Ethereum is under the spotlight again — and for good reason. A wave of accumulation by whales and institutions is creating a rare supply shock. Analysts, including veteran Armando Pantoja, are calling Ether the best play in crypto right now. With exchange reserves falling fast and altcoin season on the horizon, Ether could be gearing up for a major breakout.
Ethereum Exchange Reserves Hit Record Low
Ethereum’s supply on exchanges just dropped to its lowest level in seven years. According to data from Glassnode, ETH balances are shrinking fast. This shift isn’t random — it’s being driven by large holders. Whales, or investors holding between 10,000 and 100,000 ETH, bought over 1.2 million tokens in just two weeks.
This trend points to rising demand and shrinking availability. In simple terms, less Ether on exchanges means fewer coins available to buy. That’s what analysts call a “supply shock” — and it’s usually bullish. If demand stays strong, prices tend to move up fast.
Whales and Institutions Are Leading the Charge
It’s not just individual whales pushing this move. Public companies are jumping into Ethereum as well. BTCS recently bought 1,000 ETH via Crypto.com, bringing their total stash to 13,500 coins. That’s a 50% increase since the first quarter of 2025. Grayscale, BlackRock, and Fidelity now hold over 3.3 million ETH combined.
Charles Allen, CEO of BTCS, confirmed the strategy: Ethereum is at the heart of their blockchain infrastructure plans. This is not just about price speculation. Companies are betting on Ether’s long-term role in blockchain tech. With corporate players like SharpLink Gaming also entering the game, ETH is becoming a treasury asset for tech-forward firms.
Ethereum Is “Severely Undervalued,” Says Analyst Armando Pantoja
Veteran analyst Armando Pantoja isn’t holding back. He says Ethereum is “severely undervalued” and pegs a fair price between $7,000 and $8,000 — more than double today’s level. In his view, the market still doesn’t grasp how long real adoption takes. Short selling, a recent Bybit hack, and hype around Solana and Avalanche have all hurt Ether’s short-term image.
But Pantoja sees that changing. He compares Ether to a coiled spring. “It’s compressed with energy,” he says, ready to surge once the pressure lifts. Bitcoin already jumped from $16,000 to $110,000 this cycle. If Ethereum just mirrors past ratios, it could hit $9,000 or even $18,000 in a bullish case. According to Pantoja, this makes Ether crypto’s best risk-reward bet today.
Ethereum and the Altcoin Season Signal
Is altcoin season coming? Some analysts think so. Metrics like Bitcoin’s Realized Cap are flashing signs that its current bull run is cooling off. Historically, this is when capital starts flowing into altcoins. That includes Ethereum, the second-largest crypto by market cap.
While the altcoin season index is still low, Ether has already shown strength during recent downturns. That resilience, combined with whale accumulation and ETF inflows, sets the stage for a shift. As Bitcoin dominance weakens, Ethereum could lead the charge among altcoins.
Final Thoughts: Ether’s Momentum Is Building
The Ethereum landscape is shifting quickly. Whales are buying. Public companies are stocking up. Analysts like Armando Pantoja see Ether as undervalued and poised for a run. At the same time, exchange reserves are drying up — a classic sign that supply is under pressure.
Whether you’re a trader, an investor, or just watching the market, one thing is clear: Ether is building momentum. If the trends continue, Ethereum could be the first major altcoin to explode once capital rotates out of Bitcoin. The next few months will be critical. Keep your eyes on the whales — and your Ether wallet close.
