With both CPI and PPI ticking upward, anxiety over rate hikes is running higher than ever. In times like these, keeping a close eye on the "whales" is more than just useful—it’s crucial. Tracking their moves offers us a backdoor view into how the biggest players are reading the room, which in turn helps us stress-test and refine our own market thesis.

To cut straight to the chase, the good news is that whale wallet balances haven't shown any dramatic shifts. However, here’s where it gets interesting: the 10 to 100 whale tier has quietly been stacking up their holdings recently. On top of that, the ultimate mega-whales—those holding over 10K—are finally seeing their bags recover to levels we haven’t seen since last year.

Judging by these trends, it looks like the whales are betting that the market has officially bottomed out. That said, this isn't a full-blown buying frenzy just yet, so it’s still wise to proceed with caution.

Written by joohyun ryu