History repeating itself? The return of SOL funds to the ETH ecosystem suggests that the next bull run may be led by Ethereum!

On-chain data shows that the group of Whales holding 10,000 to 100,000 Ether (ETH) is quietly accumulating, a pattern strikingly similar to the activities seen before the bull runs of 2017 and 2021. Notably, a large sum of $18.5 million worth of Solana (SOL) has been rotated into Ethereum, further evidencing the return of institutional investors' confidence in the strength and long-term rise potential of the Ethereum ecosystem. Although analysts warn that the broader altcoin market still faces weakness and pullback risks, the movements of Ethereum Whales strongly suggest that as the market consolidates, Ethereum (ETH) may lead the next expansion cycle of the crypto market.

Ethereum Whale Activity: The Next Big Move is Brewing

In the context of macro uncertainty and Bitcoin's recent consolidation, the largest holder group of Ethereum (ETH) is taking action. If historical experience is any guide, this quiet accumulation may signal the next major shift in market dynamics. The latest on-chain activity continues the previous reports on Ethereum Whale dynamics, suggesting that investor confidence in this largest market cap altcoin is recovering.

10K-100K ETH wallet: one of the strongest accumulation waves

According to Alphractal data, wallets holding 10,000 to 100,000 ETH have been steadily increasing their balances since April. This marks one of the strongest accumulation waves since the 2021 cycle.

Analysis indicates that this group of whales, which typically represents high-net-worth individuals or institutional entities, has the highest historical correlation between their holdings changes and the long-term price trend of Ethereum (ETH). As CryptoRus stated: “When their supply increased in 2017 and 2021, the price of Ethereum rose accordingly. The situation in 2025 will be no different.” This pattern suggests that while retail investors remain hesitant amid macro uncertainties, well-capitalized players may be positioning themselves for a longer-term breakout.

Whale Capital Rotation: Value Return from Solana to Ethereum

In addition to the general accumulation trend, the on-chain tracker Lookonchain has also marked a noteworthy capital rotation event.

18.5 million USD SOL turnover ETH

According to reports, an entity sold 99,979 SOL (worth about 18.5 million USD at the time), subsequently bridged the funds to the Ethereum network, and bought 4,532 ETH at a price of $4,084 each.

This large-scale capital transfer highlights a subtle yet growing shift in belief among mature traders: they seem to prefer the relative stability and robust ecosystem of Ethereum (ETH) over the more volatile, higher Beta Solana market. During market consolidation periods, funds move from high-risk, high Beta alts to Ethereum, which is often seen as a signal of institutional preference returning to fundamentals due to its greater value capture potential and stronger moat.

Bitcoin Approaches Key Technical Levels: Alts Market Alarm Rings

However, not everyone is optimistic about the short-term market outlook. Analyst Johnny Woo warns that the broader altcoin market (excluding Bitcoin and Ethereum) is sending bearish signals on the weekly chart.

Altcoin season postponed: funds focus on top assets

Analysts point out that the total market value chart excluding Bitcoin and Ethereum is flashing sell signals, and believe that the altseason is unlikely to occur in the next two months, with the next bullish phase possibly waiting until the first quarter of 2026. This sentiment aligns with the current annual index for altseason being below the levels of November 2022, indicating that market interest in high-risk alts is cooling down.

Bitcoin 50-week moving average faces test

During the same period, the recent trend of Bitcoin has also attracted attention. Analyst Mister Crypto emphasized that Bitcoin (BTC) is dangerously hovering around the 50-week moving average. Historically, falling below this critical level often indicates that a deeper pullback is imminent. He warned: “When we fall below the 50-week moving average, a bear market always begins.”

Overall, these signals depict a market in transition: capital is concentrating towards major assets like Bitcoin and Ethereum, while the liquidity of speculative altcoins is being drained. If the activity of Ethereum (ETH) Whales continues to replicate past cycles, then the current silent accumulation may be the early prelude to the network's next significant expansion. However, as Bitcoin is at a critical technical edge and the sentiment towards altcoins is cooling, belief—this rare commodity seemingly possessed by the Whales—will once again distinguish the pioneers from the latecomers.

Conclusion

The slowdown in the speed of purchasing coins is not a retreat from its Bitcoin belief, but an inevitable result of changes in market valuation and the financing environment. Meanwhile, Michael Saylor's “Orange Pill Day” continues to provide optimistic guidance for the market. At the same time, the easing of China-U.S. trade relations brings much-needed macro positive signals to the crypto market, combined with the accumulation by Ethereum Whales and the rotation of funds from high Beta assets like Solana, jointly outlining a market pattern driven by both Bitcoin and Ethereum. Investors should closely monitor the progress of this week's FOMC meeting and the China-U.S. summit while enjoying the rebound brought by short-term positives, and remain prudent in their investments in alts, especially regarding Bitcoin's performance at key technical support levels.

Disclaimer: This article is for news information and does not constitute any investment advice. The crypto market is highly volatile, and investors should make cautious decisions.