Key Takeaways: Large crypto wallets rotate capital out of altcoins into Bitcoin and Ethereum, on-chain data shows, pointing to a shift in risk appetite among sophisticated holders.
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Whale wallets add 180,000 ETH as altcoin rotation accelerates
Large crypto wallets rotate capital out of altcoins into Bitcoin and Ethereum, on-chain data shows, pointing to a shift in risk appetite among sophisticated holders.
Bitcoin and Ethereum absorbed fresh whale inflows as large holders reduced altcoin exposure, on-chain data as of June 30 shows. The count of addresses holding 1,000 to 10,000 ETH climbed sharply in the final days of June, marking the largest 30-day increase on record for that wallet cohort, Glassnode data shows. Bitcoin's large-holder metric showed a similar but less pronounced accumulation pattern over the same period.
The divergence between top-tier assets and altcoins is widening. Aave's mid-tier whale cohort — wallets holding 10,000 to 100,000 AAVE — added roughly 180,000 tokens worth about $16 million over 48 hours, according to BeInCrypto tracking. Yet UNI slipped 2.4% to $2.87 and ENA fell 4.4% to $0.073 even as ENA whale balances surged more than 3,000% in a single day, climbing from 630,000 to 20.6 million ENA. The pattern suggests whales are accumulating altcoins selectively while rotating the bulk of capital into Bitcoin and Ethereum.
Ethereum traded near $1,570 as of 13:00 UTC on June 30, close to multi-month lows after recording its first run of three consecutive red quarterly candles, CoinGlass data shows. The three quarters — Q4 2025 down 28%, Q1 2026 down 29%, and Q2 2026 down 25% — mark the longest losing streak in the dataset going back to 2016. Bitcoin held near $60,000 after slipping below that level on June 29 as persistent ETF outflows exceeded $4 billion for the month, according to The Economic Times. Spot Bitcoin ETFs saw net withdrawals as investors trimmed risk exposure after a hawkish Federal Reserve outlook.
The rotation into the two largest assets by market cap typically precedes a period of relative outperformance for Bitcoin and Ethereum versus smaller tokens. Bitcoin's market dominance tends to rise during such risk-off shifts as capital concentrates in the most liquid assets. Ethereum's active addresses fell to roughly 420,000 on a 14-day moving average basis, down 46% from February peaks, Glassnode data shows — a metric that will need to recover for any sustained rally.
Key levels to watch: Bitcoin faces resistance near $67,500, while support sits at $57,500. Ethereum's critical support lies at $1,500 — a level that held through June's selloff. A break below that would open the door toward $1,200, while a reclaim of $1,753 would invalidate the bearish setup. The July monthly close will likely determine which direction dominates for the remainder of the quarter.
This article is for informational purposes only and does not constitute investment advice.
