Data Measurement Content
Santiment's analytical tools track projects with a market capitalization exceeding $500 million and rank them based on trading amounts above $100,000 compared to the previous week. This metric reflects the active capital movement of large holders rather than price trends. The increase in whale trading volume does not distinguish between buying and selling but indicates significant market activity.
This Week's Top Ten
Mantle takes the lead by a significant margin. MNT recorded a 600% week-on-week increase in whale trading, currently priced at $0.773 with a market cap of $2.53 billion. This trading volume is seven times that of the previous week. The price chart in the filter shows a downward trend over the past 7 days, with a 6.99% decline in the last 24 hours. Whale activity accelerates during price weakness rather than chasing strength.
On the BNB chain, DAI ranks second with a growth rate of 340%. As a stablecoin, it is currently trading at $0.9999, and the surge in whale trading here reflects large-scale capital movement rather than speculative positioning. The trading volume during this period reached $253.34 million, making it the highest among the top ten.
MakerDAO's governance token MKR ranks third with a growth rate of 200%, currently priced at $1,762.86 with a market cap of $1.61 billion, despite a 7.42% decline in the last 24 hours. Fetch.ai (FET) ranks fourth with a 178% increase, currently priced at $0.223 with a market cap of $504.71 million, relatively low among qualifying assets. The 5.32% decline in the last 24 hours aligns with the overall market sell-off trend. Rain Protocol ranks fifth with a 100% increase, currently priced at $0.00893 with a market cap of $427 million.
The assets in the latter half of the rankings include Aster (89%), USDD on Ethereum (82%), Pepe (61%), USDT on Optimism (58%), and USDC on the BNB chain (57%). The inclusion of stablecoins, particularly DAI, USDD, USDT, and USDC, indicates that a significant portion of whale activity this week involved the reallocation of dollar-denominated capital rather than mere cryptocurrency bets.
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Pattern Analysis
In a week where Bitcoin fell below $70,000, the presence of four stablecoins among the top ten is no coincidence. Large holders transferring stablecoins at this scale aligns with the trend of capital shifting from risk assets to dollar-equivalent assets, or it may indicate institutional participants preparing capital for potential re-entry.
Among non-stablecoin assets, whale trading volumes for Mantle, MKR, FET, and Pepe all increased within the same 7-day window, yet prices fell. The trend of rising whale trading volume alongside falling prices suggests the possibility of accumulation but does not confirm it. Large trades on declining assets may reflect both buying and distribution scenarios.