The AI agent sector has witnessed a remarkable rebound recently, and at the center of this surge is Virtuals Protocol ($VIRTUAL )—one of the fastest-recovering tokens in the ecosystem. However, on-chain data reveals a significant shift in token distribution, with whales now controlling the majority of the $VIRTUAL supply.
Recent blockchain activity highlights a trend of strategic accumulation, with a notable rise in holdings by top-tier wallets. Over the past few weeks, smart money has flowed into VIRTUAL, pushing the token's price higher, even as it remains roughly 63% below its historical peak. Currently, around 93% of VIRTUAL’s circulating supply is concentrated in the top 100 wallets, according to Solana-based on-chain analysis.
Whales Fuel Derivative Market Expansion
VIRTUAL is now trading near the upper end of its 30-day range, and this rally has been mirrored by rising open interest in derivatives. Notably, the total value of derivative positions surged from just $15M to over $111M, indicating renewed trader confidence. Long positions now dominate, although speculative short bets persist, highlighting market participants’ anticipation of increased volatility.
This activity is not limited to decentralized wallets alone. Data from Bubblemaps shows intensified movements around Gate.IO, suggesting a cluster of high-frequency trades linked to the centralized exchange. The convergence of spot accumulation and derivatives growth underscores the increasing interest from both whales and retail speculators.
Token Unlocks and Ecosystem Growth
Out of the total supply, 63.7% of VIRTUAL tokens are currently unlocked, with much of this held in large wallets. These reserves are earmarked for future unlocks, community incentives, and long-term ecosystem expansion.
Virtuals Protocol raised $16.6M across multiple funding rounds, primarily led by an IDO on Fjord Foundry, supplemented by VC-backed micro-rounds. Interestingly, team and contributor allocations remain minimal, a move seen as fostering community-driven development.