Week 35 whale data shows a market split down the middle: Bitcoin absorbed net distribution of roughly $511M while Ethereum posted net accumulation of over $711M, even as aggregate sell pressure across all tracked assets edged out buy pressure by $225.1M. Binance Futures and Hyperliquid anchored the largest imbalance clusters of the week.
Week 35 of 2026 produced 1,406 tracked whale events, of which 629 crystallized into confirmed order-flow imbalances — clusters where large buy or sell volume overwhelmed the opposing side of the book by a wide margin. The headline story is a bifurcated market. Bitcoin, the asset that usually sets the tone for the entire complex, ended the week net distributed: whales sold $2,963.6M against $2,452.5M bought, a deficit of $511.1M. Ethereum ran the opposite playbook, with $1,641.7M bought against $930.1M sold — a net accumulation of $711.6M. That is not noise. When the two largest assets in the tracked universe diverge this sharply in net whale flow, it signals a rotation thesis is being expressed at size, not just short-term hedging.
Zooming out to the full aggregate — total buy pressure of $5,374.1M against total sell pressure of $5,599.2M — the week closes with a modest net sell tilt of $225.1M. On its own that would read as a mild distribution week. But that headline number is misleading once you split it by asset: the sell tilt is almost entirely a Bitcoin phenomenon, offset partially by real, sustained Ethereum accumulation. Total pump volume ($1,615.1M) trailed total dump volume ($2,035.0M) by $419.9M, reinforcing that when whales moved with conviction this week, the sell-side moves were somewhat larger in size than the buy-side moves, even though buy-side events were not rare. This was a week of selective, high-conviction rotation rather than broad risk-off liquidation — the money did not leave the market, it moved between assets.
Note on comparability: this brief covers Week 35 in isolation — a prior-week baseline was not included in this dataset, so we are not reporting a week-over-week percentage change here. The most decision-useful comparison this week is internal: BTC versus ETH net flow, which is the largest single signal in the data.
The confirmed order-flow imbalance feed for Week 35 only surfaced buy-side (accumulation) and sell-side (distribution) clusters in Bitcoin and Ethereum — no altcoin imbalance cleared the reporting threshold this week. That is itself a signal: whale conviction was concentrated in the two largest-liquidity assets rather than spread across the long tail. Below are the six largest accumulation-side imbalance events of the week, ranked by volume, each representing a moment where buy pressure decisively overwhelmed sell pressure on the listed venues.
Interpretation: five of the six largest accumulation clusters are Bitcoin, and four of those five carry buy ratios of 87–98% — genuinely one-sided prints, not marginal tilts. That matters because it shows Bitcoin whales were not uniformly distributing all week; they were accumulating in sharp, high-conviction bursts even while the weekly net came out negative. The single ETH event, however, is the largest print in either direction across the entire imbalance list ($396.0M), and it sits alongside Ethereum's broader $711.6M net accumulation for the week. That combination — one outsized confirmed buy cluster plus a strongly positive weekly net — is the strongest single-asset signal in this dataset.
As with the accumulation side, every confirmed distribution-side imbalance this week was concentrated in Bitcoin — Ethereum produced no sell-side imbalance large enough to clear the threshold. The four largest distribution events, ranked by volume:
Interpretation: the largest print of the week in either direction is a Bitcoin sell cluster at $428.9M with an 88% sell ratio, executed primarily through Binance Futures. All four distribution events carry sell ratios in the 87–89% band — consistently one-sided, not choppy two-way churn. Combined with the five large Bitcoin accumulation clusters above, the picture is of a Bitcoin market being actively fought over at size in both directions, with the sell side ultimately winning by a slim but real margin ($511.1M net for the week). This reads as distribution into strength rather than panic selling — sell clusters of this size and cleanliness typically reflect large holders using liquidity, not chasing it.
This feed does not break Bitcoin's order flow out by calendar day, so we won't manufacture a Monday-through-Sunday table from numbers that aren't in the data. What the data does support is a clean read on the shape of the week: Bitcoin whales bought $2,452.5M and sold $2,963.6M, for an average buy ratio of 52.8% across the week — essentially a coin flip at the aggregate level, masking a much more decisive picture underneath. Within the confirmed imbalance clusters specifically, Bitcoin produced five accumulation events (all 87%+ buy ratio, one at a striking 98%) totaling roughly $1,202.1M in one-sided buy volume, against four distribution events (all 87–89% sell ratio) totaling roughly $1,155.1M in one-sided sell volume. Those two cluster totals are close to each other, which tells you the 52.8% aggregate buy ratio is not the product of indecision — it's the product of two nearly matched but opposing forces of high-conviction size fighting for control.
The tie-breaker was the single largest print of the week: the $428.9M, 88% sell-ratio cluster on Binance Futures and Bitget. That one event alone is larger than any individual Bitcoin accumulation cluster, and it's what tips Bitcoin's net weekly flow into negative territory ($511.1M net sold) despite the buy-side clusters being numerically more frequent. Weekly verdict: Bitcoin closed Week 35 as a net-distribution asset, but not because whales lost interest — because one dominant sell cluster outweighed a broader, more frequent pattern of high-ratio accumulation. This is a market where large holders are still actively engaging on both sides at high conviction (ratios in the high-80s to high-90s throughout), which typically precedes continued volatility rather than a quiet drift. Positioning-wise, treat this as a contested tape, not a decisively bearish one — the aggregate 52.8% buy ratio understates how much two-sided size actually traded.
Ethereum's week reads very differently. Whales bought $1,641.7M and sold $930.1M, for an average buy ratio of 58.5% — meaningfully above Bitcoin's 52.8%, and unlike Bitcoin, Ethereum produced zero confirmed distribution-side imbalances in this dataset. The only Ethereum event large enough to clear the imbalance threshold was the week's single largest print overall: $396.0M at an 87% buy ratio, executed across Hyperliquid, Bybit Spot, and OKX Spot. Day-level detail isn't available in this feed, so we're not going to assign that print to a specific day of the week, but its size relative to everything else in the dataset — larger than any individual Bitcoin cluster, buy or sell — makes it the standout single event of Week 35.
Weekly verdict: Ethereum was the clear accumulation asset of the week, both in aggregate net flow (+$711.6M) and in having the single largest confirmed buy-side imbalance in the dataset. The BTC/ETH divergence is the defining feature of Week 35 — Bitcoin whales fought to a narrow net-sell outcome across five buy clusters and four sell clusters, while Ethereum whales bought consistently with no confirmed sell-side cluster at all. When the two largest assets diverge this cleanly, it typically reflects a relative-value or rotation trade being expressed at size — capital rotating from BTC into ETH — rather than two unrelated, independent flows. That is the single most actionable read from this week's data.
The dataset does not break events out by day-of-week or time-of-day, so we're not going to invent seasonality that isn't there. What the data does support cleanly is venue preference, tallied directly from the exchange listings attached to each of the ten confirmed imbalance events this week:
No notable change from typical venue distribution stands out in this sample — Binance Futures and Hyperliquid dominating whale-size order flow is consistent with their standing as the deepest venues for BTC and ETH respectively. The more notable behavioral pattern is asset selection, not venue selection: whales chose to concentrate almost all imbalance-triggering activity in BTC and ETH this week, largely bypassing the altcoin complex.
Going into Week 36, the data argues for treating Bitcoin and Ethereum as separate trades rather than a single directional bet on 'crypto.' Bitcoin enters the new week having absorbed a net $511.1M in distribution off the back of one dominant $428.9M sell cluster, but with accumulation clusters nearly as large and more frequent underneath — a market still being actively contested at size, with buy ratios on the winning accumulation clusters running as high as 98%. That combination favors watching for a reaction rather than assuming continuation: if buyers can absorb supply near current levels without another large one-sided sell cluster like this week's largest print, the net-distribution read from Week 35 will likely prove to be rotation noise rather than trend change. If instead another 85%+ sell-ratio cluster of comparable size appears on Binance Futures early in the week, treat that as confirmation the distribution phase has more room to run.
Ethereum enters Week 36 in a structurally stronger position: a 58.5% weekly buy ratio, zero confirmed distribution clusters, and the largest single accumulation print in the entire dataset. The key thing to watch is whether that accumulation shows any sell-side counter-cluster next week — its absence this week is notable precisely because it means whale conviction on ETH was effectively one-directional. A first confirmed ETH distribution imbalance next week, especially one anchored on Hyperliquid or Binance Futures at a comparable size to this week's $396.0M buy cluster, would be the clearest signal that the ETH accumulation phase is being unwound. Absent that, the BTC-to-ETH relative rotation implied by this week's divergent net flows ($511.1M sold in BTC vs $711.6M bought in ETH) remains the dominant thesis to track. Macro backdrop aside, the venue concentration in Binance Futures and Hyperliquid for both accumulation and distribution suggests liquidity conditions on those two venues specifically are worth monitoring for early signs of the next large cluster forming.
Week 35 was not a risk-off week and it was not a broad accumulation week — it was a rotation week, with Bitcoin whales fighting to a narrow net-sell outcome across nearly matched high-conviction buy and sell clusters, and Ethereum whales accumulating cleanly with no confirmed sell-side resistance at all. The tape favored size on Binance Futures and Hyperliquid above all other venues. Track the BTC/ETH divergence into Week 36 — it's the signal, not the noise.
Weekly Whale Report — Week 35