As the US–Iran conflict creates uncertainty across global markets, crypto whales are not simply panicking. Instead, they are rotating capital. On-chain data shows that large holders are both buying and selling — but very selectively.
Rather than betting blindly on one direction, whales appear to be positioning for volatility. Some tokens are quietly accumulated. Others are being sold into strength. Let’s look at three tokens where whale activity stands out.
Whales Are Buying The White Whale (WHITEWHALE)
During recent market turbulence, whales have been accumulating The White Whale (WHITEWHALE). Over the past 24 hours, whale wallets increased their holdings by 3.59%. Their total stash now stands at 14.07 million tokens. That means nearly 487,000 WHITEWHALE tokens were added in just one day.
However, the technical chart still looks bearish. On the 12-hour timeframe, WHITEWHALE shows a clear head-and-shoulders pattern. This pattern usually signals potential downside if the neckline breaks.
So why are whales buying?
One possible explanation comes from the Smart Money Index. This indicator tracks the behavior of experienced and informed traders. On February 28, as geopolitical tensions escalated, the Smart Money Index began moving toward a bullish crossover. A similar crossover happened on January 25. At that time, WHITEWHALE surged by more than 200%.
Now, another early crossover has appeared. It still needs confirmation, but whales may be positioning ahead of a potential move.
Currently, WHITEWHALE trades near $0.048, up roughly 14% in 24 hours. For further upside, it must break above $0.058 and then $0.069. A move above $0.107 would weaken the bearish structure. On the downside, if the price drops below $0.029, the bearish pattern could fully activate, possibly triggering further selling.
In short, whales buying WHITEWHALE appears to be a calculated bet, not a reaction to headlines.
Whales Are Selling WAR (WAR)
In contrast, whales are reducing exposure to WAR, a Solana-based token. Interestingly, WAR has rallied more than 40% in the last 24 hours and nearly 54% over the past week.
Despite the strong performance, whales are exiting.
On-chain data shows whale holdings dropped by 32.86% in just one day. That equals roughly 4.86 million WAR tokens sold. Even the top 100 wallets trimmed positions, reducing holdings by 1.34%.
Technically, warning signs are visible. On the hourly chart, the price formed higher highs while the Relative Strength Index (RSI) formed lower highs. This is known as bearish divergence. It often signals weakening momentum and a possible short-term reversal.
WAR now needs a strong close above $0.030 to continue higher toward $0.034. If support at $0.026 breaks, the next key level sits near $0.020. That would represent a significant pullback from current levels.
With whales selling into strength and momentum fading, downside risk appears elevated.
Whales Are Also Selling Uniswap (UNI)
Another notable move involves Uniswap (UNI). Despite positive developments in the DeFi sector and a recent legal win, whales have been trimming UNI holdings.
Whale supply dropped from 639.19 million UNI on February 27 to 637.61 million today. That equals about 1.58 million UNI sold, worth roughly $6 million at current prices.
Technically, UNI formed a cup-and-handle pattern on the daily chart. This structure can signal a bullish breakout if confirmed. However, the handle consolidation has lasted longer than expected.
Between late January and early March, the price made a lower high while RSI made a higher high. This pattern suggests hidden bearish divergence. It often leads to short-term pullbacks before any breakout attempt.
UNI must reclaim $4.40 to show strength. Above that, resistance levels sit at $4.99, $5.89, and $6.18. On the downside, a drop toward $3.53 would weaken the setup. A break below $2.83 would invalidate the bullish pattern entirely.
Final Thoughts
Crypto whales during the US-Iran conflict are not acting emotionally. They are rotating capital strategically. WHITEWHALE is being accumulated despite bearish charts. WAR is being sold into strength. UNI is being trimmed despite positive fundamentals.
This behavior shows that large investors focus on positioning, not headlines. For traders, watching whale activity may provide valuable clues about where volatility could strike next.
