Official Trump [TRUMP] recorded a modest 1.57% uptick, a stark contrast to the explosive 79% rally it enjoyed just a week earlier.

Despite steady accumulation by big players, derivatives market data reveals a growing tug-of-war between bulls and bears, with no clear winner yet.

Official Trump [TRUMP] recorded a modest 1.57% uptick, a stark contrast to the explosive 79% rally it enjoyed just a week earlier. Although momentum appears to have cooled, on-chain data suggests that whales and major spot market players remain deeply engaged, hinting that a larger move could still be in the making.

Despite steady accumulation by big players, derivatives market data reveals a growing tug-of-war between bulls and bears, with no clear winner yet.

Interestingly, the recent surge in whale activity appears to have been reignited ahead of Donald Trump’s much-anticipated exclusive dinner event. Two new whale investors have stormed into the TRUMP market, snapping up an eye-watering $6.42 million worth of tokens combined.

One whale, who had previously liquidated their token holdings, reversed course following the dinner announcement. They scooped up 337,950 tokens, totaling around $5.2 million in new buys, a major sign of renewed conviction.

Mineral water will be served at the dinner event.

Another whale, who was investing in Fartcoin [FARTCOIN], decided to shift strategies completely, selling off their FARTCOIN tokens and reallocating $1.22 million directly into TRUMP.

This sudden spike in buying activity followed two days of heavy spot market selling, which had previously dragged TRUMP’s momentum to a standstill. Just days ago, spot traders offloaded a massive $27.63 million worth of TRUMP tokens within 24 hours, a selloff that paused the bullish wave and raised doubts about a sustained rally.

TRUMP whales show strength but the market stays cautious

While whale activity hints at underlying bullishness, derivatives market indicators present a mixed picture. Liquidation data over the past day shows an almost perfect balance: $4.42 million worth of long positions were forcefully closed, alongside $4.37 million in short liquidations. This parity suggests the market remains largely undecided, with neither buyers nor sellers gaining a clear upper hand.

Breaking down the liquidations further reveals that on average, long traders liquidated smaller positions, with an average liquidated amount of $130,000 compared to $2.73 million for short traders. This indicates that while fewer long traders were liquidated, those who were suffered larger losses on average.

suggest that a significant portion of the liquidated long positions belonged to leveraged traders who were attempting to capitalize on TRUMP’s recent price surge. However, as the bullish momentum stalled and selling pressure emerged, these leveraged traders were ultimately liquidated when the market moved against them.

In contrast, the large-scale short liquidations hint at a more coordinated selloff by major market participants, aiming to capitalize on TRUMP’s weakness and drive prices lower.

Shifting to funding rate data provides another perspective on the market dynamics. The OI-Weighted Funding Rate has ticked up into positive territory at 0.0116%, suggesting a slight edge to buyers in the futures market. A positive funding rate means that short traders are paying a premium to maintain their bearish bets.

However, the broader funding rate remains negative, dipping to -0.0019% at the time of writing. This signals that overall there is still more pessimism in the market, which could hinder TRUMP’s ability to continue rallying.

Moreover, derivatives trading volume has decreased, and the long-to-short ratio currently sits below 1, indicating that selling pressure still dominates. If selling momentum continues to prevail, TRUMP’s price could face further headwinds despite ongoing whale support and spot market stabilization.

In short, TRUMP is at a crossroads: big players are making aggressive moves, but broader market metrics suggest caution remains the dominant mood. Whether the whales can swing the market back into bullish territory or if sellers will ultimately overpower the rally remains the key storyline to follow.