$ETH 🔘 The combination is striking: Ethereum rises against Bitcoin, whales accumulate without pause, but activity on the base layer is cooling off. This contrast reflects a structural change.
First of all, large purchases often anticipate medium-term movements. Whales rarely accumulate to speculate on a quick bounce. They do so when they believe the relative valuation of ETH is below what it should be.
On the other hand, the decline of on-chain DeFi no longer means what it meant two years ago.
Much of the real usage has shifted to layer 2 chains, where fees are lower and retail volume makes more sense. This causes base layer activity to appear weak even when the network is healthy. Ethereum today shows strength against Bitcoin, something that usually happens in phases of market transition. Whales are buying with conviction, and that adds a solid layer of support towards one of the most profitable cryptocurrencies.
However, the cooling of on-chain DeFi suggests that we are not yet facing a complete altseason. Activity has shifted to layer 2 and the ecosystem is undergoing a full rebalancing.
If the ETH/BTC pair maintains its advance and capital flows back into higher-risk projects, then we can indeed talk about the beginning of a new alt cycle. For now, it is an early signal, but a real signal.
