Finst

Ethereum whales are buying in bulk! Altseason on the horizon?

Major investors apparently are taking advantage of Ethereum's price drop to buy big.

By Mike Hesp
• 1 min read
Ethereum whales are buying in bulk! Altseason on the horizon?

Big investors appear to be taking advantage of Ethereum's price drop to buy big. Is this slowly signaling the start of Altseason?

The numbers speak for themselves: the Ether price has risen by about 40 percent over the last 30 days. Ethereum is now $1,000 higher than a month ago. The second-largest cryptocurrency is clearly lifting off, which is also reflected in rising accumulation by very wealthy investors.

According to data from Glassnode, the number of wallets holding 10,000 or more Ether has risen more than 20 percent in the last four weeks to 1,088 currently. Entities with such large quantities, worth more than $35 million at the current price, are sometimes called “mega-whales.”

According to analytics firm Arkham Intelligence, at least one of these "mega-whales" used the weekend price dip to buy “a large amount of ETH.” Reportedly it was about $300 million.

With Ethereum's recent upward trend, and considering the cyclic phases the crypto market has shown so far, the question of whether an Altcoin season is coming becomes inevitable.

If we look purely at the data, however, a bit more patience is probably warranted. The Altcoin Season Index still points the market largely toward Bitcoin. Bitcoin dominance remains high at over 60 percent. Still, the fact that Ethereum is gaining ground could gradually clear the path for an upcoming Altcoin season.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.