Ethereum Whales Are Moving Quietly — Why the Market Should Pay Attention

Ethereum’s largest holders are stirring again, and if history is any guide, the quiet accumulation underway could foreshadow the next major market shift.

Recent moves add to previous reports about Ethereum whale activity, suggesting returning investor confidence in the largest altcoin on market cap metrics.

ETH Whales Stir Beneath the Surface as Ethereum’s Next Big Move Takes Shape

Data from Alphractal reveals that wallets holding between 10,000 and 100,000 ETH have steadily increased their balances since April. This marks one of the strongest accumulation waves since the 2021 cycle.

The analytics source Alphractal shows that this group of whales, typically high-net-worth or institutional entities, has historically displayed the closest correlation with Ethereum’s long-term price movements.

“When their supply went up in 2017 and 2021, ETH’s price followed,” CryptoRus noted. “And 2025 is no different.”

The pattern suggests that while retail investors remain hesitant amid macro uncertainty and Bitcoin’s recent consolidation, deep-pocketed players may be positioning for a longer-term breakout.

Adding to the intrigue, on-chain tracker Lookonchain flagged a notable whale rotation from Solana to Ethereum.

The entity reportedly sold 99,979 SOL, worth about $18.5 million at $185, and used the proceeds to buy 4,532 ETH at $4,084 after bridging the funds to the Ethereum network.

A whale just rotated from $SOL to $ETH!A week ago, the whale sold 99,979 $SOL($18.5M) at $185 and bridged the funds to #Ethereum — then bought 4,532 $ETH($18.5M) at $4,084.

— Lookonchain (@lookonchain) October 26, 2025

The move highlights a subtle but growing conviction shift among sophisticated traders. They appear to favor Ethereum’s relative stability and ecosystem depth over the faster-moving, higher-beta Solana market.

Storm Clouds Over Altcoins as Bitcoin Tests a Critical Threshold

However, not everyone sees clear skies ahead. Analyst Johnny Woo warned that broader altcoin markets, excluding Bitcoin and Ethereum, are flashing red on the weekly timeframe.

“Smart money and moon boys don’t want you to see this chart…TOTAL (excluding BTC and ETH) is flashing a sell signal… It’s hard to believe we’ll get an altseason in the next two months. In my opinion, the next bullish phase will happen in Q1 2026,” he wrote.

Indeed, analysts are concerned about the altcoin market, withthe altseason yearly index now lower than November 2022.

Altseason yearly index is now lower than November 2022.Let that sink in.

— Ted (@TedPillows) October 26, 2025

That sentiment aligns with growing caution around Bitcoin’s near-term trajectory. Analyst Mister Crypto highlighted that BTC is now hovering dangerously close to its 50-week moving average, a level that, historically, has preceded deeper corrections when lost.

“The bear market always starts when we drop below the 50-week moving average,” he warned.

Together, these signals paint a market in transition, one where capital appears to be consolidating into major assets like Bitcoin and Ethereum while liquidity drains from speculative altcoins.

If Ethereum’s whale activity continues to mirror past cycles, the quiet accumulation could be an early chapter in the network’s next major expansion phase.

However, as Bitcoin teeters on a key technical edge and altcoin sentiment cools, conviction, the one commodity whales seem to have in abundance, might once again separate the early movers from the late believers.