In the lead‑up to the anticipated release of the U.S. October Consumer Price Index (CPI), which was delayed by a government shutdown and is now scheduled for November 13, market participants — especially crypto “whales” — appear to be making strategic moves. The headline inflation number is forecast at around 2.6 % year‑on‑year, and core inflation at 3.3 %.
The stakes are high: a reading below expectations would raise hopes of an interest‑rate cut by the Federal Reserve, whereas a higher‑than‑expected figure could prolong the Fed’s hawkish stance.
In this uncertain macro context, large holders in the crypto space are not just speculating wildly — they are being selective. The pattern shows accumulation in tokens with strong fundamentals and clear use‑cases, as opposed to riskier assets with highly erratic price behaviour.
Focused Accumulations
Here are three notable names that have seen upticks in large‑wallet activity:
1. Chainlink (LINK)
Whales have increased their holdings from roughly 542.92 million LINK to 543.07 million LINK in the past 24 hours — about 150,000 LINK (≈ US$2.36 million) under current prices.
Technically, LINK is showing a bullish divergence: while price made a lower low between October 10 and November 4, the RSI (Relative Strength Index) formed a higher low. Such divergence often precedes a trend reversal.
Key resistance is around $18.76; a break above could open targets at $23.80 and $27.92. On the flip side, a drop below $13.72 might invalidate the bullish case.
2. Pendle (PENDLE)
Whales holding between 100,000 and 1 million PENDLE tokens increased their holdings by 7.64% (to 2.86 million PENDLE) in the last week. Meanwhile, the top 100 mega‑whales increased their holdings by 2.62%, bringing their total to 249.27 million PENDLE (~US$17.7 million accumulation in the last seven days).
From a technical standpoint, the Money Flow Index (MFI) has broken above its downward trendline since early November, suggesting improving capital inflows into the asset.
If the trend continues, resistance lies at $3.37, with possible moves to $3.94 and even $6.25. However, a fall below $2.50 could trigger failure of the bullish structure and deeper correction.
3. Cardano (ADA)
Large holders (100 million to 1 billion ADA) boosted their holdings from 3.7 billion to 3.8 billion ADA over two days (~US$57 million).
Like LINK, ADA is showing a classic bullish divergence: price has made lower lows over the past quarter, but momentum indicators have made higher lows — a hint of hidden accumulation.
If ADA breaks above ~$0.61, next upside targets are ~$0.73 and ~$0.93. Conversely, a drop below ~$0.49 would suggest the bullish reversal may fail.
What This Suggests
The behavior of these whales suggests two key things: first, they are preparing for a potentially favorable macro‑event (i.e., CPI trending lower) that could improve risk‑asset sentiment. Second, they are gravitating toward projects with robust fundamentals, established networks, and relatively lower volatility compared with speculative altcoins. In essence: playing defense, but with a growth bias.
Importantly, these moves are not crowd exuberance, but rather calculated positioning ahead of data. Accumulation is selective. With the CPI report looming, market participants may be hedging their portfolios and looking for assets that might perform well in either scenario (though better in a low‑inflation/low‑rate backdrop).
Key Considerations & Risks
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The CPI report remains an exogenous event with potential to sway markets dramatically; positions opened ahead of it carry risk if inflation surprises high.
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Technical setups, while attractive, are not guarantees — all assets carry risk of breakdowns (e.g., LINK under $13.72, PENDLE under $2.50, ADA under $0.49).
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Macroeconomic conditions (inflation, interest rates) may dominate individual project fundamentals in the near term.
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As always in crypto markets: large‑wallet behaviour may signal conviction, but is not a substitute for one’s own research and risk tolerance.
Conclusion
In summary: ahead of the U.S. October CPI release, major crypto investors (the “whales”) are quietly accumulating assets they believe stand to benefit if inflation cools and rate‑cut hopes revive. They’re favouring established projects with strong fundamentals and technical signs of potential trend reversal. Whether the macro environment delivers remains to be seen — but the positioning offers a window into what sophisticated market participants believe.
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