Crypto Whales React Differently to Market Selloff: Buying Some Tokens Despite Losses

During a recent sharp decline in the crypto market, a closer look at on-chain data reveals an interesting phenomenon: despite the downturn, 'crypto whales', or large wallets, have not abandoned ship equally across the board.

Four specific tokens - Maple Finance (SYRUP), Official Trump (TRUMP), Aster (ASTER) and Keeta (KTA) - were analyzed to see how these whales positioned themselves during this tumultuous period.

The results show a mixed bag of accumulation, selling, and holding patterns. In the case of SYRUP, large wallets added 220% in just 24 hours, while top 100 addresses saw their stash increase by nearly $1.7 million. This buying aligns with Maple's growth in institutional on-chain credit, where its TVL has increased by over 21% from late April.

However, the signal is not clean-cut, as smart money wallets cut holdings by 4.63%, and exchange balances rose 2.1%. This indicates that not all whales share the same conviction in SYRUP.