As of late January 2026, on-chain data indicates that "whale" activity for Plasma (XPL) is currently characterized by a mix of heavy accumulation and strategic exchange preparation.
Based on recent tracking from the Plasma blockchain and major CEX (Centralized Exchange) inflow metrics, here is an analysis of how large holders are positioning themselves ahead of the July 2026 unlock.
1. Notable Whale Movements and Exchange Inflows
In late December 2025 and early January 2026, XPL recorded one of its highest inflow periods, peaking at $65.62 million in a 24-hour window.
* The "50M Whale": On-chain monitors identified a single wallet that deposited 50 million USDT during the early sale phase. This entity recently moved a portion of their holdings (roughly 10 million XPL) toward Coinbase and Bitfinex.
* Top 10 Concentration: Approximately 81% of the XPL supply is currently controlled by the top 10 addresses. While this suggests strong early conviction, it also creates a high "liquidity risk" if these specific wallets begin moving toward exchanges simultaneously in June.
2. Preparing for the July "Cliff"
We are seeing two distinct behaviors among large holders in preparation for the July 28 unlock:
* The "Pre-Exit" (Bearish): Smaller "sub-whales" (holding 1M–5M XPL) have begun moving tokens to Binance and Gate.io sub-wallets. This often indicates an intent to sell into any "relief rallies" before the massive July supply shock hits.
* The "Staking Lock" (Bullish): Conversely, the largest institutional wallets have remained stagnant or have increased their balances. This suggests they may be waiting for the Q1 2026 Staking Launch to lock their newly liquid tokens for yield, rather than selling them on the open market.
