This week, the crypto market has witnessed a rise in activity, signaling a potential recovery following last week’s decline.
As traders regain confidence, on-chain data reveals that crypto whales have been actively accumulating specific coins, suggesting strategic positioning ahead of a possible uptrend.
Bitcoin (BTC)
Leading cryptocurrency BTC has attracted significant whale interest this week despite its 7% price dip in the past seven days.
On-chain data indicates that its deep-pocketed investors have increased their BTC holdings, anticipating a stronger rebound when market sentiment improves. According to IntoTheBlock, BTC’s large holders’ netflow has climbed by over 1000% in the past seven days.
Large holders are whale addresses that hold more than 0.1% of an asset’s circulating supply. Their netflow measures the difference between the coins they buy and sell over a set period.
When netflow spikes, it signals that major investors are accumulating more coins. This bullish trend could prompt retail traders to do the same, driving increased demand for BTC and putting more upward pressure on its price.
Pepe (PEPE)
The frog-themed meme coin PEPE is another altcoin that the whales have paid attention to this week. On-chain data reveals an increase in PEPE holdings among whale addresses holding between 1 million and 10 million tokens.
Per Santiment, this group of investors has acquired 2.6 billion PEPE tokens over the past seven days. This cohort currently holds 492.02 billion PEPE, their highest token count since PEPE launched.
Ethereum Name Service (ENS)
ENS, the native token of Ethereum Name Service (ENS), a decentralized naming system built on the Ethereum blockchain, is another altcoin on the whales’ radar this week.
Data from Santiment shows whale addresses holding between 1 million and 10 million tokens have accumulated 20 million ENS tokens valued above $330 million over the past seven days.
This has happened amid the altcoin’s 20% price decline during that period. Significant whale activity like this often signals strong confidence ahead of potential price movements. Hence, if ENS demand continues to increase, it may push its price above $17.
OKX
YouHodler
eToro
eToro
eToro
eToro
Wirex
MEXC
Disclaimer
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