-and-handle pattern, with a critical support level at $100,800. A break below this threshold could push prices toward $91,000, aligning with its 200-day exponential moving average (EMA) [2]. Meanwhile, the relative strength index (RSI) stands at 52, indicating waning bullish momentum. Analysts caution that a dip below the 50-level could trigger additional selling pressure, though a recovery above $105,000-specifically the 20-day EMA-would signal renewed buyer interest [2].

The whale's BTC-long strategy also reflects broader capital rotation trends. While Bitcoin remains the dominant asset by market capitalization, Ethereum has attracted significant inflows. A separate $11 billion Bitcoin whale recently sold 22,769 BTC ($2.59 billion) to accumulate $2.2 billion in ETH spot positions and a $577 million ETH perpetual long [4]. This shift highlights growing confidence in Ethereum's ecosystem, with its spot trading volume reaching a 2017 high of 32% on major centralized exchanges [3]. On-chain data from CEX.io further shows Ethereum's capital net position rising 23% in August, while Bitcoin's declined by 43%, underscoring a strategic reallocation by large investors [3].

Market analysts attribute these trends to macroeconomic catalysts, including Federal Reserve Chair Jerome Powell's dovish remarks at the Jackson Hole symposium, which signaled potential rate cuts in September [4]. Such policy signals have bolstered risk appetite, with Ethereum's price rising nearly 25% over 30 days compared to Bitcoin's 5.3% decline [4]. Gracy Chen, CEO of Bitget, noted that Ethereum's rally past $4,300 reflects robust ecosystem demand and could pave the way for a new all-time high, provided Bitcoin consolidates within the $110,000–$120,000 range [4].

The whale's BTC-long position also intersects with broader market volatility. Last week, Bitcoin briefly dipped below $101,000, triggering $1 billion in liquidations before rebounding. This volatility, coupled with miner capitulation signals detected by CryptoQuant's Hash Ribbons indicator, highlights the fragility of current momentum [2]. However, the whale's continued accumulation suggests a belief in Bitcoin's resilience, particularly as macroeconomic conditions stabilize and institutional adoption accelerates.