The cryptocurrency market remains quiet as Bitcoin trades in a narrow range, and speculation among large investors is increasing.
newly created wallet Bought $32 million worth of Ethereum It is trading at an average price of $3,824 on cryptocurrency exchange OKX, according to Arkham data.
The whale purchases come after Sharplink and Bitmine Immersion Technologies announced accumulations of 203,826 ETH and 19,271 ETH, respectively, last week.
The purchases were worth $792 million and $74.9 million, respectively, and Ethereum is currently trading around $3,882, up 1.2%, according to CoinGecko data.
“Purchases in newly minted wallets are likely to be driven by inflows into digital asset treasuries,” said Jamie Elkaleh, chief marketing officer (CMO) of Bitget Wallet. decryptionsuggesting that this accumulation “increased institutional interest and liquidity.”
Corporate and whale interest in Ethereum stands in contrast to ETF flows.
As of Wednesday, the U.S. Bitcoin Spot ETF had weekly inflows of $335.43 million, while net outflows to Ethereum during the same period were $22.8 million, according to data from SoSoValue.
whale starts moving
While Ethereum attracts capital, Solana A considerable distribution can be seen.
Whale, who acquired Solana four years ago, transferred 515,000 SOL (worth about $93 million) to Binance in the past four months. According to a tweet from EmberCN, a Chinese on-chain analytics account, the address still holds 828,000 SOL worth $150 million.
(a whale/institution that acquired 991,000 SOL 4 years ago and unlocked it in April this year) continued to stop profits from 20 minutes ago and transferred 100,000 SOL ($18.11 million) to Binance.
◎After being unlocked in April, this address sent a lump sum of 515,000 SOL ($93.97 million) to Binance in the past six months, with an average price of $182.4.
◎Currently, the number of SOLs held is 828,000 ($150 million). Past 4… https://t.co/PSCQrwS2nd pic.twitter.com/PNDfyoYyvZ— Ember (@EmberCN) October 23, 2025
The move “suggests that the market prefers the Ethereum ecosystem over Solana,” El Cale explained, adding that it suggests “whales’ confidence” in the asset is “waning, perhaps due to scalability concerns and/or competition.”
on the other hand, Bitcoin According to analysis platform Hyperdash, a whale opened a short position of 1,107 BTC on October 22 and closed the position the next day, earning a profit of $835,000. At the end of this trade, this investor had completed 7 trades with a 100% win rate and earned over $6.6 million in profits over the past week.
Elcarre said the unwinding of short positions in Bitcoin comes as the top cryptocurrencies enter the undervalued zone, suggesting “a potential bottom if supported by a broader market recovery.”
