Key Notes
- Institutional investors quietly accumulated millions in altcoins despite market fear.
- Whale wallets added ETH, AVAX, ENA, and others during the recent crash.
- Analysts expect October ETF deadlines to spark a potential altcoin rally.
The crypto market faced a brutal $200 billion wipeout late last week, sending shockwaves through retail traders. Panic selling dominated as the Crypto Fear and Greed Index plunged to 28, a clear sign of widespread fear.
But while smaller traders rushed for the exit, whales and institutional investors bought altcoins at a discount. According to blockchain data provider Nansen, Ether.fi (ETHFI) saw $6.6 million inflows in the past day.
“What has Smart Money been accumulating during this dip?”
– $ETHFI: + $6.6M
– $ENA: + $4.2M
– $SYRUP: + $2.2M
– $ETH: + $670K
– $AVAX: + $643K pic.twitter.com/WH3d5GzJWq— Nansen 🧭 @ TOKEN2049 🇸🇬 (@nansen_ai) October 1, 2025
In the past 24 hours, Ethena
ENA
$0.60
24h volatility:
9.9%
Market cap:
$4.10 B
Vol. 24h:
$348.35 M
also saw $4.2 million in whale accumulation, with the token already up by 10% on Oct. 1. Other major altcoins, including Maple Finance (SYRUP) and Avalanche
AVAX
$30.82
24h volatility:
4.4%
Market cap:
$13.01 B
Vol. 24h:
$1.06 B
also recorded renewed interest among smart investors.
Ether to Lead Altcoin Season?
Lookonchain confirmed this trend, noting that Ether is still seeing substantial institutional buying. Two newly created wallets, believed to belong to Ethereum’s biggest corporate holder BitMine, received 51,255 ETH
ETH
$4 296
24h volatility:
3.4%
Market cap:
$518.34 B
Vol. 24h:
$39.95 B
(worth $213 million) from FalconX on Sept. 30.
Whales keep buying $ETH!
Two newly created wallets(likely belonging to #Bitmine) received 51,255 $ETH($213M) from #FalconX in the past 10 hours.https://t.co/V53Rr6UZZ5https://t.co/K42UrHuwFghttps://t.co/0HcwD77xGw pic.twitter.com/W43aNTLITO
— Lookonchain (@lookonchain) October 1, 2025
This surge comes alongside bullish ETF flows. After a week of outflows, Ethereum ETFs already recorded $674 million in net inflows this week.
With the SEC facing final approval deadlines for 16 altcoin ETFs in October, many analysts see October as a potential turning point. “An enormous moment for markets,” said ETF specialist Nate Geraci.
Crypto trader Merlijn also called the potential ETF approvals the “biggest catalyst” for a new altcoin season.
🚨OCTOBER IS ETF MONTH!
16 spot crypto ETF rulings coming.
Nate Geraci: “An enormous moment for markets.”
ALTCOIN SEASON IS ABOUT TO GET ITS BIGGEST CATALYST. pic.twitter.com/Erxr0t2wrY
— Merlijn The Trader ✈️ Token2049 🇸🇬 (@MerlijnTrader) October 1, 2025
Altcoin Market Sees Improving Sentiment
The total crypto market cap excluding Bitcoin
BTC
$116 415
24h volatility:
3.1%
Market cap:
$2.32 T
Vol. 24h:
$60.89 B
and Ethereum currently stands at $1.1 trillion, showing signs of stabilization.
On the daily chart of the total market cap except Bitcoin and Ethereum, Bollinger Bands are tightening, often leading to a breakout. The price is testing the middle band (20-day SMA) around $1.1T, suggesting a neutral-to-bullish setup.
Total market cap except BTC and ETH with RSI and Bollinger Bands | Source: TradingView
Meanwhile, if RSI surges further, it could confirm bullish momentum for top altcoins.
In the near term, traders should also watch out for token unlocks from Solana
SOL
$217.4
24h volatility:
5.5%
Market cap:
$118.18 B
Vol. 24h:
$8.45 B
, SUI
SUI
$3.41
24h volatility:
6.3%
Market cap:
$12.17 B
Vol. 24h:
$1.19 B
, and Aster (ASTER), which could bring temporary price pressure.
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Source: https://www.coinspeaker.com/retail-panicked-smart-money-grabbed-these-coins/