The largest known whale wallet on the Kaspa network, tracked by @kaspaunchained as Entity X, appears to be pulling back on its $KAS buying activity. On-chain data from the Kas.live explorer s
The largest known whale wallet on the Kaspa network, tracked by @kaspaunchained as Entity X, appears to be pulling back on its $KAS buying activity. On-chain data from the Kas.live explorer shows a clear deceleration in net inflows over recent months, raising questions about what the shift in behavior might signal for the broader market.
The data tells a straightforward story. In June, Entity X posted a net inflow of roughly 56 million KAS. That figure dropped to around 32 million in July, then fell further to approximately 20 million in August. September marked the weakest month yet: the wallet accumulated around 24 million KAS but also withdrew 17 million tokens, resulting in a net inflow of just 7 million KAS.
As of early October, the whale has already withdrawn a further 4.52 million KAS, suggesting the cooler posture has carried into the new month.
Despite the reduced buying pace, the position remains substantial. Entity X currently holds an unrealized profit and loss figure worth $65.71 million, according to the same explorer data.
Entity X has attracted significant attention in the Kaspa community, with the wallet said to have accumulated over a billion KAS and described as one that "almost never sells," alongside speculation about institutional or Gulf capital backing. Whether those rumors hold any weight remains unverified, but the wallet's scale is not in dispute.
Kaspa's emission schedule shows that roughly 27.37 billion KAS have already been mined, representing approximately 95.39% of its hard-capped 28.7 billion supply, with remaining issuance approaching zero by late 2026. That supply dynamic adds weight to how large holders position themselves, since new tokens entering circulation are becoming increasingly scarce.
The slowdown in Entity X's accumulation does not necessarily indicate selling pressure. The wallet's net position continues to grow, and withdrawals from on-chain wallets often reflect movement to cold storage rather than exchange deposits. Still, the declining pace of net inflows is a notable shift from the aggressive buying seen earlier in the summer.
Observers will be watching whether October marks a continued cooling off or a temporary pause before another accumulation phase begins.
Sources:CoinMarketCap: Kaspa Surges Amid Broad Crypto Rally and Social Hype Around Entity XCryptoNews: Kaspa Is 95% Mined With Supply Running Out by Late 2026
