Recent chain data from Binance reveals significant divergence in whale activity between Bitcoin (BTC) and Ethereum (ETH). This highlighted contrasting market sentiment as investors’ attention grew.
While large BTC holders exhibit contradictory behavior, ETH whales exhibit a unified strategy and consistently withdraw funds from the exchange. The divergence highlights that investors are dealing with the two biggest cryptocurrencies differently.
Bitcoin faces whale tugs and Ethereum moves forward
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On recent X (formerly Twitter), on-chain analyst Murphy highlighted that Binance’s Bitcoin balance increased by 7,709 BTC from August 13th to September 3rd. This suggests that more coins are deposited than withdrawal.
“During this period, the amount of BTC purchased and withdrawn from the exchange was less than the amount transferred with the intention of selling,” Murphy wrote.
Two groups of whale have appeared. One (a single transfer between $100 million and $100 million) consistently deposited BTC, while another group (a transfer over $100 million) withdrew the coin. Their opposing actions, which are currently dominated by sales pressure, have produced a tug of war.
“Back in April this year, both groups have been aligned with the withdrawal of BTC. However, since August 13th, forks have emerged,” the analyst added.
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In contrast, Binance experienced a sudden spill of 1616 million ETH over the same period. The same two whale groups (a group of over $100 million, between $100 million and over $100 million) were created from alignment and withdrawn ETH from Binance.
This uniform behavior reduces potential sales pressure and shows the preferences of large investors in ETH over BTC in the current market environment.
“As prices fall, there is a demand for them to actually enter the market, but it may not necessarily mean buying more funds, but at least looking at large funds, their intentions are clearly more consistent with ETH.
Therefore, the division of BTC whales may reflect indecisive or hedging strategies in an instability state. At the same time, the uniform withdrawal and reduction in exchange expenditures of ETH are consistent with the accumulation signal. This suggests confidence in its long-term value.
Additional on-chain indicators are directed in the same direction. According to analyst Cas Abbé, Ethereum’s Exchange Flux Balance was the first time on record to slip into negative territory.
Data currently shows net ETH leaks across major trading platforms, with billions being removed. This means that even if the price is above $5,500, the available supply is still under contract.
Abbé explained that historically such negative balances indicate structural changes. Relieves sales pressure, long-term holders absorb supply, and market peaks tend to form when this trend does not occur and abruptly reversed.
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“The signal is clear. ETH is located to hold rather than to sell. This allows us to define the next leg of Ethereum in the cycle,” he added.
As sales pressure drops, so does buyers’ demand. Data from blockchain analytics firm LookonChain showed that whales and institutions snapped around 218,750 ETH (approximately $942.8 million) in just two days.
Among the biggest moves, Bitmine acquired 69,603 ETH (approximately $300 million) from Bitgo and Galaxy Digital. Additionally, five newly created wallets were purchased in combination with 102,455 ETH (≈441.6 million) via Falconx.
Analyst Ted Pillows highlighted a similar trend, noting that three newly created wallets purchased around $148.9 million in ETH. The steady accumulation by whales strengthens the broader pattern of large investors integrating Ethereum’s position.
Along with recent facility purchases, data suggests sustained trust among deep pocket players, despite the fact that sentiment across the market remains cautious.
