Bitcoin failed to capitalize on the bullish momentum on Friday following Fed Chairman Jerome Powell's weak speech at Jackson Hole. That bullish momentum reversed over the weekend, with prices dropping to $112,000.

While the bullish trend of BTC is weakening, Ethereum reached a new ATH over the weekend, and there are reports that the massive ‘whales’ are the reason for ETH's price increase.

At this time, analysts are noting that OG Bitcoin investors are selling BTC and buying ETH, which is shifting capital to Ethereum and creating volatility in the market. WhaleWire's CEO, Jacob King, stated that Bitcoin's price fell sharply due to whale sell-offs.

According to Jacob King, the drop in Bitcoin today was due to a single whale selling over 24,000 BTC to buy Ethereum.

The analyst noted in his post that he has sold more than 24,000 BTC, including BTC that he had not moved in over five years and sent more than 12,000 BTC to the Hyperunite platform just today.

The analyst noted that this is part of a broader sell-off, which has seen 18,000 BTC ($2 billion) sold off, most of which was funneled into Ethereum. According to the analyst, $2 billion was bought in and $1.3 billion was staked.

According to Lookonchain's post, an OG Bitcoin whale, who bought 100,784 BTC (worth $642 million at the time, now $11.4 billion) seven years ago, is frantically exchanging his BTC for Ethereum.

Accordingly, in the past five days, this massive "whale" has sent 22,769 BTC ($2.59 billion) to Hyperliquid for sale. With this amount, he bought 472,920 ETH ($2.22 billion) from the spot market and opened a long position of 135,265 ETH ($577 million).

No Whale Can Be Held Responsible for Bitcoin's Decline

However, speaking with The Block, Kronos Research's Chief Information Officer, Vincent Liu, stated that it is difficult to identify a single culprit for Bitcoin's price decline.

"The rise in Bitcoin after Powell's speech was due to a lack of liquidity, not due to any long-term beliefs.

As leverage fades, the rapid rise quickly diminishes, and BTC falls below a critical level.

Furthermore, this decline is likely due to the influence of multiple whales or an exchange holding significant stakes, rather than a single individual. Large-scale transactions, such as the recent drop, often require institutional investors or coordinated action.

Liu also emphasized the growing interest in Ethereum: "With the staking approval for the upcoming Ethereum ETF, we expect ETH's performance to continue improving due to increased staking activity and a potential altcoin season. Ethereum is expected to take center stage."