Whales and Institutions Bet Big On Bitcoin And Ethereum Despite Market Dip

Recently, the cryptocurrency market experienced a severe liquidation wave, forcing top assets, including Bitcoin and Ethereum, to trade in the red zone despite the end of the longest US government shutdown. However, amid the dip, on-chain tracker Lookonchain has revealed data showing that whales and institutions continue to bet big on Bitcoin and Ethereum. 

Bitcoin and Ethereum See Increased Whale Activity Despite Market Dip

On-chain tracker Lookonchain, in an X update, has revealed what appears to be a massive purchase of Bitcoin and Ethereum by whales and institutions. In the update, Lookonchain reported the transactions of an anonymous whale, identified by the ticker #66KETHBorrow, who continues to purchase large quantities of Ethereum. Their most recent purchase was valued at $71.2 million, or 22,720 ETH, in a single transaction.

The whale had earlier purchased 16,937 ETH worth $53 million. Meanwhile, aside from whales, institutional investors are also getting in on the action and buying the ETH dip. The on-chain tracker reported that a new wallet linked to Tom Lee’s BitMine received 9,176 ETH, valued at $29 million, from the Galaxy OTC Digital OTC wallet.

Aside from Ethereum, Lookonchain also reported increased institutional buying activity in Bitcoin, revealing that in the past 9 hours, Anchorage Digital received 4,094 BTC, valued at $405 million, from Coinbase, Cumberland, Wintermute, and Galaxy Digital. 

Analyst Outlook On The Market Dip

In other news, amid the dip, Bitwise CEO Hunter Horsley has speculated that, contrary to popular opinion, the market has been in a bear market cycle for the past 6 months and is almost through it. Hunter based his speculations on the radical change that began in the crypto industry following the launch of Bitcoin ETFs in 2023, altering the market dynamics and rendering the traditional 4-year cycle obsolete.

We talk about 4 year cycles —

But the reality is that model is based on a bygone era of crypto.

Since the launch of the Bitcoin ETFs and new administration, we’ve entered a new market structure: new players, new dynamics, new reasons people buy and sell.

I think there’s a…

— Hunter Horsley (@HHorsley) November 14, 2025

The CEO also noted that the US government’s stance, which shifted from hawkish to bullish under the new administration, also contributed to the change. Meanwhile, according to asset tracker Coingecko, Bitcoin has slumped to the $95,000 mark and doesn’t seem to be responding to recent institutional buying activity.

It is also the case for Ethereum, which continues to struggle to hold the $3,000 level despite the surge in whale activity. Bitcoin ETFs even fared worse, recording their second-largest outflows in history, totaling $869 million. Ethereum ETFs were also not left out, bleeding $260 million, bringing the total net flows for both assets to over $1 billion.