October is off to a strong start. The total market capitalization has once again crossed the $4 trillion threshold, fueled by fresh highs in Bitcoin (BTC) and renewed optimism around altcoins. But beneath the surface, whale wallets (i.e. those holding tens or hundreds of millions in crypto) are making strategic moves that could define market direction this month.
On-chain data paints a picture of accumulation, profit-taking, and rebalancing across top assets. Let’s take a closer look at what these whales are doing, and why their moves matter.
1. Bitcoin (BTC): Holding Strong
Bitcoin remains the market anchor, and its rise above $125,000 has been both a catalyst and a cash-out moment for many whales.
One wallet (3NVeXm) transferred 1,550 BTC (~$193.75 million) to Binance shortly after BTC set a new all-time high, while an address linked to Alameda Research moved another 250 BTC ($30.1 million), likely for liquidation or reallocation.
Despite these outflows, institutional interest has remained exceptionally strong. According to BitcoinTreasuries, corporate holdings continue to climb:
- Metaplanet added 5,268 BTC,
- Marathon Digital accumulated 373 BTC,
- CleanSpark added 308 BTC, and
- MicroStrategy increased by 196 BTC.
In total, the top 100 public companies now collectively hold over 1 million BTC, reinforcing Bitcoin’s role as the primary institutional asset in the digital market.
Moreover, whale selling pressure appears to be easing since late September. This sharp decline follows weeks of heavy selling activity, signaling that major holders may be positioning for a reinvigorated accumulation phase.
2. Altcoins: Strategic Bets Across the Board
Beyond the majors, whales seem to be placing their bets across select altcoins, particularly ASTER, ONDO, and Chainlink (LINK).
A single wallet recently accumulated 1.69 million ASTER tokens (~$3.14 million at the time of writing), while a Gnosis Safe Proxy address moved 11.67 million ONDO (~$10.8 million) into exchanges. Of that, 3.89 million ONDO was sent to a Bybit address linked to Arthur Hayes, suggesting that whales could be anticipating volatility or looking to trade around liquidity spikes.
Meanwhile, Arkham Intelligence flagged a whale deposit of 700,000 LINK (~$15.5 million) to Binance. Together, these moves suggest whales are diversifying their positions, betting selectively on tokens with strong ecosystems.
3. Ethereum (ETH): Accumulation Meets Opportunity
Ethereum has been one of the standout performers so far this month, reclaiming the $4,500 level. This rebound has coincided with heightened whale activity.
Blockchain analytics firm OnChain Lens tracked a new wallet, 0x982, that received 26,029 ETH (around $116.8 million) from Kraken before transferring the tokens into Aave for lending. Another whale, 0xa312, took 8,695 ETH (about $39.5 million) from Binance, a classic sign of long-term accumulation.
At the same time, Trend Research, a known institutional wallet, has been taking profits, sending 77,491 ETH (~$354 million) to Binance. Since October began, the firm has reportedly offloaded over 143,000 ETH, showing that even smart money is locking in gains after the rally.
Interestingly, several dormant Ethereum wallets have reactivated. An old whale (0xf97) deposited 4,500 ETH (~$20.4 million) after two years of inactivity. Two others sent funds to exchanges after four years, suggesting older holders may be using recent price strength to exit.
The Bigger Picture: Whales Drive the Waves
Whale movements are often leading indicators of market trends. Their accumulation patterns tend to precede rallies, while large exchange inflows often signal local tops. This “Uptober”, on-chain behavior shows a split strategy, whales are booking profits on rallies while continuing to deploy capital. However, data seems to lean more in favor of accumulation.
Such behavior aligns with a maturing market. Rather than chasing hype, whales appear to be rotating strategically, reinforcing assets with clear narratives, like Ethereum’s staking yields, Bitcoin’s institutional legitimacy, and select altcoins with vibrant communities and strong real-world use cases.
Watching these whale flows can provide valuable context. When the biggest wallets start moving, it’s rarely random.. and it never goes unnoticed.
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