Big money investors have been especially interested in several high-cap altcoins according to Santiment.
KuCoin Token (KCS) was the leader of this trend, with a staggering 1,000% spike in whale transactions.
The Avalanche network saw USDC transfers over $100,000 jump by 587%, making USDC the second most active token.
Ethena Labs’ staked token, sENA saw a 568% increase in large transfers after holding its momentum from a strong two-week rally.
The crypto market has seen a strong uptick in whale activity this week.
Big money investors have been especially interested in several high-cap altcoins, according to Santiment.
These assets reportedly saw spikes in whale transaction counts from 200% to as high as 1,000%.
While these movements don't always cause price changes directly, they are often great indicators of incoming volatility or market repositioning.
KuCoin Token (KCS) was the leader of this trend, with a staggering 1,000% spike in whale transactions.
These large-value transfers likely came from institutions or traders with “deep pockets.”
However, despite the surge in activity, KCS saw only modest price gains and rose 7.8% from $9.85 to $10.73 between 25 and 30 April.
The price performance of KCS | Source: CoinMarketCap
Despite this relatively muted price reaction, the spike in volume didn’t go unnoticed.
A net inflow of 1.2 million KCS to exchanges on 28 April shows that some investors might be setting up shop for short-term profit-taking.
If this selling pressure continues, KCS could test a major support level near $10.00 and either break out or get rejected.
Surprisingly, stablecoins like USDC have also been attractive to the whales.
The Avalanche network saw USDC transfers over $100,000 jump by 587%. This makes USDC the second most active token in terms of whale movement during the week.
While USDC’s price naturally remains pegged at $1.00, its trading volume soared to $10.85 billion on 2 May.
The increase in trading volume for USDC | Source: CoinMarketCap
This kind of activity usually points towards incoming shifts in portfolio maintenance or increased participation in defi.
As such, USDC pairs are now more attractive for yield farmers.
Avalanche itself now trades at around $21.50, with traders now setting up for more liquidity-driven plays.
Ethena Labs’ staked token, sENA saw a 568% increase in large transfers after holding its momentum from a strong two-week rally.
Trading volume hit $85 million on 29 April, and the chart’s tightening Bollinger Bands on the daily timeframe show that a breakout could be close.
209 million in trading volume on wBTC | Source: CoinMarketCap
Meanwhile, Wrapped Bitcoin (WBTC) saw a 25% increase in similar transfers, with a simultaneous net outflow of 450 WBTC from exchanges.
This pattern shows that the large holders are accumulating, and the cryptocurrency could be on its way to becoming bullish.
The charts also show a bullish crossover on the WBTC MACD, alongside a rise in volume to $320 million as of writing.
More than the top four, six other cryptocurrencies saw increased whale activity, including Uniswap (UNI) on Ethereum, Worldcoin (WLD), Curve DAO Token (CRV) and Floki Inu (FLOKI).
While the spikes on these were impressive, they were not as dramatic as the big four.
Whether these tokens are being accumulated, sold off or repositioned remains to be seen.
However, the facts remain that they are on the whales’ radar.
When combined, these ten cryptocurrencies saw a combined 1,450 large transactions on April 29.
This stands as a 27% increase from the previous week.
While this level of activity is not new, it is not something the market can ignore either.
Overall, whether the outcome is bullish or bearish, the whales are definitely changing their behaviors.
Active traders should consider tracking on-chain whale activity along with technical indicators like RSI, MACD and trading volumes.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.