Kaito Whale Buying Can't Stem Bearish Tide Amid Futures Sell Pressure

Kaito (KAITO) has been experiencing a strong downtrend since hitting $1.37 nearly two weeks ago, dropping to around $0.67 at press time.

This decline comes with reduced market activity and capital outflows, as the trading volume fell by 54% and the market cap decreased to $163 million from an unknown high.

However, one KAITO whale has taken advantage of the price drop to accumulate more tokens. According to Arkham data, a whale purchased 1.917 million KAITO worth around $1.32 million from Coinbase, bringing their total purchases to approximately $2.36 million.

The whale's buying activity indicates bullish sentiment, as high-net-worth investors tend to accumulate during price drops with expectations of market recovery.

Despite this, the futures market remains extremely bearish, with elevated volatility and more KAITO being pulled out of exchanges than put in. A whale closed their long position of 2.24 million KAITO, incurring a loss of around $994,000 due to fear of liquidation.