The cryptocurrency market this week showed signs of recovery after last week's decline, with increased activity.
As traders regain confidence, on-chain data shows that cryptocurrency whales are actively accumulating certain coins, suggesting strategic positioning ahead of an uptrend.
Bitcoin (BTC)
The leading cryptocurrency Bitcoin, despite a 7% price drop in the past 7 days, has received significant attention from whales this week.
On-chain data indicates that wealthy investors have increased their Bitcoin holdings. They are expecting a strong rebound when market sentiment improves. According to the cryptocurrency on-chain data platform IntoTheBlock, the net inflow of large Bitcoin holders increased by over 1000% in the past 7 days.
Large holders are whale addresses that hold more than 0.1% of the circulating supply. Their net inflow measures the difference between the coins they have bought and sold over a certain period.
A surge in net inflow indicates that major investors are accumulating more coins. This uptrend can also encourage retail traders to follow suit, increasing the demand for Bitcoin and putting more upward pressure on the price.
Pepe (PEPE)
The meme coin PEPE with a frog theme is another altcoin that has caught the attention of whales this week. On-chain data shows an increase in PEPE holdings among whale addresses holding between 1 million and 10 million tokens.
According to Santiment, this investor group has acquired 2.6 billion PEPE tokens in the past 7 days. This group now holds 492.02 billion PEPE, the highest token count since PEPE's launch.
Ethereum Name Service (ENS)
The native token ENS of the decentralized naming system Ethereum Name Service (ENS), built on the Ethereum blockchain, has also caught the attention of whales this week.
Santiment's data shows that whale addresses holding between 1 million and 10 million tokens have accumulated over 20 million ENS tokens, worth more than $330 million, in the past 7 days.
This occurred during a 20% price decline in the altcoin. Such whale activity often indicates strong confidence in potential price movements. Therefore, if the demand for ENS continues to increase, the price could rise above $17.
