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The ETH/BTC ratio decomposes 8% as the flow flows diverge. Are we seeing the beginning of a structural rotation in Bitcoin?
There is a subtle rotation that develops under the hood.
The ETH/BTC ratio found resistance around 0.043 on August 18 and is now back. In fact, the relationship has decreased almost 8% in two weeks, marking its greatest consecutive fall since the April FUD.
That suggests recent bitcoin [BTC] To Ethereum [ETH] The flows begin to relax. With the support of this, the data in the chain shows that a large ETH holder who bought 886k ETH would now get much less BTC if approximately 34K BTC were sold.
Source: TrainingView (ETH/BTC)
In a nutshell, the investor faces a loss of paper of $ 177 million in this rotation.
As Bitcoin has surpassed Ethereum during this period, exchanging his eth now Nets less BTC of what they initially implemented. In real terms, 886k ETH now equals 34k BTC instead of the 36K with which they began.
It is a clear sign that Bitcoin’s impulse in the chain is surpassing Ethereum. The real question now is whether the whales are turning again in BTC after squeezing the rhylty ETH/BTC rally.
Diverge spots flows: Btc dense, eth sparse
Bitcoin domain [BTC.D] He is walking down a tightrope.
After mid -July bounced in 60%, BTC.D slid almost 5% to August, testing the 57% handle for the first time from the first quarter. Meanwhile, eth.d torn 50% higher in the Julio -agosto cycle.
That means that smart money clearly obtained profits in that advantage. That said, Eth.D has returned to the way of recoil, 7% in just two weeks. The real signal, however, comes from the last Glassnode report.
Source: TrainingView (eth.D)
Glassnode points to a strong divergence of spots between BTC and ETH.
The cost distribution (CBD) shows that BTC spots flows are stacked and dense, while ETH remains thin with air spaces. Translation: BTC is anchored by the spot demand, while the ETH price action seems more driven by derivatives.
The result? BTC is moving forward, while ETH bleeds the long overvalued, limiting the rise.
In turn, that is feeding the rotation of smart money in BTC, which shows this divergence in the ETH/BTC relationship is Structural, not a coincidence.
