Recent data from icterminal points to an unusual split within the Internet Computer community. Large holders, often referred to as humpback whales, have increased their ICP balances, and the amount of ICP sitting on exchanges has grown alongside them. Daily exchange volume is reported to be seven to ten times higher than usual, prompting interest from analysts who follow liquidity trends and whale movements.
At the same time, a different pattern is emerging among long-term participants. According to the latest figures, an additional 9.45 million ICP has been staked for an eight-year period over the past twelve months. That level of commitment tends to be interpreted as a signal of confidence in the network’s long-term direction, though it also limits circulating supply when tokens are locked for extended durations.
This mix of increased whale accumulation, rising exchange activity and steady long-term staking leaves room for varied interpretations. Higher exchange balances can sometimes reflect traders preparing for more active markets, while others argue it may point to hesitation among holders who want liquidity at hand. The elevated trading volume shows interest in the asset has not cooled, yet it remains too early to judge whether this momentum is sustainable.
For now, the data highlights two clear groups: whales building larger positions and long-term holders continuing to lock away their tokens. How these trends influence market behaviour over the coming months will depend on broader sentiment, upcoming ecosystem developments and the wider crypto environment.
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