Ethereum’s Rally and Mega-Whale Accumulation
The numbers are striking: over the past 30 days, ETH has rallied nearly 40%, gaining more than $1,000 compared to a month ago. This remarkable performance by the world’s second-largest cryptocurrency has not gone unnoticed by institutional players. According to Glassnode, the number of wallets holding 10,000 or more ETH has surged by more than 20% over the last four weeks, now reaching 1,088 addresses. At current rates, each of these “mega-whales” controls upwards of $35 million in Ethereum.
On-chain intelligence firm Arkham Intelligence reports at least one of these mega-whales capitalized on a recent price dip, snapping up $300 million worth of ETH in a single weekend move. Such large-scale accumulation suggests growing confidence in Ethereum’s trajectory—and potentially in the broader altcoin market.
Survey: Altcoin Season or Not?
With Ethereum’s bullish run, many investors are questioning if this marks the start of a new Altcoin Season—a period when altcoins significantly outperform Bitcoin. In a recent reader poll with over 11,000 participants, 55% said they believe Ethereum’s rally signals the beginning of Altcoin Season. Meanwhile, 37% disagreed and 8% remained neutral.
However, broader market metrics advise some patience. The Altcoin Season Index still tilts in favor of Bitcoin, with BTC dominance holding above 60%. While Ethereum is closing the gap, these indicators suggest that the true Altcoin Season may still be on the horizon.
Market Outlook
Ethereum’s aggressive accumulation by mega-whales is a bullish signal, but a broader altcoin breakout depends on Bitcoin dominance easing further. As more capital shifts toward altcoins, the next few weeks could prove pivotal for the sector.