Wormhole [W] has recorded a roughly 10% loss in the past day, extending a longer-term decline. The token is down 24% over the past week, according to data from CoinGlass.
Large traders, known as whales, have been the primary drivers of the recent sell-off. Analysis of the Whale Retail Delta—a metric tracking whether institutional or retail investors dominate price movements—shows a reading of 0.323, up from the previous day and indicating increased whale activity.
Whale Activity Diverges Across Exchanges
The impact of whale trading has not been uniform. On OKX, whales have been heavily bearish, with sell volume significantly outweighing buy volume. Whales on Bybit maintained a more neutral stance, while those on Binance have begun accumulating the asset.
Liquidity Patterns Suggest Upside Potential
Analysis of the liquidation heatmap reveals that the recent decline may have swept liquidity below current price levels. A cluster of liquidity above the current price, coupled with minimal liquidity below it, suggests a potential upswing toward higher levels.
However, sustaining such a move would require significant bullish momentum. At present, no clear bullish momentum has emerged in the broader market, leaving the near-term price direction uncertain.
Funding Rates Show Shift in Positioning
The Funding Rate, which tracks the balance between long and short traders, has improved from -0.0484% on September 14 to approximately -0.0083% at the time of analysis. This increase indicates a gradual reduction in short positioning, suggesting a subtle build in bullish sentiment.
If this trend continues, it may contribute to the bullish momentum needed to support a recovery in the near term.
