Altcoin Season in Sight? Crypto analysts observe capitulation signals, strong support levels, and opportunities, but liquidity, unlocks, and dominance remain risks.

ETHZilla, backed by Peter Thiel, said it sold $74.5 million (24,291 ETH) to reduce debt and will discontinue its mNAV metric while pivoting to tokenization. The reversal follows mNAV slipping below 1 in early December and an October effort to prop it up with $40 million in ETH sales, as broader ETH treasuries and ETFs posted sizable outflows.

Hyperliquid's HYPE token is trading near the $24.00 support area after retreating from a recent local peak around $25.4–$25.5, with the chart showing a series of lower highs and lower lows. The token remains well below its 50-day SMA at $33.78 and 200-day SMA at $34.47, while volatility at 11.70% and a 14-day RSI of 37.93 underline fragile, bearish market conditions. If $24.00 breaks decisively, price could extend lower, whereas a move back above the $24.80–$25.00 band would be needed to ease downside pressure.

On December 23, 2025, BitMine said in a filing it acquired 98,852 ETH over the past week, bringing its holdings to 4,066,062 ETH at an average cost of $2,991 per ether. The same day, onchain watchers reported about 29,462 ETH, worth roughly $88 million, moved via BitGo and Kraken. The firm aims to accumulate up to 5% of Ethereum's circulating supply.

U.S. spot Ether ETFs snapped a seven‑day outflow run with $84.6 million in net purchases on Monday. XRP funds also drew $43.9 million, their strongest daily intake since early December, while Solana, Chainlink and Dogecoin products showed mixed momentum, with the former two seeing steady accumulation and DOGE activity fading.

According to CoinShares, ETH-linked products saw $555 million in outflows last week, even as exchange balances fell to their lowest since 2016. Binance and CryptoQuant indicators show Ethereum trailing Bitcoin in liquidity and risk appetite, while TradingView signals point to rangebound action near 3,000 dollars with resistance around 3,300 dollars.

BitMine has expanded its Ethereum treasury to 4,066,062 ETH after acquiring 98,852 ETH over the past week, pursuing what it describes as a long-term accumulation strategy. Led by Tom Lee, the company aims to build a 5% share of Ethereum's circulating supply, while its latest buying streak leaves the treasury valued at about $12 billion based on a stated average entry of $2,991 per ETH.

Over the past three months, Justin Sun's locked World Liberty Financial (WLFI) tokens have shed around $60 million in value after a WLFI-linked address associated with him was blacklisted and frozen. Sun, who denies any wrongdoing, has about $175 million in Trump-related crypto exposure across WLFI and the TRUMP memecoin, while WLFI has fallen over 40% from its September launch price, underscoring the risks of celebrity and politically connected tokens.