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!
While others were busy analysing the market, these guys acted promptly. Put that into perspective now; ETH has since reach a new ATH since then and hasn't returned to that "bottom" after those moves.
It's no secret, this has been practice ever since I joined crypto in 2017. That's why we said that there are connections between ETH and BTC whales. However, in this bull run, it seems that they have decoupled already.
But not that long though, as we have observed that in the last couple of months, it seems that they are back in the business. Probably it just shows the advantage of whales, big money in the market that they can play around and influence others too. So still there is this kind of manipulation and it's hard to deny it.