What Crypto Whales Are Buying and Selling Ahead Of The March US CPI Print

Crypto markets head into the February US CPI data release (March print) with inflation expected to come in slightly hotter, partly driven by recent swings in oil prices. The macro backdrop remains uncertain, yet on-chain data shows large holders already positioning. BeInCrypto analysts tracking crypto whales have identified three tokens seeing notable accumulation or selling ahead of the print.

This analysis offers a clearer view of how big money is navigating the market before the data lands.

Pump.fun (PUMP)

Among the tokens attracting attention from crypto whales ahead of the February US CPI print, Pump.fun (PUMP) has seen a sharp surge in large-holder accumulation over the past 24 hours.

On-chain data shows that PUMP whales increased their holdings by 18.63%, pushing total whale balances to 13.82 billion tokens. This implies that large holders accumulated roughly 2.17 billion PUMP tokens within a single day. At the current price, that translates to approximately $4.34 million in fresh whale buying.

Whales Buy: Nansen

The timing is notable. With CPI data expected to come in slightly mixed compared with January’s print, macro uncertainty remains elevated. However, as highlighted earlier, many crypto whales appear to be treating this volatility as an opportunity rather than a risk-off trigger.

Pump’s chart structure may help explain the interest.

On the 12-hour chart, PUMP is forming an inverse head-and-shoulders pattern, a reversal structure that often signals a potential shift from a downtrend into a new upward phase. The pattern’s right shoulder formed around March 6, and the price has since been gradually pushing toward the neckline.

Currently, PUMP is attempting to stabilize around $0.0020, which aligns with the 0.382 Fibonacci retracement level and has emerged as a key short-term resistance.

A clean move above $0.0020 would bring the neckline near $0.0021 into focus. That level sits roughly 5.7% above the current price. If buyers manage to break and hold above the neckline, the inverse head-and-shoulders projection suggests a potential 28% upside move, targeting the $0.0027 region.

PUMP Price Analysis: TradingView

However, a drop to $0.0018 would weaken the structure. That could delay the expected breakout, even as crypto whales continue accumulating ahead of the CPI release.

Chainlink (LINK)

Chainlink is another asset drawing attention from crypto whales ahead of the February US CPI print, with on-chain data showing steady accumulation over the past 24 hours.

As of March 9, whale wallets held 592.86 million LINK tokens. That balance has now climbed to 593.66 million LINK, meaning large holders accumulated roughly 800,000 LINK in a single day. At the current price of around $9 per token, this represents approximately $7.2 million in fresh whale buying.

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LINK Whales: Santiment

Part of this interest appears linked to Chainlink’s improving technical structure.

On the daily chart, LINK is flashing a bullish divergence on the Relative Strength Index (RSI), a momentum indicator. Between January 25 and March 8, LINK’s price formed a lower low, while RSI printed a higher low, a classic divergence pattern that often signals weakening selling momentum and the potential for a trend reversal.

That possibility is significant because Chainlink has been under pressure for months. Despite gaining roughly 2.4% today, LINK remains down about 26% year-to-date, reflecting a broader downtrend that could now be stabilizing.

From a price perspective, $9.91 is the first major level to watch. This area aligns with the 0.618 Fibonacci retracement, historically one of the most important technical zones. A clean move above $9.91, followed by a break of $10.32, could confirm strength and open the door toward $12.36, particularly if the divergence holds and sentiment toward the real-world asset sector remains supportive.

LINK Price Analysis: TradingView

However, the bullish structure has limits. A drop below $8.40, the March 8 swing low, would weaken the divergence setup. That would delay the potential recovery despite the recent pickup in whale accumulation.

Morpho (MORPHO)

Morpho presents a more complex picture in crypto whales’ positioning ahead of the US CPI print.

Over the past 7 days, whale wallets have reduced their MORPHO holdings by 26.53%, leaving the cohort with roughly 555,435 MORPHO tokens. The sharp selling suggests many large holders locked in gains after the token’s strong rally earlier this year.

Morpho Whales Sell: Nansen

Yet the most recent data shows a shift. In the past 24 hours, the same whale group increased holdings by 8.71%, indicating that some large players are re-entering the market after the recent consolidation.

Whales Buy Again: Nansen

The behavior makes more sense when looking at Morpho’s price structure.

Since February 6, MORPHO has climbed steadily, delivering roughly a 100% rally that peaked near March 3. After reaching that level, the token moved into a consolidation pattern resembling a bullish flag, a continuation structure that often forms after strong upward moves. The breakout from this flag occurred recently, which likely explains the renewed whale buying seen over the last day.

However, caution remains.

While price attempts to extend higher, the Relative Strength Index (RSI) is forming a lower high, while price is printing a higher high. This developing bearish divergence suggests momentum could weaken if the pattern confirms.

For bullish continuation, MORPHO needs to move above $2.08, which would invalidate the developing divergence and keep the uptrend intact. Stronger continuation could then target $2.41, the 0.618 Fibonacci level, followed by $2.82 or even higher if momentum accelerates.

Morpho Price Analysis: TradingView

On the downside, a drop below $1.76 would weaken the current structure, while a fall under $1.35 could invalidate the broader breakout pattern entirely.

Taken together, the whale data suggests crypto whales initially sold MORPHO to lock profits during consolidation but have begun cautiously returning after the breakout.