Multisig cold wallets are highly secure but not immune to attacks, as demonstrated by incidents like the February 2025 Bybit hack, emphasizing the need for additional precautions.
Multisignature (multisig) cold wallets are often considered one of the safest ways to store digital assets, providing an extra layer of protection against theft. However, even these advanced security measures are not infallible, as demonstrated by the February 2025 Bybit hack.
Before diving into their security, let’s break down what multisig cold wallets actually are.
Following Binance’s delisting announcement, Alpaca Finance (ALPACA) has experienced a staggering quadruple-digit price rally over the past week.
This counterintuitive market behavior has sparked intense discussion among analysts and traders. Many experts suggest that this could be a case of market manipulation.
Why Did ALPACA’s Price Pump Despite Binance Delisting?
On April 24, Binance announced the delisting of four tokens, including ALPACA. While the value of all other tokens declined, ALPACA’s price shot up. BeInCrypto data showed that the token appreciated by over 1,000% over the past seven days.
Nevertheless, the momentum appears to have slowed somewhat as ALPACA nears its delisting on May 2. Over the past day, its value has dipped by 34.5%. At the time of writing, it was trading at $0.55.
Yet, ALPACA’s unusual rise has grabbed the attention of market watchers.
“ALPACA is the worst crypto manipulation I’ve seen in recent times. How do you pump a token from 0.02 to 0.3 then sell it back to 0.07 and pump it from 0.07 to 1.27 then back down to 0.3,” a user wrote.
Analyst Budhil Vyas called it a “textbook liquidity hunting.” He explained that large market players, or whales, initially drove the price down by 80%, triggering panic and liquidations. Then, just before the 2-hour delisting deadline, they rapidly pumped the price by 15X.
Vyas believes this was a strategic move to extract liquidity from the market, as these whales were desperate to secure positions before the asset was removed from the exchange. He further emphasized that no real accumulation was taking place.
The analyst said the price surge was purely tactical. It was designed to drain whatever liquidity was left in the market.
“This is crypto in 2025. Stay alert,” Vyas cautioned.
Meanwhile, Johannes also provided a detailed breakdown of the mechanics behind such price manipulations. In the latest X (formerly Twitter) post, he elaborated that sophisticated parties exploit the low liquidity that follows delisting announcements.
The strategy involves dominating a large portion of the token’s supply. The traders take large positions in perpetual futures, betting on the token’s price rising, as these contracts are more liquid than spot markets.
They then buy the token on the spot market, increasing demand and price. With most of the supply controlled, there is little selling pressure, allowing the price to spike.
Once the delisting occurs, the perpetual futures positions are forced to close with minimal slippage. This enables traders to lock in substantial profits.
DeFi analyst Ignas also weighed in on the situation. According to Ignas, this pattern has been observed before, especially during delisting announcements on the South Korean exchange Upbit.
In fact, he noted that delistings used to receive similar, if not more, attention from speculators as new listings in the country.
“A delisting window requires closing down deposits, so with an inflow of new tokens restricted, degens pump the price to get the last hooray before an inevitable dump,” he wrote.
Ignas referenced Bitcoin Gold (BTG) as an example. The altcoin’s price increased by 112% after Upbit announced its delisting, showing that this price-pumping behavior still occurs.
Crypto whales are making quiet moves in Ethereum (ETH) and Optimism (OP), while accumulation remains stagnant—or even negative—across most other major coins. Between April 4 and 6, both ETH and OP saw a notable increase in large wallet holders despite a harsh market correction.
This behavior often signals early confidence from institutional players, hinting at potential reversals ahead. With ETH nearing $1,400 and OP trading at three-year lows, the next few days could be pivotal if whale accumulation translates into renewed bullish momentum.
Ethereum (ETH)
Between April 5 and April 6, crypto whales accumulated ETH. The number of Ethereum whale wallets—those holding between 1,000 and 10,000 ETH—increased from 5,340 to 5,388, signaling a quiet accumulation phase during the broader market correction.
Tracking these large holders is crucial, as their behavior often precedes major market moves; when whales accumulate, it can indicate growing confidence in the asset’s long-term value and hint at a potential trend reversal.
Number of Addresses Holding Between 1,000 and 10,000 ETH. Source: Santiment.
However, the recent uptick in whale activity suggests some optimism beneath the surface. If momentum shifts and ETH manages to reclaim $1,748, it could rise further toward $1,938 and, with a strong enough rally, even retest the $2,000 mark—restoring a key psychological and technical level for bulls.
Optimism (OP)
The number of Optimism whale wallets—holding between 10,000 and 1,000,000 OP—rose from 4,138 on April 4 to 4,151 on April 6, suggesting that large holders are accumulating despite the ongoing market correction.
This increase in whale activity may indicate long-term confidence in the project, even as the broader market faces heavy selling pressure.
In periods of uncertainty like now, such accumulation can be an early sign of a potential price reversal, as institutional or high-net-worth investors often act ahead of retail sentiment.
Number of Addresses Holding Between 10,000 and 1,000,000 OP. Source: Santiment.
Currently trading near its lowest levels in nearly three years, OP is under significant downward pressure. If the correction persists, the token could break below the $0.50 support level.
However, if the recent whale accumulation reflects a shift in momentum, OP could rebound to test resistance at $0.65.
A breakout from that level may open the path toward $0.77 and, in a stronger recovery, even retest $0.84.
