A week of volatility and selling pressure has put Bitcoin in a key consolidation period. After reaching a new all-time high of $124,500 ten days ago, BTC has pulled back more than 10% and is currently trying to hold $115K.
Market sentiment has shifted as traders consider whether this pullback is a good cooling off or the start of a more prolonged decline. Price activity below $115K implies that bulls are losing short-term momentum, increasing the danger of further drops.
Lookonchain data shows a sudden resurgence of a Bitcoin OG after years of hibernation, adding pressure. Seven years after receiving 100,784 BTC, this whale is selling substantial amounts of its Bitcoin holdings.
Lookonchain reports that this Bitcoin OG has executed some of its most aggressive on-chain trades in the last five days. To sell, the whale deposited 22,769 BTC worth $2.59 billion on Hyperliquid. The whale quickly switched to Ethereum, buying 472,920 ETH in spot markets for $2.22 billion and opening a gigantic long position of 135,265 ETH worth $577 million.
The whale's tracking approach enhances the movement. Hours later, Lookonchain stated that this OG closed its long positions of ETH and bought in the spot market. It closed 95,053 long positions of ETH totaling $450 million at $4,735, making nearly $33 million in profit. It then bought 23,575 ETH in spot markets for $108 million.
After the change, the whale still has 40,212 long positions of ETH worth $184 million and $11 million in unrealized gains.
This series of transactions shows a rotation of capital from Bitcoin to Ethereum, supporting the market narrative of ETH supremacy. It also explains why Bitcoin has been below resistance levels while Ethereum is on the rise.
Bitcoin is trading at $111,266, weakening after failing to sustain momentum above $115K. BTC has drastically fallen from the ATH of $123,217 and is challenging a vital support. The price is floating above the 200-day moving average (red line at ~$111,487), a historically high demand zone. A break below this level could increase selling pressure and push BTC between $108K and $110K.
