863 million TON in one wallet: Is the Whale quietly reshaping the market picture?

Although the market may have moments of turmoil and calm, a "silent player" still diligently accumulates – consistently and strategically.

This single wallet has quietly accumulated over 863 million Toncoin (TON) at many key price levels, despite severe volatility or short-term surges. No signs of stopping – only cold, unwavering determination.

Amid growing public speculation about the motives and timing of this unusual accumulation, perhaps the answer is right before our eyes, clearer than ever.

A deliberate accumulation strategy

Source: GlassnodeData on purchase price distribution of TON reveals four large accumulation clusters, the most prominent being the price range of $2.91–$2.98 with over 863 million TON accumulated — a staggering figure compared to the other clusters such as $2.01–$2.05 (1.32 billion TON) or $3.83–$3.87 (261 million TON). Notably, this buying zone closely aligns with the long-term price trend of TON, further reinforcing the strategic nature of the accumulation activity.

Source: GlassnodeThe wallet owners holding this massive amount of TON are almost unaffected by sudden spikes or short-term corrections, indicating that this is a carefully calculated long-term investment strategy.

The heatmap also shows that TON frequently trades around areas with high accumulation density — a sign that the cost basis of this wallet is gradually becoming a factor influencing the overall rhythm of the market.

The accumulation model is so sophisticated and consistent that it is hard to believe it is a coincidence. It is highly likely that this is the action of a "whale" with abundant financial resources, quietly re-establishing the price structure of TON in its own way.

Hold on to faith amidst the noise

Source: IntoTheBlockThe hypothesis of a "strategic player" becomes more convincing as data shows that the average holding time of TON currently stands at 2.3 years – a clear indication that most investors are betting on long-term prospects.

Source: IntoTheBlockNotably, the market has recently witnessed a significant wave of movement from "sleeping" coins: the average holding time of tokens that have just been traded has skyrocketed by 283% in just one week and up to 575% within a month.

In other words, the TON coins that have been dormant in wallets for a long time are now starting to "wake up" – even as the price remains highly volatile.

Toncoin: Depleting supply on the exchange

The net cash flow data from the past month shows a stable trend of withdrawing TON from centralized exchanges, with a total of nearly 556,600 TON being transferred out.

Source: IntoTheBlockNotably, in the last 7 days, the net TON withdrawal has remained positive at +918.22 TON, while in just the last 24 hours, a recorded +239,870 TON has been withdrawn from the exchange. These figures indicate that selling pressure is gradually decreasing, making way for a stronger accumulation sentiment.

The development is entirely in line with the trend of large-scale accumulation, as strategic investors quietly transfer assets to cold wallets – a typical sign of confidence in long-term growth potential.

In the context of increasingly scarce liquidity supply, the market may be quietly entering a "spring compression" phase before executing the next significant price increase.

SN_Nour