Just a fortnight ago, a Whale saw an opportunity in the ETH dip and decide to buy over a 100k ETH and stake them all at $4.1k; another sold his BTC and opened a long position for ETH on an exchange. Then suddenly the floodgates opened and more Whales began "dumping" to buy more ETH. Any obvious reason for the flow of liquidity into ETH? Be my guess!
This is the strategy used by many investors especially when the bearish run for Bitcoin is gradually approaching. It is a way for them to dump Bitcoin and invest massively in Ethereum which result in the start of the altcoin season. At that time, as Bitcoin is dumping signifying massive sell in the asset, whales that have profited from Bitcoin and those that haven’t earn enough from the investment will push to invest in altcoins to make quick profits. That is when the massive surge in altcoin will begin and we will see the altcoin season coming to reality.