Recently, large whales have started to reduce their Bitcoin holdings and are aggressively buying Ethereum!

Lookonchain reports that a whale swapped part of 100,784 BTC for 62,914 ETH and has built a long position in derivatives of 135,265 ETH. Institutional investors are also following suit, and the popularity of ETH is on the rise.

Attention everyone:

In August, Bitcoin ETF trading has been inactive

While Ethereum ETF is attracting capital

Mr. Liu revealed: "The approval for Ethereum ETF staking is coming soon," which means that ETH staking activities will increase, and altcoins may also rise accordingly. Large funds are shifting from BTC to ETH, which will increase Ethereum's proportion in the hands of institutions.

Market Data Quick Report

Bitcoin dominance: dropped from 61% to 57.94%

ETH reached a historic high of $4,946 last week, now around $4,712

BTC has recently dropped 2.12% in the last 24 hours, trading at $112,316

ETH dropped 1.8%, trading at $4,683

In simple terms: Large whales and institutions are betting on Ethereum, and in the short term, ETH is likely to continue to be the focus, while BTC and the entire cryptocurrency market may still experience fluctuations.