https://app.santiment.net/s/k2mL8_Dw

The share of stablecoins held by whales (balance >$5M USD) has dropped from 57.40% to 53.59%, meaning whales reduced their share by 3.81 percentage points.

• Since the stablecoin market cap has barely changed over these days, this indicates that large holders have exited stablecoins and entered the market, essentially gaining confidence in upside.

• This share remains significant, but such moves haven't always led to growth - for example, in 2022 during dead cat bounces, their share decreased too, yet it didn't stop the price from falling.

• However, if we set aside the fact that whales, like everyone else without exception, can be wrong, their actions confirm belief in growth or a rebound.

Past comparable cases led to rallies in November - December 2024 (they first entered the market by 4.28%, with further share reduction happening already during the price growth), and also in late April 2025 (entry at 4.22%). In both instances, despite short-term price drawdowns, the overall trend stayed clearly upward (I'm not counting the June situation due to lack of similar setup, but the essence is the same: after such wallets entered, the market rose).

Therefore, if the whales aren't wrong this time (as happened in the previous cycle; it's unlikely everything was due to other participants exiting coins, that can happen but doesn't explain the full decline), we can expect the start of a new rally in the coming days, at least if we focus on their behavior.