Here’s the recent on-chain data telling us that crypto whales are making large moves. They are surely loading up on Fetch.ai (FET) tokens and Ethereum (ETH) during this bear market trend. These movements suggest strategic positioning by large investors, potentially signaling future trends within the cryptocurrency space.

FET Attracts Whale Attention as AI Narrative Gains Strength

Fetch.ai (FET), one of the largest artificial intelligence (AI) token by market cap, has witnessed a massive surge in whale activities. In just one week, this category increased by 2.4%. This surging popularity is indicative of the increasing wave of interest driving AI-based cryptocurrencies. FET has been on a phenomenal run, up more than 9% just in the past seven days. This thundering advance cements its new importance as a titan in the AI universe.

The total number of addresses with between 100,000 and 1,000,000 FET has been consistently increasing. This trend is illustrative of larger, institutional investors continuing to build up these tokens. This positive trend indicates a growing confidence in FET’s long-term potential. FET itself was up more than 8% in the last 24 hours and 13.5% over the week.

If this momentum continues, FET may be able to break move towards resistance at $0.659. To understand the future price movement of the token, read on for some important details. This could be an indication of where the AI narrative goes in the broader crypto market.

Ethereum Whales Reach Highest Levels Since August 2023

Ethereum whale wallets have hit their highest levels since August 2023, with the total number growing to 5,460. Whale activity has been increasing, despite the recent price correction. Ethereum, too, has seen a significant decline of over 19% in the last 30 days. The percentage of ETH held by these whales is reaching all-time highs.

Indeed, since April 15, the total of addresses with balances between 1,000 and 10,000 ETH has been rising almost unabated. That’s up from 5,432 addresses as of that date. This shows that the largest investors are using the price pullback as an opportunity to add to or strengthen their positions. This data shows that there is a deep belief in Ethereum’s long-term value proposition.

Cross Chain Network (XCN) Experiences Whale Growth Amid Correction

As FET and ETH experience accumulation, Cross Chain Network (XCN) is witnessing an increase in whale holdings. The supply distribution among crypto whales holding between 1 million and 10 million XCN shifted in favor of the former. It went from 528 on April 16 up to 541.

XCN faces potential downside risk. If the correction continues to deepen even further, XCN may find itself losing support at $0.0165. A drop under this level may catalyze additional drops to $0.0139 and $0.0123.