2026-01-03 09:23:29

An early Ethereum whale just made a notable move, converting $44.3M worth of ETH into WBTC at a ratio of 0.03479. This isn't just any trader—we're talking about someone who accumulated from $50 and held through a 95% drawdown, now exiting at $3,105 per ETH.

What catches attention is the broader pattern. The ETH/BTC ratio has dropped 8.6% over the past 90 days, creating a series of lower highs on the chart. When holders with 100x returns start rotating heavily into Bitcoin as it approaches $89K, that's not market noise. It's a structural signal worth watching. The ratio breakdown reflects real capital movement away from Ethereum dominance, pointing to potential momentum shifts in this cycle.

ETH1,14%

WBTC1,84%

BTC1,49%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

12 Likes

Reward
12
7
Repost
Share

Comment

0/400

AllTalkLongTrader

· 15h ago

Big players have run away, transferring over 40 million into WBTC... This pace feels off --- Even 100x gains are starting to dump for BTC, I need to think it over --- The break in the ETH/BTC ratio is the real problem, funds are obviously secretly shifting --- From $50HODL to now, being so decisive to cut is truly the instinct of veteran players --- Wasn't it agreed that ETH would turn around? Yet big players are secretly cashing out... --- This is the true market reality; no matter how many positive news, big funds still flow into BTC --- Is the attractiveness of 89K BTC really that strong? Even old whales can't sit still --- The ratio has hit a new low again, it’s still uncertain who the main player is in this round --- Such a level of position switching is pointless to talk about; the charts will tell the story --- Oh my, $44.3M can change hands instantly, it seems Ethereum's current round of trading will be reshuffled

View OriginalReply0

SchrodingerPrivateKey

· 19h ago

Big whale's move... feels like a change is coming. From accumulating at $50 to now just letting go, you must be really blind to the market to be so decisive. Does ETH still need to keep kneeling? Seeing this ratio collapse like this, it seems the mainstream troops are all bottom-fishing BTC. Early players have all gone to stack Bitcoin, and us latecomers are really in a tough spot. This signal is actually quite fierce; structural shifts are no joke. People with 100x returns are all reducing their ETH holdings, which says it all.

View OriginalReply0

StrawberryIce

· 19h ago

Damn, this big player's move is really sending a signal. They entered at $50 and have been holding until now, directly switching to BTC. This rhythm feels off. This guy is really bearish on ETH. A 100x return and he's still willing to sell... But on the other hand, breaking this ratio is indeed worth pondering. Large funds are piling into Bitcoin. ETH's current move has a bit of a dangerous vibe.

View OriginalReply0

PretendingToReadDocs

· 19h ago

Damn, this guy has been holding from $50 until now, really can't hold on anymore? 44.3M invested in BTC, is he trying to bottom out or is he just bearish on Ethereum? ETH/BTC dropping 8.6% is indeed interesting, the sell-off signals are becoming more obvious... From $50 to $3105 and still running, I really don't have that kind of resolve. Such whale movements don't happen without reason, is Bitcoin really about to rise this time? Early adopters are already starting to run, retail investors are still in a daze. Next cycle, will ETH continue to be suppressed... this ratio keeps worsening.

View OriginalReply0

CryptoMom

· 19h ago

Old Whale has run away, 44 million ETH suddenly dumped for Bitcoin... This rhythm is a bit intense. Holding until 3105 and still willing to sell, it seems like a clear signal. ETH/BTC ratio has dropped over 8.6% in more than eight months. What does that mean... Big players are well aware, when BTC rises, ETH has to follow, just a cycle. That's why some people can never catch the wave; they lack the patience.

View OriginalReply0

DefiEngineerJack

· 19h ago

ngl this ratio breakdown is *actually* the first non-trivial signal i've seen in weeks. when you've got 100x bagholders rotating into btc systematically like this, that's not noise—it's empirical evidence of capital fleeing eth dominance. the 8.6% drop isn't just technicals, it's a formal verification that the market's finally pricing in eth's structural limitations. watching this closely.

Reply0

ruggedNotShrugged

· 19h ago

Sell ETH to buy BTC? This guy is definitely not a rookie, playing from 50 bucks to 100x returns... Really should hear what he's thinking. --- Wait, is an 8.6% drop really that exaggerated, or is it just hype again? --- This signal is indeed a bit interesting, big players are starting to allocate to BTC, is ETH really going to fall behind? --- Still willing to sell for 100x returns, I as a retail investor never even thought about it. --- I'm tired of hearing the word "structural signals," but maybe this time it's really different? --- I just want to know if BTC can really break 89K after he sells. --- Haha, those who entered early are so calm, while we who came later are getting anxious.

View OriginalReply0