Foreign media report that, following Bitcoin's recent rebound, funds have not remained solely in BTC. Latest positioning and capital flow data show that large holders continue buying Bitcoin during the pullback while shifting part of their positions into ETH, SOL, XRP, and HYPE, indicating a rise in market risk appetite.
Buying pressure remains during Bitcoin's pullback.
The report states that whales accumulated 6,765 BTC during the recent pullback, equivalent to approximately $521 million according to the article's figures. This indicates that Bitcoin remains a core allocation for large capital, continuing to attract buying interest during price corrections.
However, funds did not remain entirely in Bitcoin. As BTC entered a consolidation phase after its rebound, some traders began seeking alternative assets with higher elasticity and stronger relative performance.
ETH and SOL receive leveraged betting
Ethereum is one of the most prominent large-cap alternative assets currently. Reports indicate that a whale has opened a long position in ETH perpetual futures worth approximately $44.85 million with 25x leverage, alongside another position of about $107 million. Ethereum’s large wallet holdings, significant derivatives exposure, and relatively strong performance have made it a key asset in this rotation.
However, high leverage also means that short-term price fluctuations can be amplified. If ETH fails to maintain its current momentum, such positions could intensify drawdowns.
Solana has attracted more aggressive risk capital. The report mentions that a whale recently opened a 100,000 SOL long position, valued at approximately $10.45 million according to the article, with 20x leverage. Meanwhile, weekly investment products for SOL saw net inflows of about $28.34 million, indicating not only strong large-position support but also consistent capital inflows.
XRP and HYPE absorb incremental capital.
The logic behind XRP differs slightly from that of ETH and SOL. The article suggests that XRP relies more on institutional adoption and payment-related narratives, positioning it as a different type of asset absorbing capital during this rotation. Data shows that XRP’s weekly investment products saw inflows of approximately $39.78 million, performing notably well among major altcoins.
Hyperliquid’s HYPE is more aligned with high-volatility assets. Due to its association with on-chain derivatives and decentralized trading infrastructure, HYPE tends to attract more attention when risk appetite rises. However, its capital inflow volume remains smaller than that of XRP and SOL, positioning it more as a high-elasticity allocation rather than a core asset directly competing with Bitcoin or Ethereum.
Overall, the current market shows a clear stratification: BTC remains the core holding for large capital, ETH and SOL attract leveraged trades with higher risk appetite, XRP draws institutional thematic funding, and HYPE represents more speculative, high-volatility bets. If Bitcoin maintains its current high-level consolidation, the relative strength of altcoins may continue; if BTC weakens significantly again, highly leveraged positions could unwind more rapidly.