After last week with a dismal performance across the crypto market, active trading has returned this week. The new recovery momentum is reflected in a 6% increase in the global crypto market capitalization over the past 7 days.
Large investors (often referred to as whales) have seized the opportunity to accumulate some selective altcoins with the expectation of future profits.
Ethereum (ETH)
The leading altcoin Ethereum (ETH) topped the list of purchases by whales this week, with net capital flow from large holders soaring by 270%, indicating significant accumulation.
The net capital flow index of large holders measures the difference between the number of tokens that whales buy and sell over a certain period. When this index rises sharply, it indicates a strong accumulation trend from holders. This reflects increased confidence and an optimistic outlook for the asset.
The surge in whale purchases of ETH has helped this altcoin surpass the $4,000 mark last achieved in December. If the accumulation momentum continues to strengthen, ETH could extend its upward trend to the $4,500 region.
Conversely, if profit-taking activity returns, the price could retreat to around $3,920.
PEPE
The PEPE memecoin based on the Solana platform is another altcoin that whales have purchased this week. On-chain data from Nansen shows that the holdings of high-value wallets owning PEPE tokens worth over $1 million increased by 1.36%.
When such accumulation trends appear among large investors, it indicates increased confidence in the short-term potential of the asset. Strong interest from whales may drive buying activity from retail investors, helping to sustain and extend the upward momentum of PEPE over the past week.
If this accumulation trend is maintained, the token could rise to $0.00001315.
Conversely, if demand weakens, the price of PEPE could drop back to $0.0000107.
Mantle (MNT)
The 52% weekly increase in Mantle (MNT) has brought it into the sights of whales this week. On-chain data shows that whales holding between 1 million and 10 million tokens purchased an additional 2.39 million MNT in the past week.
This group currently holds 20 million MNT, the highest in a month. If the accumulation activity of whales increases, the price of MNT could rise to $1.149.
Conversely, if selling pressure returns, the price could drop below $1,036.