Ethereum Whales Buy the Dip Despite $312M Mega Transfer

The high-net-worth Ethereum trader amassed tens of millions in ETH, bucking the broader market slump driven by escalating Middle East tensions and renewed risk-off sentiment. Ethereum Regains Momentum Whale Alert flagged a massive transfer of 129,392 ETH to Coinbase from a long-dormant wallet, last active in November 2022. The sudden $312M ETH transfer, coinciding with a drop in Ethereum’s price to lows of $2,200, had fueled speculation of an imminent selloff. Nevertheless, the second-largest cryptocurrency based on market capitalization is back to winning ways, having recorded an 11.2% increase in the past 24 hours to trade at $2,472. Therefore, the Ethereum whale that bought the dip might be laughing all the way to the bank after recently purchasing 9,400 ETH. As Ethereum edges closer to the psychological price of $2,500, the Ethereum whale buy paints a bullish picture for the largest altcoin. Ethereum’s Weekly Engagements Go Through the Roof According to market analyst Crypto King, “ETH just hit a new all-time high in weekly engagement — over 20.2 million active addresses last week. The Ethereum ecosystem continues to grow, showing strength and resilience despite market headwinds.” Therefore, it means more unique wallet addresses interacted with the Ethereum network this past week than ever before. This record high development signals that Ethereum’s ecosystem is thriving with engagement, showing growing interest from users. With Ethereum a Layer 2 (L2) boom in networks, such as Base, Arbitrum, and Optimism, this growth is fueling the weekly engagement fire. Furthermore, increased participation across decentralized finance (DeFi) platforms, non-fungible token (NFT) markets, gaming, and Metaverse apps is boosting address interactions. Therefore, Ethereum’s ATH weekly engagement reflects robust ecosystem usage, which is being ignited largely by Layer‑2 expansion, booming DeFi/NFT activity, and broader on‑chain optimization. Will Ethereum Catapult the Next Altcoin Season? By trading at $2,472, Ethereum continues to show signs of resilience even amid broader market shifts. Here’s why ETH is well-positioned to ignite the next altcoin season: 1. ETH Leading the Charge Against BTC The ETH/BTC ratio is breaking out, hinting at capital flowing into Ethereum and altcoins as Bitcoin dominance cools. June trends since 2022 show altcoins outperforming BTC—currently around 23% of altcoins are beating Bitcoin, and that figure is growing. This BTC fatigue often marks the onset of alt seasons, with ETH historically at the helm. 2. Surge in ETH Activity and Infrastructure Ethereum’s Pectra upgrade has boosted network efficiency, lowering fees and enhancing user experience—spurring DeFi and Layer‑2 growth. Layer‑2 throughput is now at 533 transactions/sec, deviating some demand from Layer‑1 and supporting broader altcoin ecosystem expansion. Additionally, Ethereum hosts nearly half of global stablecoin issuance, strengthening its financial ecosystem. These developments not only deepen adoption but also improve capital velocity across the network. 3. Institutional and On‑Chain Momentum $286 million of inflows into ETH ETFs occurred recently, reflecting growing institutional confidence. Additionally, the Ethereum ETFs recently made a 4-month high after recording daily inflows of $125 million. On‑chain analytics show 67% of ETH holders in profit, with strong support zones around $2,316–$2,402. Derivatives data and open interest in ETH instruments are surging post-Pectra, signaling elevated market interest. These metrics underscore a foundation of investor conviction and structural support. 4. Timing: Aligning with Historical Patterns Every June since 2022 has seen the start of an alt season. Current conditions—Bitcoin stagnation, rising altcoin performance, capital rotation—mirror triggers from past cycles. While some analysts argue Bitcoin still dominates, many contend that altcoin narratives will unfold via ETH-led waves, not a blanket altcoin surge . All signals point to a scenario in which Ethereum sparks a phased altcoin rally. Conclusion Ethereum’s technological upgrades, network usage, institutional demand, and market timing combine to create the ideal spark for altcoin season 2025. ETH is orchestrating a broader shift that could elevate a wide array of Layer‑1s, DeFi tokens, and emerging narratives like decentralized AI and gaming chains. With Ethereum being a stone’s throw away from the psychological price of $2,500, it remains to be seen whether ETH dip buying will thrust bullish momentum or exchange inflows will halt the party through intensified selling pressure.

Source: Coinpaper