A legendary Bitcoin whale just made a $3.8B bet on Ethereum – Details

ETH: Strength in numbers

Whale transaction counts for transfers over $1 million spiked through August, coinciding with ETH’s climb above $4,300. Big players have been actively repositioning, adding momentum.

Source: Santiment

At the same time, ETH’s Futures Open Interest surged past $70 billion before settling near $60 billion.

Spot and derivatives markets are aligning behind Ethereum, with whales providing liquidity on one end and traders increasing exposure on the other.

Source: CoinGlass

ETH holds steady

At press time, Ethereum traded near $4,390, moving sideways after its strong rally earlier in August.

The daily chart showed little momentum, with the RSI indicating a neutral zone. The MACD also pointed lower, so short-term momentum had slowed even as prices stayed stable.

Source: TradingView

This period of consolidation showed ETH was pausing after recent gains, while whales continued to buy into the dips. The market looks to be in a cooling phase for now, but ready for its next move.