Over the past 90 days, the price of Kaspa has declined from around $0.18 to around $0.07 — a 60% drop.
During this period of falling prices and growing fear, on-chain data shows a pattern of quiet accumulation by large holders. Four new wallets became humpbacks, each surpassing 100 million KAS, while Wallet 4, one of the largest in the network, steadily increased its holdings throughout the decline.
This behavior reflects a common strategy used by whales to accumulate large positions. By allowing the market to drift downward — or in some cases actively applying sell pressure — large holders can trigger stop-losses, discourage new buyers, and create an extended period of weak sentiment. The goal is to accumulate as much as possible at lower prices, with minimal competition from retail investors.
While broader interest in KAS has cooled at the $0.07–$0.075 range, and fear has risen, long-term holders have continued to grow. This suggests that while the market reacts emotionally, strategic accumulation is quietly taking place in the background.
Meanwhile, Kaspa’s core fundamentals remain intact:
— The network has reached 10 bps on Testnet
— Mainnet activation is approaching
— Smart contracts are planned to follow, aiming to expand utility
Periods like this often mark the transition between distribution and accumulation phases. While the majority waits for clearer signals, the largest players position themselves early, taking advantage of weaker hands.
Watching what whales do — not what the crowd says — often tells the real story.
