Newly created Ethereum wallets have withdrawn roughly 50,000 ETH from exchanges in under 48 hours, a move that coincides with a sharp jump in the ETH/BTC ratio. The ratio climbed 6% in a week to 0.02971 on Binance, reversing a low of 0.0275 flagged by Wintermute in May. The accumulation spree suggests some traders are rotating capital from Bitcoin into Ethereum, though the broader altcoin season index has actually slipped.
The wallets and the withdrawals
One fresh wallet, labeled 0xf31d, pulled 8,239 ETH worth $14.5 million from multiple exchanges. Another, 0x363A, accumulated 11,843 ETH worth $20.8 million in just three hours. Three newly created wallets together withdrew 30,000 ETH worth $57.66 million from Coinbase Prime alone. The total across all tracked wallets hit about 50,000 ETH — roughly $95 million at current prices.
BitMine's big bet
Tom Lee's firm BitMine isn't sitting out. On July 15, BitMine bought 6,000 ETH worth $11.18 million from FalconX. The firm has stated it aims to hold 5% of Ethereum's total supply. That's an ambitious target, and the purchase adds to the demand pressure on exchanges.
What the ratio says
The ETH/BTC ratio increased 6.14% weekly and 9.75% monthly. That's a notable reversal from the May low. But the Altcoin Season Index dropped to 48 from 58 earlier in the week, well below the 75 threshold that signals a true altcoin season. So while Ethereum is outperforming Bitcoin, the broader altcoin market isn't following yet. ETH traded at $1,917, up 2.22% on the day; Bitcoin at $64,554, slightly down.
The accumulation and ratio increase may signal capital rotation from Bitcoin to altcoins, but it depends on Bitcoin dominance and whether ETH can sustain its price above $1,900. The big question: will these fresh wallets hold or flip? If they're accumulation addresses, the supply squeeze could continue. If they're preparing for a sell-off, the ratio could reverse just as fast.
