• Polkadot whales accumulate 133 million DOT (~8.3% of total supply), hinting at major institutional interest.
• DOT price rises 2.07% to $3.85, with 24-hour trading volume of $518.91 million and market cap of $6.20B.
• On-chain data shows significant wallet activity; only 23M DOT staked, possibly for custodial or long-term holdings.

Polkadot (DOT) has shown renewed momentum in the market. At the time of writing, DOT is trading at $3.86, supported by a 24-hour trading volume of $518.91 million and a market capitalization of $6.20 billion. The token price has risen by 2.78% over the last 24 hours.

Top Polkadot Accounts Show Major Accumulation Moves

On-chain data presented by crypto analysts Alice und Bob reveals significant action within the top 50 Polkadot accounts. One prominent point of interest is a Binance cold wallet that routinely moves tokens to and from a hot wallet approximately every two weeks.

It has reportedly accrued 133 million DOT, representing 8.3% of the total token supply. Notably, only 23 million DOT of this holding is currently staked, prompting speculation that the wallet may be in use as a custodial reserve, possibly for institutional clients.

Analysts also pointed to a sharp 20 million DOT increase around November 2024, adding more fuel for speculation about whether dominant players are quietly preparing for long-term development.

Polkadot Gains May Be Fleeting Amid Weak Chart Setup

Prominent crypto analyst More Crypto Online pointed out that even when viewed positively, it is difficult to form a strong case for a long-term bullish scenario at this stage.

The analyst elaborated that DOT’s 2021 peak gave way to a definite 5-wave downturn into 2023, leaving the chart in a weakened configuration. If DOT manages to hold above its June low, the price could target the $5.33–$8.84 region, considered a potential wave 2 rebound. Under highly favorable conditions, the price could rise as high as $10.15–$21.40, forming a much larger corrective wave.

Yet the analyst cautioned that unless there is a definitive 5-wave ascent, gains are likely fleeting and corrective, not evidence of a full-scale market reversal.

Also Read | Polkadot Price Forecast 2025: Can DOT Break $4.50 Soon and Hit $9.12 This Year?

Polkadot Derivatives Show Mixed Signals

The derivatives segment of Polkadot is showing a divergent trend. Trading volume dropped sharply by 25.40% to $404.04 million, indicating reduced trading activity. Open interest, however, rose by 1.71% to $477.31 million, indicating that stable positions are still being held.

Regarding sentiment, the OI-Weighted funding rate is 0.0099%, which indicates a slight long position bias. This shows that despite the volume slowdown, investors still anticipate some upside. The rate is modest but reflects mild optimism among derivatives merchants.

Also Read | Polkadot (DOT) Eyes $25 as Falling Wedge Signals Breakout Potential