I think when discussing XPL whales, we need to set aside emotions and look at the on-chain behavior itself. Prices can be deceptive, but the movement of funds rarely lies.
During this time, I repeatedly looked at the on-chain data of XPL, and there are several interesting points.
First, the behavior of large addresses clearly does not resemble short-term funds.
Many whale addresses, after the mainnet launch, did not choose to cash out entirely but instead kept USDT on the Plasma chain for the long term. You should know that if this kind of fund were just for cryptocurrency speculation, there would be no need to cross-chain; keeping it in CEX contracts is more efficient. Willingness to keep money on-chain itself indicates one thing—they are 'using' it, not just betting on prices.
Second, the concentration of stablecoins is relatively high, but liquidity is very active.
The top 20 addresses hold a considerable proportion of USDT, but these addresses are not just hoarding; they are frequently transferring funds. This characteristic is very similar to the early stage of payment channels during the volume running phase, where money comes in not to hoard, but to circulate. In simple terms, it resembles a 'money house account' rather than a market maker's position.
Third, whales are more focused on USDT rather than the XPL coin itself.
This point is actually quite crucial. The structure of many addresses is:
A large amount of USDT + a small amount or even no XPL held.
This indicates that in their eyes, the current most important value of XPL is not cryptocurrency speculation, but rather its existence as a stablecoin channel. They are not in a hurry to participate in price fluctuations, but are occupying the channel first.
Fourth, during the decline, whales tend to reduce their coins rather than withdraw funds.
From the on-chain data, a phenomenon can be observed: when the XPL price falls, some addresses are selling coins, but they do not simultaneously withdraw USDT from Plasma. This is very different from typical exit scams. The funds that truly need to leave will definitely be 'coins sold, chain emptied'.
Now, on the contrary, the coins have left, but the money is still there.
I think this point is quite worth pondering.
What does this indicate?
This indicates that at least a portion of large funds are observing XPL as infrastructure rather than engaging in one-time speculation.
Of course, this does not mean that prices will definitely rise in the short term.
Whales will also wait, and they can endure even more than retail investors.
However, from the on-chain structure, the current XPL looks more like it's 'nurturing the channel' rather than 'pulling up prices to offload'.
In simple terms, the money hasn't left, and the story isn't finished yet.
$XPL @Plasma #Plasma #XPLUSDT $XPL
