- Bitcoin dips below $108K as investor sentiment shifts, sparking renewed market volatility.
- Whale moves $3.8B into Ethereum, marking one of the largest BTC-to-ETH whale moves this year.
- Ethereum’s growing dominance raises speculation of shifting market leadership.
Bitcoin’s price is sliding, slipping below $108,000, while a mega-whale has made waves with a $3.8 billion pivot into Ethereum. The sharp rotation, one of the largest seen this year, is raising questions about whether the tide of market leadership is shifting away from Bitcoin and toward Ethereum’s growing dominance.
Bitcoin Weakens as Market Faces Pressure
The total crypto market cap dropped around $45 billion from its previous high, erasing weeks of steady gains. Analysts cite global macro pressures as the main driver. TOTAL now faces a key support level at $3.7 trillion. A breakdown could open the way for losses of $3.6 trillion. If momentum flips, a rebound above $3.73 trillion would set the stage for recovery toward $3.81 trillion.
Bitcoin remains at the center of market concerns. The asset traded at $107,670 at press time, sliding below the $108,000 mark. This mark is Bitcoin’s lowest level in nearly two months.
The asset declined from $112,500 last week, marking a steady loss of momentum. If selling continues, Bitcoin may test the next major support around $105,500. A recovery above $108,000 could improve sentiment and create conditions for a move toward $110,000.
Bitcoin’s downtrend highlights growing caution. Traders are watching closely for signs of stabilization. Yet, while Bitcoin struggles, Ethereum is attracting attention from the largest players in the market.
Mega-Whale Rotates Into Ethereum
Over the weekend, a Bitcoin whale known as a “Bitcoin OG” made one of the largest trades of the year. The wallet sold 4,000 Bitcoin worth $435 million and used the proceeds to buy 96,859 Ether.
Blockchain data shows the spree lasted 12 hours. The whale now holds $3.8 billion in Ethereum. The move is part of a broader rotation that began in August, when the same whale started shifting its $11.4 billion Bitcoin fortune.
On Monday, the whale deposited another 1,000 Bitcoin to the decentralized exchange Hyperliquid. Analysts believe the whale may continue converting holdings into Ethereum.
The buying spree is not isolated. Several whales have been moving capital into Ether in recent weeks. Analysts say this reflects a maturing market, where large investors diversify into ecosystems showing stronger growth narratives.
Ethereum recently reached an all-time high of $4,946 on August 24. The token now trades at $4,398, down slightly in the past day. Despite short-term volatility, its momentum contrasts with Bitcoin’s sideways trading.
Related: Bitcoin Could Hit $190K as CZ Warns of Institutional Risks
Rotation Signals Broader Trend
The capital rotation from Bitcoin into Ethereum has occurred in past cycles, often before inflows spread into other altcoins. The recent whale migration might be the start of such a cycle.
Ethereum is benefiting from supportive regulation. The GENIUS Act, signed into law in July, has created a favorable environment for U.S. institutions. ETF flows in August heavily favored Ethereum over Bitcoin.
This backdrop is encouraging whales to diversify. Analysts believe that it is not a dumping of Bitcoin, but a sign that crypto markets are maturing. Bitcoin is still the biggest asset, but Ethereum and other altcoins now play a stronger role.
The whale’s move further highlights how institutions can experience expansion in directions outside Bitcoin. Token ecosystems like Ethereum and Solana are drawing capital as investors seek relative value.
With Bitcoin near two-month lows and Ethereum gaining momentum, the shift raises questions about leadership in the next cycle. As analysts say, Bitcoin’s weakness may not be only macro-driven. Instead, it could be a sign that big money is preparing for an altcoin cycle.
