Bitcoin whales swap BTC for Ether as trader predicts ETH could hit $5,500
Large Bitcoin holders are shifting part of their exposure into Ether as attention in crypto markets tilts toward Ethereum following fresh record highs for ETH. Traders and on‑chain analysts have noted a wave of BTC being moved and converted into ETH in recent transactions.
Market momentum for Ether accelerated after the token set new all‑time price levels, while Bitcoin settled near key technical territory. Bitcoin briefly rallied to roughly $117,500 on Friday before easing back toward the $114,000 area into the weekly close, a move market participants linked to comments from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium that signaled rate cuts could resume in September.
Popular trader BitBull highlighted the importance of a weekly close above $4,600 for Ether, calling it a major confirmation that the rally is intact rather than a bull trap. In BitBull’s view, such a close would pave the way for a near‑term advance toward the $5,200–$5,500 range.
On‑chain intelligence cited by commentators showed significant transfers of long‑dormant BTC being used to buy Ether. One account tracking the flows reported cumulative ETH purchases in the hundreds of thousands of tokens at an average price in the mid‑$4,000s, with the whale still holding a large remaining ETH position after the buys.
Analysts also flagged activity around futures market gaps. Rekt Capital noted that ETH had filled an open weekly gap in the CME Group’s Ether futures market and then reversed higher from that level, a pattern traders often watch for continuation signals. Bitcoin, meanwhile, was eyed for its own CME gap created by the recent weekend price action, with other commentators pointing out these gaps frequently attract short‑term fills.
Despite bullish signals, some market observers cautioned that historical seasonality and pattern behavior could bring a correction for Ether in September, so opinions remain mixed on how quickly the rally might extend. As always, these views represent market commentary rather than investment advice.
