The largest Ethereum holders are moving again, and if we look at past experience, their quiet accumulation activity may be a harbinger of the next major market shift.
Recent movements only reinforce signals from previous reports of whale activity, which may indicate a return of investor confidence in the leading altcoin by market cap.
Ethereum whales prepare to move
According to Alphractal, since April, wallets with balances from 10,000 to 100,000 ETH have been steadily increasing their holdings. This is one of the strongest accumulation waves since the bull cycle of 2021.
Such addresses usually belong to institutional investors or large capital participants. Historically, this category of holders correlates most strongly with the long-term price dynamics of ETH.
“When their holdings grew in 2017 and 2021, Ethereum always followed with growth. And 2025 is no exception,” noted analyst CryptoRus.
All this points to an interesting trend: while retail investors are waiting amid macroeconomic uncertainty and Bitcoin’s sideways movement, large players seem to be building positions in anticipation of a long-term breakout.
Adding intrigue is a fresh on-chain signal: Lookonchain noticed a major capital reshuffle, with one whale moving funds from Solana to Ethereum.
According to the data, the investor sold 99,979 SOL worth about $18.5 million at a price of $185 per coin and used the proceeds to buy 4,532 ETH at a price of $4,084 after transferring funds to the Ethereum network.
This move highlights a shift in focus among experienced traders. More and more of them are betting on the relative stability and developed ecosystem of Ethereum, preferring it to the more volatile Solana market.
Bitcoin tests an important level
But not everyone is optimistic. Analyst Johnny Wu warns that the altcoin market outside of BTC and Ethereum looks alarming, especially on the weekly charts.
“Smart money doesn’t want you to look at this chart. The TOTAL index (excluding BTC and ETH) shows a sell signal. It’s hard to believe that altseason is possible in the next two months. Personally, I think the next rally will only start in the first quarter of 2026,” he wrote.
And indeed, analysts’ concerns are growing: the current altseason index level is already lower than in November 2022.
Such sentiments coincide with increasing caution regarding Bitcoin’s short-term dynamics. Analyst Mister Crypto noted that BTC is now dangerously close to its 50-week moving average — a level whose breach in the past has often led to deeper corrections.
“A bear market always starts after falling below the 50-week average,” he warned.
All this points to a market in a restructuring phase. Capital is gradually flowing into leading assets like BTC and Ethereum, while speculative altcoins are losing liquidity.
If Ethereum whales’ activity continues to repeat past cycles, the current phase of quiet accumulation may be just the beginning of a new growth round for the network.
See also: Arthur Hayes’ forecast for Zcash pushed the coin above $350
But while Bitcoin balances on a technical edge and faith in alts cools, it is confidence that may once again separate those who enter first from those who will chase later.
