As June begins, the cryptocurrency market shows strong momentum following an exceptional May one of the best months for Bitcoin and digital assets in 2025. $BTC reached new all-time highs, while Ethereum also delivered impressive performance. The return of institutional activity is becoming increasingly evident, with whales driving both Bitcoin and Ethereum. These indicators may be pointing to the beginning of a new altseason.

Key Metrics: Weekly and Monthly Closures

With the monthly close completed and the weekly close now approaching, several crucial on-chain metrics offer valuable insight. Notably, the Ethereum average order size on Binance provides a clear picture of institutional behavior. Since Ethereum often leads altcoins, these metrics are vital in predicting broader market trends. Additionally, the Bitcoin Korea Premium Index is another powerful indicator that needs to be understood, as it reflects market sentiment and potential future price movement.

Market Volume and Sell Pressure

Over the past few days, particularly starting from Friday, the market experienced high volatility. Trading volume surged to nearly $150 billion, primarily due to the expiry of both weekly and monthly options contracts. This created temporary selling pressure. However, by Saturday afternoon, that volume began to drop, and as of today, it has fallen by over 40%, down to around $85 billion.

Despite this decline in volume, the market cap has not decreased, suggesting that the previous sell-off may not have represented genuine long term selling pressure. This indicates that the downward volume spike might have been more of a temporary reaction than a shift in trend.

Bitcoin's Technical Outlook

Bitcoin closed May with a strong monthly candle, confirming continued strength. The weekly close is taking place at or near all-time highs, maintaining the current bull market structure. Since Bitcoin began rising from the $15,000 level, there have been no clear signs of a macro reversal. If Bitcoin were to shift toward a bear market, this would likely take months, not weeks, to unfold. The overall trend remains bullish until further evidence suggests otherwise.

Bitcoin Korea Premium Index: Whale Activity in Focus

Historically, positive movement in the Korea Premium Index has signaled increased whale activity. Korean exchanges often show Bitcoin trading at a premium typically between 0.5% to 1% higher than global platforms. This premium suggests that local investors, including whales, are accumulating Bitcoin. Importantly, the current absence of excessive retail participation (no signs of "FOMO") supports the thesis that the rally is still driven by institutions.

In recent data, retail investors (those buying small amounts from $1 to $10,000) are not dominating the market. Instead, we see consistent movement from whales, further emphasizing their role in the current trend. Previous bull runs typically reached a climax when retail activity and FOMO surged. That is not yet the case.

Ethereum’s Role in the Coming Altseason

$ETH is emerging as a market leader once again. The monthly candle for Ethereum closed strongly, with a clear decrease in selling pressure. This is a critical sign of strength. The key metric to watch is the Average Order Size on Binance, which currently shows that the majority of buying pressure comes from large orders rather than retail participants.

Binance is now handling over $10 billion in trading volume more than many other top 10 exchanges combined. This emphasizes Binance's role in driving current market momentum. Among the different types of orders observed market orders, retail orders, and whale orders whale orders and whale lifts (orders that indicate large players are beginning or ending positions) are now dominant.

This shift is important: while retail demand often follows the trend, it's the whales who set it. Currently, Ethereum is showing significant institutional activity, which may be a leading indicator for a broader altcoin rally in the coming weeks.