The crypto market is flashing mixed signals. Bitcoin has slipped back to $80,000, dragging most altcoins down with it. New data from analyst Ali Martinez reveals a dramatic shift in behavior among Ethereum's mid-tier whales — which may explain why ETH has struggled to break above $3,000.
Whale Holdings Drop 21.5% After 18 Months of Accumulation
Martinez's charts show that wallets holding 1,000 to 10,000 ETH had been steadily accumulating since April 2025, growing their stash from 12.95 million ETH to 15.95 million ETH by early October. But starting October 6, 2025, the trend reversed. That group's holdings have since fallen to approximately 12.52 million ETH — a 21.5% decline. Martinez commented: “Ethereum whales are doing something they haven’t done in a year.” He warned that without a fresh wave of institutional or retail demand, the $3,000 level will likely remain out of reach.
Bitcoin Under Pressure: $78,000 Next Support
Bitcoin hit a daily low of $80,260 and is now close to losing a key support zone. Analysts point to $78,000 as the next critical threshold. The intersection of the 200-day moving average and EMA remains a tough barrier on the first test. However, if BTC can bounce off support and hold, a rebound toward $83,000 remains possible.
Macro Headwinds Mount: Virus, Iran, Fed Hawkishness
Market sentiment is further dampened by external factors: reports of a new global virus outbreak (echoing previous pullbacks during monkeypox scares), uncertainties over Iran, and repeated Fed officials' warnings against rate cuts in 2026. The upcoming appointment of Warsh is expected to end a recent round of quantitative easing. Rising inflation could also erode voter support for Trump in the midterms, even as he pushes for an indefinite ceasefire without clear results.
In the near term, the crypto market lacks clear catalysts for a rally. If Ethereum whales continue to sell, the upside for altcoins will likely remain capped.