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One of the biggest crypto whales has swapped Bitcoin with Ethereum, which reveals a definite change of market position. The wallet (0xeA00) with 120 BTC worth approximately $10.68 million was exchanged to 3,623 ETH within the past two days. The trading flow was conducted over wrapped tokens via such platforms as Aave and Hyperliquid. The whale did not make a single order to carry out the trades. This was an anti-slippy tactic and did not promote excess attention on-chain. The relocation indicates a well-thought strategic action and belief in the potential of Ethereum in the short run.
Another whale has rotated from $BTC into $ETH.
— Lookonchain (@lookonchain) January 25, 2026
Whale 0xeA00 swapped 120 $BTC($10.68M) for 3,623 $ETH over the past 2 days.https://t.co/p8ltNn0kGJhttps://t.co/ufRl32Rc39 pic.twitter.com/kmu1XE6vCL
Smart Money Signal Changing the Tone of the Market
Whale behavior tends to be a pre-sentiment prior to retail responding. This move indicates that Ethereum is now being preferred by smart money, in comparison to Bitcoin. Big holders tend to rebalance in cases where they anticipate superior relative performance. There are additional growth stories with Ethereum such as DeFi, staking, and infrastructure upgrades. Bitcoin is now more like a macro asset. Ether is continuing to act as a technological expansion game. This disparity spurs capital rotation when times are bullish.
The flows in January 2026 alone are reported by blockchain analytics platforms to be an increase of 15 percent of BTC to ETH. A variety of whale wallets have carried out such rotations in recent past. These movements are not single-minded actions. Whales normally operate on long term information structures and insider market data. Large wallets will tend to front-run large price trends when they go in large numbers. Such a trend reinforces the optimistic argument on Ethereum.
Ethereum Upgrades give Investor Confidence
Ethernet is persistently drawing capital owing to future network upgrades. The developers concentrate on being able to scale, reduced charges, and enhanced user experience. The layer-2 ecosystems continue to grow at a high rate. Applications More applications are now being built on Ethereum than any other blockchain. Ecosystems that are highly liquid and active by developers are favored by institutional investors. Ether is now leading in both categories.
Past Trends Find ETH Outperformance
According to lookonchain statistics, outperformance of ETH by similar whale rotations was the case in most cases in the past. Ethereium dominated Bitcoin in almost 70 percent of historical instances of such actions in less than a week. Whales tend to spin before the impetus is felt. They seek to realize early reversals of trends. This action makes an on-chain data one of the leading market indicators. Traders are now keenly following these wallets in order to get future indicators.
This action is perceived as bullish to Ethereum and neutral to mildly bearish to the dominance of Bitcoin by the market. Bitcoin is still robust as the store of value. Nevertheless, Ethereum raises expansion capital in the phase of expansion. The fact that the risk appetite is increasing according to this rotation indicates. Today investors are after increased returns and not absolute security. Ether is a better place to fit in that story in this cycle.