Big Money Moves: Whale Rotations Target TON and Gold Tokens Amid Market Volatility

Large-scale crypto investors, commonly known as whales, have begun a significant rotation of funds as market conditions remain uncertain in May 2026. On-chain data from Lookonchain revealed that one major wallet recently opened an aggressive 3x long position on $TON totaling approximately $5.39 million. This leveraged bet indicates a strong speculative interest in $TON, especially as Telegram-related ecosystem activities continue to gain traction, though it carries high risk with a liquidation threshold set near $0.944.

While some investors are leaning into high-risk trades, others are pivoting toward digital safe havens to weather the storm. Another prominent whale wallet reportedly utilized over $7 million in USDC to acquire $XAUT at a price of around $4,720 per token. This move into gold-backed assets suggests that institutional-grade players are seeking protection against the current turbulence in the broader cryptocurrency market, prioritizing stability as a hedge against unpredictable price swings in riskier assets.

In addition to these targeted purchases, the Ethereum Name Service (ENS) has seen significant movement following a wallet unlock event. Data shows that approximately 1.457 million ENS tokens, valued at over $9 million, were recently transferred to centralized exchanges. Such massive deposits often signal potential selling pressure, as large holders may be preparing to liquidate or distribute their assets. This combination of leveraged long positions, safe-haven accumulation, and large exchange inflows reflects a complex and cautious strategy being employed by the market’s largest participants.

Overall, the whale activity observed this week highlights a bifurcated strategy within the current crypto landscape. By balancing speculative growth assets like $TON with physical-backed tokens like $XAUT , whales are attempting to navigate a market that has yet to find its definitive direction. For retail traders, these rotations serve as a critical indicator of shifting sentiments, demonstrating that even at higher price levels, big players are constantly repositioning themselves to manage risk and capture emerging opportunities.

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