Benjamin Cowen sees setup for strong Q4 Bitcoin rally
Crypto analyst Benjamin Cowen, followed by over 927,000 YouTube subscribers, believes Bitcoin (BTC) could be preparing for a powerful rally to close out 2025. Drawing from historical cycle patterns, he argues that if BTC maintains support above its “bull market support band,” it may reach a cycle top by November or December — the same months in which previous bull cycles peaked.
Importance of the bull market support band
The bull market support band combines the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). Cowen stresses that holding this level is critical. If Bitcoin stays above it, history suggests a sharp rally could follow, culminating in a cycle high during Q4. Previous market tops occurred in November 2013, December 2017, and November 2021 — all after retests of this support zone.
Timing the next all-time highs
Looking ahead, Cowen suggests Bitcoin might begin printing new all-time highs as early as October 2025. He notes that September often produces a market low before a final surge. “My guess is that a new all-time high would likely not occur in September, but it’s possible in October,” Cowen explains, adding that once a low forms, the trend could quickly reverse upward.
Historical precedent for explosive Q4 rallies
Cowen’s analysis emphasizes that in each of the past three bull cycles, Bitcoin tested the bull market support band months before breaking out to new highs. This cyclical behavior gives weight to his thesis that the current market structure could align with previous explosive Q4 rallies. If the pattern repeats, investors could see a strong push higher into late 2025.
Current market context
At the time of writing, Bitcoin is trading at $112,049, showing marginal daily gains. While not yet at new highs, Cowen argues that technical conditions suggest BTC is well-positioned for a major move if key support holds.
Cowen’s outlook frames Q4 2025 as a potentially decisive period for Bitcoin. With historical patterns pointing to November or December peaks and the bull market support band acting as the pivot, BTC may be setting up for a “really nice rally” that could deliver fresh all-time highs before year-end.
Source: Daily Hodl
Who owns the most ether in 2025? The rich list revealed
As of September 2025, Ethereum’s circulating supply stands at roughly 120.7 million ETH. New on-chain analysis shows that ownership is highly concentrated, with the top 10 wallets controlling around 60% of the supply, and the top 200 wallets holding more than half. Unlike dormant Bitcoin whales, most of these Ether addresses are active infrastructure tied to staking, exchanges, custodians, or token bridges.
Beacon deposit contract dominates
The single largest holder is the Beacon Deposit Contract, which secures the Ethereum proof-of-stake network. It contains about 68 million ETH — roughly 56% of the total supply. Validators must lock up at least 32 ETH each, making this protocol-level contract central to Ethereum’s security model. Critics warn that such concentration could introduce systemic risks if bugs or mass validator exits occur, but it remains a foundational mechanism.
Exchanges and custodians
Leading crypto exchanges also control massive ETH reserves, used for liquidity and staking derivatives:
- Coinbase: 5.16 million ETH (4.2%)
- Binance: 4.06 million ETH (3.3%)
- Robinhood: 1.37 million ETH (1.1%)
- Upbit: 1.35 million ETH (1.1%).
The Wrapped Ether (WETH) contract also holds over 2.26 million ETH (1.9%).
ETF trusts and institutions
Institutional products have reshaped the ETH landscape. BlackRock’s iShares Ethereum Trust (ETHA), launched in mid-2025, rapidly accumulated over 3 million ETH (2.5%). Grayscale’s ETHE manages 1.13 million ETH, while Fidelity’s FETH and Bitwise’s ETH funds add significant inflows. Collectively, ETFs and funds now hold over 5 million ETH, about 4.4% of supply, signaling strong regulated demand.
Public companies embrace ETH treasuries
Corporates are following MicroStrategy’s Bitcoin strategy — but with staking rewards. Examples include:
- Bitmine Immersion Technologies: 1.8 million ETH ($7.8B)
- SharpLink Gaming: 797,700 ETH ($3.5B)
- Bit Digital: ~120,300 ETH
- BTCS Inc.: ~70,000 ETH.
Most of these holdings are staked, generating 3–5% yields. Companies highlight programmability, stablecoins, and clearer regulation as reasons for their ETH strategies.
Individual whales
Founders and early adopters still matter. Vitalik Buterin holds around 250k–280k ETH (~$950M). Joseph Lubin reportedly controls ~500k ETH. The Winklevoss twins own 150k–200k ETH, while Anthony Di Iorio retains up to 100k. Rain Lõhmus, who lost his ICO keys, remains a “ghost whale” with ~250k untouched ETH.
Tracking ownership
Platforms like Nansen, Dune Analytics, and Etherscan map these wallets, but anonymity and clustering challenges mean figures are approximate.
Bottom line: In 2025, Ethereum ownership is concentrated in staking contracts, exchanges, institutional funds, and emerging corporate treasuries, signaling ETH’s evolution from a speculative asset to a mainstream reserve for both finance and technology.
Source: Cointelegraph
Ether whales have added 14% since april lows
Ethereum’s largest holders have been steadily accumulating coins since ETH hit a yearly low of $1,472 in April 2025, according to data from Santiment. Whale wallets holding between 1,000 and 100,000 ETH have increased their balances by 14% over five months, worth between $4.4 million and $440 million. At the same time, ETH’s price has surged nearly 200%, now trading around $4,376.
Whale activity is a closely watched metric in crypto markets. Large-scale selling is typically viewed as bearish, while accumulation suggests confidence and expectations of higher prices.
Some whales mistimed the market
Not all big players executed perfect trades. On May 22, one wallet bought 1,425 ETH for $3.8 million, just weeks after selling 2,522 ETH for $3.9 million near the bottom, when ETH was at about $1,570. This highlights the challenge of timing the market even for large, sophisticated holders.
Ether treasuries and etf inflows drive demand
ETH’s rally has been attributed to rising institutional interest, particularly through treasury firms and ETFs. Two major corporate buyers, BitMine Immersion Technologies and SharpLink Gaming, began accumulating ETH in June when prices ranged between $2,228 and $2,813. BitMine now holds ETH worth $8.22 billion, while SharpLink has about $3.69 billion.
Collectively, ETH treasury companies control nearly 3% of the total supply, with holdings valued at $15.83 billion. August also saw strong ETF inflows, with $3.87 billion entering Ethereum funds, while Bitcoin ETFs experienced $751 million in outflows.
Analysts see potential for $15,000 eth
ETH recently reclaimed its 2021 all-time high of $4,878, briefly reaching $4,934 on August 24, 2025. Analysts are divided on what comes next. Fundstrat’s head of digital asset research, Sean Farrell, predicts ETH could rise to $12,000–$15,000 by year-end, driven by continued ETF inflows and corporate adoption.
BTC rivalry remains strong
Despite Ethereum’s momentum, some analysts argue that attention may shift back to Bitcoin. The ETH/BTC ratio has fallen 2.27% in the past week, reflecting BTC’s relative strength. Blockchain intelligence firm Arkham reported that ETFs sold $135 million worth of ETH while buying $332 million in BTC, suggesting institutions still prioritize Bitcoin as the leading digital asset.
Whale accumulation, corporate treasuries, and ETF inflows are fueling Ethereum’s 2025 rally. Yet competition with Bitcoin and shifting institutional flows highlight the delicate balance that will determine whether ETH’s price can push toward $15,000 by year-end.
Source: Cointelegraph