An early Ethereum ICO participant has re-entered the spotlight after transferring 2,300 ETH, worth about $9.9 million, in a single transaction. As per Lookonchain data, this investor originally bought 20,000 ETH during the 2014 Genesis sale for just $6,200 and still holds 1,623 ETH, valued at roughly $6.99 million. The move comes as Ethereum’s price action heats up, adding to speculation about what’s next for the market.

Big Players Make Big Moves

Ethereum’s largest holders have been active, moving more than $16 million in ETH to Kraken shortly after the cryptocurrency broke out of a multi-year symmetrical triangle pattern that formed since 2021. Many analysts view this breakout as a powerful bullish signal, with price targets as high as $15,000, a potential 372% surge from current levels.

Altcoin Season Gains Momentum

This whale activity is happening alongside a shift in market dynamics. Data shows ETH is now seeing more capital inflows than Bitcoin, signaling the start of altcoin season. Institutional interest in Ethereum is rising, with treasury investments and ETF expectations adding fuel to the rally. 

Michaël van de Poppe predicts a volatile week, suggesting Bitcoin could touch $120K before a correction triggers sharp altcoin drops. In the meantime, Ethereum’s recent strength may stall briefly, opening the door for smaller altcoins to run.

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Large transfers from dormant wallets often impact market sentiment. This latest move coincides with shrinking ETH supply on exchanges and increased institutional buying, creating a supply squeeze. Many traders see this as a bullish backdrop that could sustain upward price momentum.

Risks Still in Play

Despite the excitement, on-chain analyst CryptoQuant warns of possible turbulence ahead. High leverage, strong resistance levels, and rising ETH inflows to exchanges could spark short-term volatility. However, they note that strong fundamentals, such as institutional demand, ETF interest, and ongoing network upgrades, should keep Ethereum’s broader uptrend intact.

Analyst Ali Martinez points to Ethereum’s MVRV ratio as a key reason why the rally may not be over. The ratio, which compares ETH’s current market price to the average price paid by holders, is not yet at “extreme” levels that typically signal a market top. This suggests Ethereum still has room to climb before hitting its peak in the current cycle.

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