Whales, Patience, and the Setup for a Crypto Catch-Up Trade

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One reason crypto has struggled is the absence of whale accumulation. Santiment data shows that large holders slowed buying through the second half of 2025, while smaller wallets carried most of the demand. Historically, sustainable trend reversals tend to begin when whales accumulate and retail sentiment weakens — a pattern that has not fully appeared yet.

Still, early signs of rotation may be emerging. Active Bitcoin addresses are ticking higher even as transaction volume remains subdued, suggesting positioning rather than speculation. Some analysts believe capital is already rotating out of metals and back toward crypto, setting the stage for a familiar cycle: gold cools, Bitcoin leads, Ethereum follows, and altcoins wake up last. For now, patience — not excitement — remains the dominant strategy.

[chainsniff]

whales sitting on their hands is probably the biggest missing piece right now