In mid-October 2025, Bitcoin surged from $26,000 to $35,000—an impressive 34.6% increase in just 13 days—sparking renewed optimism across the crypto market. The rally was fueled in part by renewed momentum around BlackRock’s spot Bitcoin ETF application, reigniting the long-awaited “bull run” narrative. While Bitcoin grabbed headlines, a deeper look at on-chain activity reveals what altcoins major investors—commonly known as "whales"—are actively buying or selling during this critical market phase.
By analyzing Ethereum-based swap transactions exceeding $300,000 between October 11 and October 24, we uncover the strategic moves of crypto whales. This period coincides with Bitcoin’s recent low and its breakout above $35,000, offering a timely snapshot of institutional-grade sentiment. We also use the Volume Profile Visible Range (VPVR) indicator to assess potential price resistance and support zones for both Bitcoin and Ethereum.
Understanding VPVR: A Key Tool for Market Structure Analysis
Volume Profile Visible Range (VPVR) is a powerful technical analysis tool that visualizes trading volume at specific price levels over a defined period. Unlike traditional volume bars, VPVR maps where the most trading activity has occurred—highlighting key zones of supply and demand.
The highest point on the profile, known as the Point of Control (POC), indicates the price with the greatest volume concentration. Areas around the POC often act as strong support or resistance. A wide value area (typically covering 70% of total volume) suggests consolidation, while sparse volume above indicates potential breakout territory.
👉 Discover how real-time volume analysis can improve your trading strategy
For this analysis, we examine two critical timeframes:
- November 9, 2022 – Present: From the FTX collapse to current highs.
- May 19, 2021 – Present: Covering the "519 crash" through multiple market cycles.
These windows help identify whether current price levels are facing significant overhead supply—or if the path upward remains relatively clear.
Bitcoin (BTC): Strong Accumulation Amid Breakout
Between October 11 and 24, whales executed 98 BTC-related transactions, including wrapped versions like WBTC and tBTC:
- 64 buys totaling 1,343.34 BTC (~$40.3 million)
- 34 sells totaling 1,493.45 BTC (~$47.5 million)
While total sell volume exceeds buys, the distribution tells a more nuanced story:
- 45 whales were net buyers, accumulating 1,218.62 BTC (~$36.45 million)
- 19 whales were net sellers, offloading 1,368.73 BTC (~$43.57 million)
This suggests that although some large holders are taking profits, a broader cohort is actively accumulating—especially near the $26,000–$28,000 range.
VPVR Insights for Bitcoin
The VPVR chart since November 2022 shows a dense volume cluster between $16,000 and $25,000, indicating strong accumulation during past crises—including the FTX meltdown and 3AC collapse. Even when extended back to May 2021, there's no significant volume wall above $35,000. This implies limited overhead resistance—a bullish signal for further upside.
In short: Bitcoin’s path forward looks open, supported by both whale buying and favorable volume structure.
Ethereum (ETH) and LSD Tokens: Selective Strength
Whales were even more active in Ethereum markets, executing 150 ETH-related transactions:
- 92 buys totaling 61,279.56 ETH (~$100.89 million)
- 58 sells totaling 31,219.90 ETH (~$54.99 million)
Net inflow: +30,059.66 ETH (~$45.9 million)
Notably, much of this demand centered on Liquid Staking Derivatives (LSDs) like stETH, wstETH, rETH, and frxETH—tokens that offer yield while maintaining liquidity. This reflects growing confidence in Ethereum’s post-merge economic model and anticipation of future protocol upgrades.
VPVR Outlook for Ethereum
Unlike Bitcoin, Ethereum’s VPVR shows a denser concentration of volume above current prices—particularly around the $1,530–$1,800 zone during late 2022. With ETH trading near $1,700 during the observation window, this suggests potential resistance if sentiment sours.
Moreover, the lack of strong accumulation at current levels raises concerns about a "relief rally" sell-off, where whales may be using Bitcoin’s momentum to exit at better prices.
Still, if BTC continues upward, ETH could break out with reduced resistance—though its technical structure is less robust than Bitcoin’s.
Altcoin Moves: Whales Diversify Into High-Potential Projects
Beyond core assets, whales made targeted bets on several altcoins:
Chainlink (LINK)
- 15 transactions, 11 buys vs. 4 sells
- Net purchase: +718,557 LINK (~$6.27 million)
- Strong accumulation signals confidence in oracle expansion and CCIP development
Radiant Capital (RLB)
- 21 trades, nearly balanced activity
- Net buy: +15 million RLB (~$2.19 million)
- Reflects interest in cross-chain lending protocols amid rising DeFi activity
Lido DAO (LDO)
- Mixed sentiment: one whale bought ~$736K worth; another sold ~$757K
- Neutral net flow suggests profit-taking after LSD gains
Curve DAO (CRV), Frax Share (FXS), Illuvium (ILV)
- CRV: One whale bought 807K CRV (~$360K)
- FXS: Net sell of 231K FXS (~$1.37M loss in value)
- ILV: One buyer acquired 13K ILV (~$579K)
These moves suggest selective optimism in DeFi bluechips but caution in overleveraged protocols.
Meme Coins and Speculative Plays
Even in volatile segments, whale behavior offers clues:
PEPE
- One whale bought 524.8 billion PEPE (~$460K)
- Another sold 1.92 trillion PEPE (~$1.17M)
- Heavy selling indicates profit-taking after massive earlier pumps
KIMCHI
- One buyer scooped up 85 million KIMCHI (~$362K)
- Niche interest in emerging meme ecosystems
SUSHI
- Single buyer added 555K SUSHI (~$320K)
- Possible contrarian bet on revival efforts
On the flip side:
- BITCOIN (meme token): 6M sold (~$542K)
- FTM: 2.25M sold (~$422K)
- UNI: 330K sold (~$1.35M)
These net outflows suggest reduced appetite for older-gen DeFi tokens despite market optimism.
👉 See how top traders analyze altcoin trends before making moves
Frequently Asked Questions (FAQ)
Q: What defines a "whale" in crypto?
A: A whale is an individual or entity holding a large amount of cryptocurrency—typically enough to influence market prices through their trades. In this analysis, whales are identified by executing single swap transactions over $300,000.
Q: Why focus on Ethereum-based swaps?
A: Most major DeFi protocols and altcoins operate on Ethereum or EVM-compatible chains. Analyzing ETH-based swaps captures the majority of institutional-grade on-chain activity.
Q: Does net buying guarantee price growth?
A: Not always. While whale accumulation often precedes rallies, timing and broader market conditions matter. High-volume resistance zones (as shown by VPVR) can still cap gains despite strong demand.
Q: How reliable is VPVR for crypto trading?
A: VPVR is highly effective for identifying structural support/resistance levels. However, it should be combined with other indicators like on-chain flows and macroeconomic data for better accuracy.
Q: Are whales always right?
A: No. Whales can misjudge markets or manipulate prices short-term. Always conduct independent research and avoid blindly following large trades.
Final Thoughts: Reading the Whales’ Playbook
The October 2025 rally wasn’t just about Bitcoin—it revealed a complex web of strategic positioning among top investors. While BTC saw broad accumulation with favorable volume structure, ETH showed more caution, with signs of potential distribution.
Altcoin activity highlights a shift toward LSDs, DeFi leaders like LINK, and selective speculative plays—while older projects face selling pressure.
For retail investors, tracking whale behavior via tools like VPVR and on-chain analytics offers valuable insight into market psychology and potential inflection points.
👉 Start analyzing real-time whale movements and volume profiles today