Ethereum

Dollars

Wrapped Bitcoin

Bitcoin

Stellar

On-chain data shows that one whale is rapidly accumulating Ethereum (ETH), selling large amounts of Wrapped Bitcoin (WBTC) via Aave, a popular non-custodial protocol.&nbsp; 
<h2 id="whale-borrows-wbtc-from-aave-buys-eth">Whale Borrows WBTC From Aave, Buys ETH</h2> 
As of February 16, Lookonchain&nbsp;<a class="editor-rtfLink" href="https://twitter.com/lookonchain/status/1758168960753942542" target="_blank" rel="noopener nofollow">data</a> showed that the whale borrowed 280 Wrapped Bitcoin (WBTC), equivalent to approximately $14.6 million, Aave, one of the leading DeFi protocols. 
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Afterward, the whale purchased 5,150 ETH. The whale is actively buying ETH, not from centralized exchanges but via decentralized protocols. This move shows the trader expects ETH to outperform the digital gold in the session ahead. 
<img loading="lazy" decoding="async" class="size-full wp-image-282023" src="https://bitcoinist.com/wp-content/uploads/2024/02/GGZFLktbQAU620T.jpg?resize=1024%2C763" alt="Whale on-chain activity | Source: Lookonchain data via X" width="1024" height="763" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/GGZFLktbQAU620T.jpg?resize=1024%2C763?w=1658 1658w, https://bitcoinist.com/wp-content/uploads/2024/02/GGZFLktbQAU620T.jpg?resize=1024%2C763?w=563 563w, https://bitcoinist.com/wp-content/uploads/2024/02/GGZFLktbQAU620T.jpg?resize=1024%2C763?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/GGZFLktbQAU620T.jpg?resize=1024%2C763?w=885 885w, https://bitcoinist.com/wp-content/uploads/2024/02/GGZFLktbQAU620T.jpg?resize=1024%2C763?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/02/GGZFLktbQAU620T.jpg?resize=1024%2C763?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/02/GGZFLktbQAU620T.jpg?resize=1024%2C763?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
What could have triggered the whale to accumulate ETH and dump the resurgent Bitcoin is not immediately clear. However, what’s known is that since mid-January, Ethereum has been outperforming Bitcoin in price and various other metrics. <a href="https://www.tradingview.com/x/7irrGRWs/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/7irrGRWs/" alt="ETH trending higher versus BTC on the daily chart | Source: ETHBTC on Binance, TradingView" width="1233" height="592"></a> 
To illustrate, ETH is up roughly 13% versus BTC in the last trading month. Even though ETH prices cooled off from January’s peaks, the uptrend remains. Looking at the development in the daily chart, BTC bulls clawed back losses versus ETH. 
Still, they failed to reverse losses posted in January completely. Thus far, the immediate support is at 0.052 BTC, marking the current February lows. Even so, a sharp loss below this critical support might strengthen BTC in the short to medium term. 
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The broader crypto community remains bullish on Bitcoin, even with the crypto whale opting for ETH. From the daily chart, BTC is at around 2024 highs, the highest in slightly over two years. Experts and analysts expect more gains in the days ahead. Provided BTC remains above the psychological support at $50,000, the odds of the world’s most valuable coin floating to $70,000, or better, remains high. 
<h2 id="billions-of-dollars-flowing-to-bitcoin">Billions Of Dollars Flowing To Bitcoin</h2> 
Wall Street and retail investors are plowing billions of dollars into BTC following the approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (<a href="https://bitcoinist.com/trader-joe-flips-pancakeswap-dex-uniswap/" target="_blank" rel="noopener ">SEC</a>). At the same time, the general investor and trader sentiment is that Bitcoin will roar, considering the expected supply shock once the network halves miner rewards in early April. Then, if the current demand remains, the resulting imbalance could see BTC rally to six figures. 
<img loading="lazy" decoding="async" class="size-full wp-image-282025" src="https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot545.png?resize=1024%2C322" alt="DeFi TVL rising | Source: DeFiLlama" width="1024" height="322" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot545.png?resize=1024%2C322?w=1143 1143w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot545.png?resize=1024%2C322?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot545.png?resize=1024%2C322?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot545.png?resize=1024%2C322?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot545.png?resize=1024%2C322?w=1140 1140w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot545.png?resize=1024%2C322?w=750 750w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Meanwhile, rising Bitcoin prices have propped up altcoins, with Ethereum rallying in dollar value over the past few weeks. Though the coin is capped below $3,000, supporters expect more gains in the medium term, citing improving defi, reading from the expanding total value locked (TVL) according to DeFiLlama <a href="https://www.tradingview.com/x/7irrGRWs/" target="_blank" rel="noopener nofollow">data</a>.

Whale Doubling Down On Ethereum, Exits Bitcoin Despite Stellar Performance

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