This Week, the Crypto Market Showed Increased Activity

Along with the return of traders' confidence, on-chain data reveals that large investors (crypto whales) are actively accumulating certain coins

This week saw increased activity in the crypto market as it continues to recover after the previous week's decline.

Along with the return of traders' confidence, on-chain data reveals that large investors (crypto whales) are actively accumulating certain coins, preparing for a potential uptrend.

Bitcoin (BTC)

Although the price of Bitcoin (BTC) dropped to $65,000 on Wednesday, on-chain data shows that well-capitalized investors continue to add to their BTC holdings, hoping that the price will recover more strongly as market sentiment improves.

According to IntoTheBlock, the netflow of large BTC holders has increased by more than 1000% in the last seven days.

Large holders are whale addresses that own more than 0.1% of the total BTC supply in circulation. Their netflow measures the difference between the amount of coins they bought and sold in a given period.

The surge in net flows indicates that large investors are accumulating more BTC. This bullish trend may encourage retail traders to buy in, increasing BTC demand and putting upward pressure on its price.

Pepe Coin (PEPE)

The frog-themed meme coin, Pepe Coin (PEPE), has lost nearly 70% of its value since hitting an all-time high of $0.009 in May. However, on-chain data shows an increase in PEPE ownership among whale addresses that hold between 1 million to 10 million tokens.

According to Santiment, this group of investors has accumulated 2.6 billion PEPE tokens in the last seven days. Currently, they hold 492.02 billion PEPE—the highest amount since the coin was first launched.

Ethereum Name Service (ENS)

ENS, the native token of the Ethereum Name Service (ENS) blockchain, has dropped 20% in the past seven days.

According to data from Santiment, whale addresses holding between 1 million and 10 million tokens have accumulated 20 million ENS tokens over the same period, which comes to more than $330 million.

This accumulation comes amid a 20% drop in ENS prices over the same period. Significant activity from large investors like this often indicates strong confidence in future price movements.

If demand for ENS continues to increase, the token’s price has the potential to break $17.