Crypto Whales Shift $125M in ETH, SOL, BTC Trades

A newly created wallet purchased $32 million worth of Ethereum on crypto exchange OKX at an average price of $3,824, according to Arkham data. This substantial whale acquisition comes amid broader institutional interest, with SharpLink and Bitmine Immersion Technologies announcing the accumulation of 203,826 and 19,271 ETH respectively last week. These corporate purchases, valued at $792 million and $74.9 million, demonstrate significant capital deployment into Ethereum despite mixed ETF performance.

Jamie Elkaleh, CMO of Bitget Wallet, told Decrypt that the newly created wallet’s purchase is ‘likely fueled by digital asset treasury inflows,’ suggesting the accumulation has ‘boosted institutional interest and liquidity.’ This corporate and whale interest in Ethereum stands in stark contrast to ETF flows, where U.S. Bitcoin spot exchange-traded funds drew in $335.43 million in weekly inflows while Ethereum ETFs saw a net outflow of $22.80 million over the same period, according to SoSoValue data.

With Ethereum currently trading around $3,882, up 1.2% on the day per CoinGecko data, the coordinated accumulation by both corporate entities and individual whales suggests growing confidence in Ethereum’s ecosystem plays and long-term value proposition, even as traditional ETF vehicles show temporary weakness.

While Ethereum attracts capital, Solana is experiencing significant distribution from long-term holders. A whale that acquired Solana four years ago has transferred 515,000 SOL, worth approximately $93 million, to Binance over the past four months. According to a tweet from EmberCN, a Chinese on-chain analysis account, the address still holds 828,000 SOL worth $150 million, indicating this may represent partial profit-taking rather than a complete exit.

Jamie Elkaleh explained that this move ‘implies a market preference for Ethereum ecosystem plays over Solana,’ adding that it suggests ‘waning whale confidence’ in the asset, ‘possibly due to scalability concerns or competition.’ The substantial distribution from a long-term holder raises questions about Solana’s competitive positioning amid increasing blockchain ecosystem competition and ongoing technical challenges.

The contrasting flows between Ethereum accumulation and Solana distribution highlight how sophisticated investors are making strategic bets on ecosystem differentiation. While Ethereum benefits from corporate treasury strategies and institutional adoption narratives, Solana faces headwinds from whale distribution that could signal broader concerns about its technological roadmap and market positioning.

In Bitcoin markets, a whale that opened a 1,107 BTC short position on October 22 closed it a day later, netting $835,000 profit according to analytics platform Hyperdash. This successful trade forms part of a remarkable trading pattern, with the investor completing seven trades with a 100% win rate and netting over $6.6 million in profits over the past week.

The closure of this Bitcoin short position comes as the top cryptocurrency enters what Elkaleh described as an ‘undervalued zone,’ hinting at a ‘potential bottom if supported by broader market recovery.’ This technical positioning suggests that sophisticated traders are beginning to reposition themselves for potential upward movement after a period of consolidation.

With Bitcoin trading in a tight range and the broader crypto market remaining on the sidelines, the successful short closure and subsequent profit-taking indicate that large investors are actively managing risk while preparing for potential market inflection points. The $835,000 profit from this single trade demonstrates how whale activity can generate significant returns even during periods of relative market stagnation.

The collective whale activity across these three major cryptocurrencies reveals sophisticated investors are making ecosystem-specific bets rather than treating digital assets as a homogeneous asset class. The $32 million Ethereum purchase, combined with nearly $867 million in corporate accumulations, suggests strong fundamental support for Ethereum’s ecosystem despite ETF outflows.

Meanwhile, the $93 million Solana distribution from a long-term holder indicates potential concerns about the network’s competitive positioning and scalability. The successful Bitcoin short closure and subsequent profit-taking reflect active risk management as traders navigate potential market bottoms and technical support levels.

As cryptocurrency markets continue to mature, these whale movements provide valuable insight into institutional sentiment and capital allocation strategies. The diverging approaches to Ethereum accumulation, Solana distribution, and Bitcoin repositioning suggest that large investors are increasingly differentiating between blockchain ecosystems based on fundamental factors rather than following broader market trends.