As the calendar flipped to 2026, crypto market dynamics shifted dramatically, particularly around the strategies employed by larger investors known as crypto whales. These heavy-hitters in the crypto space demonstrated varied tactics in the first hours of the new year, with some accumulating assets while others appeared to be stepping back into a more cautious stance.
Notably, Chainlink (LINK) attracted significant buying interest from crypto whales. Their holdings increased from approximately 505.34 million LINK on December 31 to about 505.7 million LINK on New Year’s Day—an addition of roughly 0.36 million LINK valued at around $4.46 million. Historically, January has been a positive month for LINK, with past performances showcasing substantial gains, including a 25.3% rise in January 2025, a nearly 25% increase in January 2023, and a remarkable 100.7% surge in January 2021. The average January increase for LINK sits at around 26.4%, a trend that may have prompted whales to act early this year.
For LINK to maintain its bullish trajectory, it needs to surpass a key resistance level at $12.49, followed by subsequent targets of $13.36 and $13.76. A successful breach of $13.76 could set the stage for an ascent towards $15.01, with potential movements toward $16.77 if that barrier is convincingly cleared. However, any decline below $11.71 might undermine the bullish sentiment created by whale accumulation.
In stark contrast, crypto whales were observed selling off Ethena (ENA) on New Year’s Day. Their holdings saw a significant reduction from 6.31 billion ENA to 6.29 billion ENA, equating to about 20 million ENA sold, valued at approximately $4.20 million. This downward movement reflects a bearish outlook, particularly against the backdrop of a steep decline in Ethena’s Total Value Locked (TVL), which plummeted by over 56% from $14.98 billion in October to around $6.48 billion. Such a substantial drop usually signals reduced user activity, less borrowing or lending, and a general decline in trust, which aligns with the whales’ recent selling activity.
The technical indicators for ENA support this cautious attitude, with a head-and-shoulders pattern indicating potential weakness. Should the price break the critical neckline at approximately $0.15, this could trigger a drop of around 25%, possibly pushing ENA down to the $0.10 mark. Conversely, reclaiming levels above $0.21 could mitigate selling pressure, while a move over $0.30 would dispel the bearish structure entirely.
On the buying side, Pendle (PENDLE) saw an increase in whale accumulation, with holdings climbing from 193.54 million PENDLE to about 194.31 million PENDLE—an addition of about 0.77 million PENDLE worth around $1.42 million. Despite PENDLE’s recent 7.7% climb over the past week, it remains inside a bearish setup, notably after experiencing a 42% drop from a peak in November 2025.
A bear flag is currently forming on the price chart, indicating possible continuation toward downside if key support levels fail. The first line of defense stands at $1.81; losing this could expedite a downturn towards $1.65, which would confirm a full breakdown of the bear flag pattern. However, a recent uptick in the Smart Money Index, indicating informed trader accumulation, could suggest optimism among whales as they align with this “smart money” confidence.
If PENDLE successfully breaks above $1.94, it could extend its upward movement to test $2.31. Conversely, falling below $1.65 would likely reinforce bearish sentiment, undermining current whale buying activity.
As these early trading behaviors unfold, the interplay between whale strategies and market dynamics reveals a complex landscape for investors as they head into 2026, bearing the weight of historical trends and current market signals.
