In recent months, Kaspa (KAS) has experienced a notable shift in how it’s held and moved across centralized exchanges. While retail investors appear to be taking profits, institutional and larger holders are quietly stepping in, signaling growing long-term conviction.
Bybit Stands Alone
Among the major exchanges, Bybit is currently the only platform that has increased its Kaspa holdings. This makes it an outlier, as the broader trend across exchanges remains bearish in terms of reserves. Most centralized platforms, including MEXC and Gate.io, have continued to record steady declines in their KAS balances.
Retail Out, Whales In
On-chain data over the past 90 days reveals an interesting pattern:
- Smaller wallets – typically associated with retail users have reduced their Kaspa holdings.
- In contrast, the number of wallets holding between 100,000 and 1 billion KAS has increased.
This shift suggests that while retail participation may have cooled, mid to large-sized investors are accumulating, possibly positioning themselves for future gains.
Exchange Outflows Cross 900 Million KAS
The data on withdrawals tells an even clearer story:
- 35 million+ KAS withdrawn from MEXC
- 14 million+ KAS withdrawn from Gate.io
source: kaspalytcis.com
Since Kaspa’s peak in February, more than 900 million KAS has been withdrawn from centralized exchanges in total. This trend highlights both a tightening of liquid supply and a growing preference for self-custody among holders.
A Tighter, More Strategic Market
The combined effect of declining exchange balances, retail profit-taking, and increasing whale accumulation points to a market in transition. As Kaspa becomes scarcer on trading platforms, and larger players take a more dominant role, the foundations may be forming for the next stage of growth – driven not by hype, but by conviction.
