Whale tracker today: No longer a BTC game, is the focus shifting to ETH?
I monitored the whale order book this morning and the first thing that caught my eye was not the position of BTC – but a short ETH order worth over 10 million dollars appearing at 10:30. This is not a position of 'playing around with orders', but rather a big bet assuming ETH will not hold the price level of 2486.
The question is: why short ETH, while BTC is still holding steady? The answer may lie in the cyclical nature – ETH often lags behind BTC by 1-2 days during correction waves. And if the current technical indicators are slightly leaning towards a correction, then ETH is likely to be the "first wind" testing the lower boundary.
BTC: Long positions starting to retreat
In the last hour, as many as 3 large wallets closed long BTC positions worth nearly 8.3 million USD, and 2 new short orders were opened with a total value of 7.9 million USD.
This indicates: the long side is no longer overly confident in maintaining high positions, while the short side is lightly but actively trading.
The closing price of long positions is around the 103,300–103,600 range, coinciding with the BTC resistance area for several days now. Personally, I interpret this as: this is the area where trading bots or organized teams believe that "the pullback is not strong enough to maintain positions."
Additionally, closing long positions in altcoins like DOGE, SOL, XRP, kPEPE have also appeared in droves.
This is not a sell-off, but rather like "locking in profits" before the market changes.
Specifically, kPEPE had a short close of 3.69 million USD, followed by a long open equivalent to 5.37 million USD. For me, this could be a signal indicating that memecoins still have the potential to rebound if BTC does not dump significantly.
