Tonight's market is like a 'crypto palace intrigue'. On one side is Bitcoin, the 'old king', who has lost power under the cold sell-off by whales; on the other side is Ethereum, embraced by massive funds, standing at the center of the stage and becoming the focus of the entire event.

Market Review

BTC: Tonight made a strong effort, briefly surging to $114,827, but ultimately fell back to $111,118, with an overall decline of over -3% for the day.

ETH: Like a new king ascending the throne, it peaked at $4,951, closing at $4,592; despite the pullback, it remains imposing.

Market Sentiment

Data from Coinalyze shows that the ETH long-short ratio is about 1.79.

This means that bulls still dominate, with strong buying intentions, like supporters shouting, 'We're not done yet!'

But the problem is—excessive enthusiasm often hides the risk of short-term adjustments.

Capital Movement

What truly changed the situation was a 'super whale'.

In just a few hours, it sold off 24,000 BTC (about $2.7 billion), causing a stir in the market.

But the story isn't over; this whale then turned around and poured massive funds into ETH, pushing Ethereum towards a high of nearly $5,000.

The market appears to be forcibly split: on one side is the desolation of BTC, and on the other is the celebration of ETH.

Regulatory Dynamics

Compared to the noise of the funds, the regulatory authorities seemed unusually quiet today.

Neither the U.S. nor Europe introduced new policies, and the global regulatory environment remains stable.

This makes tonight's market feel more like a 'whale solo performance', with no policies disrupting, leaving the stage to big funds.

Brief Commentary

Tonight's market has only one main storyline: whales abandon the old king for the new.

In the short term, BTC is constrained by massive selling pressure and is under downward pressure; ETH, aided by the influx of incremental funds, showcases a kingly presence.

But the question is, is this fund migration a long-term layout or a short-term arbitrage?

Ordinary investors should remember: every move by whales is both an opportunity and a risk.

Do you think the whale's repositioning is the prelude to the next bull market or a short-term exit signal? If it were you, would you follow the whale's footsteps to buy ETH or continue holding BTC?