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Since the beginning of the year, unusual movements have been observed in the cryptocurrency market. Bitcoin (BTC) 
$98,101 reached an all-time high (ATH), while Ethereum (ETH) 
$2,705 has remained stagnant in price. Most altcoins have shown more momentum compared to Ethereum, leading to speculation that ETH’s price rally is no longer a critical factor for the start of the altcoin season. This raises the question: what is the reason behind whales continuously accumulating ETH?
Relationship Between Bitcoin Dominance and Altcoin Season
Three key criteria stand out for the onset of the altcoin season: a decline in Bitcoin’s market dominance, a strong rally initiated by Ethereum, and an increase in the market cap of altcoins. Additionally, whale movements can significantly impact the market direction.
Recent data indicates that Bitcoin dominance (BTC.D) continues to rise, currently resting at a resistance level of 61.62%. Historically, during bull runs in 2017 and 2021, Bitcoin dominance sharply declined after reaching 70%, signaling the beginning of the altcoin season. If this scenario repeats, the doors for the altcoin season may open following a new peak for Bitcoin.
The altcoin market is also at a critical juncture. Altcoins have yet to surpass the market cap levels seen in previous bull seasons, suggesting they might take a different path. However, whale movements provide significant clues, indicating that the accumulation of ETH and BTC by whales could herald a major price shift.
Whale Accumulation of ETH and BTC
The purchases made by cryptocurrency whales are considered one of the key indicators of potential market shifts. Recently shared data from an anonymous crypto analyst revealed that whales are accumulating substantial amounts of ETH, signaling an expectation of significant price movement.
Supporting this, Santiment data shows a 0.8% increase in wallet addresses holding over 100 BTC, while those holding less than 100 BTC decreased by 0.3%. This indicates that whales are accumulating BTC while smaller investors are selling off their holdings.
The Altcoin Season Index, which measures market trends, currently shows a level of 45. This indicating the market is in a “neutral” phase, where Bitcoin and altcoins are performing similarly. Whether the altcoin season will commence hinges on the market’s direction in the coming days.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
