In the first week of September, trading activity in the cryptocurrency market declined, causing a 5% drop in global market capitalization. Many market participants chose to stay on the sidelines.
However, crypto whales took advantage of this dip. They purchased altcoins such as Polygon (POL), Ethereum (ETH), and Pepe (PEPE), illustrating their opportunistic behavior in a volatile market.
Polygon completed its MATIC to POL token migration on September 4. This event resulted in a spike in whale accumulation, with addresses holding between 100,000 and 1,000,000 POL increasing by over 90%. Despite the muted price reaction, the number of POL whales continues to grow.
Ethereum's large holders also showed increased activity. Despite resistance at the $2560 price level, the net flow of large ETH holders rose by 38%. This bullish signal suggests that retail investors might follow suit, potentially driving ETH past its resistance.
Pepe, an Ethereum-based meme coin, saw a 1.2% increase in whale addresses holding between 1 million to 10 million PEPE within a week. The coin's undervalued Market Value to Realized Value (MVRV) ratio encouraged this accumulation, signaling a buying opportunity for investors.
