Whale activity is rising as the market leans risk-on, and one move has drawn attention. Lookonchain said Garrett Jin, a former Ethereum whale, sold all ETH and accumulated more than 71,000 BNB, worth nearly $50 million. At the same time, other whales also added BNB. The shift has raised a central question: is smart money positioning ahead of a BNB/ETH breakout?
The BNB/ETH pair is on track for a possible third straight green quarter. It is up about 3.10% so far in Q2. That move has kept traders focused on relative strength across the two assets.
Still, the monthly picture remains mixed. Ethereum posted more stable gains in recent months, averaging about 7% in both March and April. BNB, by contrast, has moved in a choppier pattern.
In April, BNB first rose about 0.5% and then slipped by roughly 0.33%. That uneven performance has left ETH with steadier monthly momentum. Even so, BNB’s quarterly strength has kept the pair in focus.
AMBCrypto also reported that BNB is drawing steady capital inflows across key growth areas. One of the clearest signs came from real-world asset activity on Binance Chain. According to RWA.xyz, total RWA value on Binance Chain rose more than 13% over 30 days.
Ethereum moved in the opposite direction during the same period. Its RWA value fell 5%. That gap points to a rotation in activity, with newer liquidity showing up more strongly on BSC.
The divergence does not change Ethereum’s larger base. Instead, it shows where recent momentum has concentrated. As a result, BNB/ETH technicals now mirror the same shift in on-chain flows.
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Ethereum also saw a separate wave of large transactions. Four whale wallets withdrew nearly $198.3 million in ETH from Kraken and FalconX. Blockchain analysts noted similarities between those purchases and earlier Bitmine accumulation patterns.
The timing fueled fresh speculation across trading circles. Ethereum already showed strong bullish momentum when the withdrawals appeared. That made the transfers stand out even more.
Large exchange withdrawals often reduce immediate selling pressure. When whales move ETH into private wallets, markets usually read the move as long-term positioning. In this case, the scale of the transfers added weight to the debate over whether institutional buyers were quietly building exposure.
Whale activity has shifted toward BNB as large ETH holders move funds and Binance Chain shows stronger inflows. The BNB/ETH pair also remains in focus after a strong quarterly run. Traders now watch whether this rotation turns into a clearer breakout.