Ethereum is seeing a surge in activity from large investors (whales), potentially signaling a big shift in the market.
Whale Activity Explodes
Over the past couple of days, Ethereum whales have dramatically increased their trading activity. According to IntoTheBlock, large transactions (those worth at least $100,000) jumped over 100% in just 24 hours!
- Transaction count: Nearly tripled, going from around 3,000 to almost 6,000.
- Dollar volume: A massive increase from roughly $2.97 billion to a whopping $7.84 billion.
- ETH volume: More than doubled, climbing from 1.18 million ETH to over 3.03 million ETH.
This huge spike in whale activity coincided with a price jump for Ethereum, rising from around $2,500 to $2,700. This suggests whales were primarily buying, pushing the price up.
Altcoin Season on the Horizon?
Historically, Ethereum has led the charge during altcoin seasons. Many popular altcoins are built on Ethereum’s network, so when ETH’s price rises, these altcoins often follow suit. This renewed whale activity could be a strong indicator that another altcoin season is brewing.
However, there’s a catch. Bitcoin still holds a dominant market share. For a true altcoin season to take off, Bitcoin’s dominance needs to decrease, and Ethereum needs to significantly outperform Bitcoin – something that hasn’t happened yet. Ethereum hasn’t reached a new all-time high after Bitcoin did, which is usually a key trigger for altcoin seasons. So, while things are looking promising, it’s not a guaranteed win just yet.