Large wallet investors, or “whales,” have recently shown increased interest in Ethereum-based altcoins. On-chain crypto intelligence trackers have noted significant buying activity of ENS, UNI, AAVE, LDO, and LINK tokens. This surge follows the SEC’s recent approval of the Ethereum ETF, which analysts interpret as a positive signal for the altcoin market.

With this surge in altcoin interest, the question arises: could this challenge Bitcoin’s dominance and mark the beginning of an altcoin season? Let’s dive into the altcoin market to see what’s happening.

According to Lookonchain data, new whale wallets have been actively scooping up large amounts of altcoins from the centralized exchange Binance. Here’s a breakdown of their acquisitions:

- Ethereum Name Service (ENS): 82,040 tokens worth $1.98 million
- Uniswap (UNI): 214,465 tokens worth $1.97 million
- AAVE: 39,762 tokens worth $3.97 million
- Lido (LDO): 2,389,987 tokens worth $5.54 million
- Chainlink (LINK): 65,541 tokens worth $1.13 million

These purchases reflect growing confidence among big investors, possibly encouraged by the positive outlook following the Ethereum ETF approval.

The Ethereum ETF Effect

After the ETF approval, trading volumes in the Ethereum ecosystem surged by 16% in just 24 hours, indicating increased interest and activity from investors. While some Ethereum tokens saw price increases, the market has yet to experience the explosive growth typical of a full-blown altcoin season.

Crypto analyst Dan Gamberdello sees the SEC’s approval as bullish for altcoins, marking Ethereum as a legitimate “commodity.” Another analyst, known as CryptoYoddha, believes that altcoins are poised for significant gains in the coming weeks, predicting that Ethereum’s strength and Bitcoin’s declining dominance will favor altcoin performance.

In other news, Ethereum co-founder Vitalik Buterin received 845,205 STRK tokens, valued at around $1.07 million, from Starknet’s Locked Token Grant contract. This grant highlights Buterin’s early support and continued involvement in Starknet, an Ethereum Layer 2 network aimed at improving scalability and efficiency. Distributing tokens to key figures like Buterin aims to encourage further innovation and adoption of Starknet within the Ethereum ecosystem.

Looking ahead, the altcoin market promises significant opportunities. Analysts predict that the five mentioned altcoins will outperform others, offering substantial returns for investors who are ready to seize the moment.