This week, the cryptocurrency market has seen an increase in activity, signaling the potential for a recovery after the decline of the previous week.
As traders regain confidence, on-chain data shows that cryptocurrency whales have been actively accumulating specific coins, indicating strategic positioning ahead of a potential price increase.
Bitcoin (BTC)
The leading cryptocurrency BTC has attracted significant attention from whales this week, despite a 7% price drop in the past seven days.
On-chain data shows that large investors have increased their BTC holdings, anticipating a stronger recovery as market sentiment improves. According to IntoTheBlock, the net flow of BTC's large investors has increased by over 1000% in the past seven days.
Net flow of BTC's large investors. Source: IntoTheBlockLarge investors are whale addresses holding more than 0.1% of a asset's circulating supply. Their net flow measures the difference between the coins they buy and sell over a specific period.
When the net flow spikes, it indicates that large investors are accumulating more coins. This bullish trend can encourage retail investors to follow suit, increasing demand for BTC and putting upward pressure on its price.
Pepe (PEPE)
The frog-themed Meme token PEPE is another altcoin that whales have focused on this week. On-chain data shows an increase in PEPE holdings among whale addresses holding between 1 million and 10 million tokens.
PEPE supply distribution. Source: SantimentAccording to Santiment, this investor group has bought 2.6 billion PEPE tokens in the past seven days. They now hold 492.02 billion PEPE, the highest token amount they've held since PEPE's launch.
Ethereum Name Service (ENS)
ENS, the native token of the Ethereum Name Service (ENS), a decentralized naming system built on the Ethereum blockchain, is another altcoin that has been on the radar of whales this week.
Data from Santiment shows that whale addresses holding between 1 million and 10 million tokens have accumulated 20 million ENS tokens worth over $330 million in the past seven days.
ENS supply distribution. Source: SantimentThis has occurred in the context of a 20% drop in the altcoin's price during that time. Significant whale activity like this often signals strong confidence ahead of potential price movements. Therefore, if ENS demand continues to rise, it could push its price above $17.
