Kaspa saw a sharp pullback, with the KAS price down about 15% in a short window. On the surface, it looked like a heavy sell-off. On-chain data tells a different story.
Wallet behavior stayed steady. Even holders who picked up KAS in the past three months did not rush to sell. Exchange inflows stayed flat, and there was no broad spread of coins across new wallets. In simple terms, price moved, but ownership barely changed.
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What the KAS On-Chain Data Shows
The chart tracking supply that has not moved in over three months stayed stable through the drop. That matters. If spot holders were exiting, this line would fall as coins moved to exchanges. It didn’t.
This points away from panic selling by holders. It points toward a market move driven by structure, not conviction.
#Kaspa is down ~15%, but on-chain data shows something important: even holders who’ve only held #KAS for ~3 months aren’t selling.
— DEX.cc Commons 𐤊 (@dexcc_commons) February 2, 2026
There’s no meaningful spike in exchange inflows or wallet distribution. That suggests this wasn’t spot holders exiting.
The move lines up more with… pic.twitter.com/GNvWeDvkJX
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What Likely Caused the KAS Price Drop
The timing lines up with thin liquidity and a leverage flush. When order books are shallow, it does not take much selling to push price lower. Once price starts to slide, long positions get forced out, and that selling feeds on itself.
This kind of move can happen fast. It can look dramatic on the chart, even when underlying ownership stays the same.
However, despite the volatility, Kaspa (KAS) continues to rank near the top in community discussion and sentiment. That does not mean price cannot move lower again. It does mean belief among holders has not collapsed with the dip.
Price can swing quickly. Confidence tends to change more slowly. The two do not always move together, especially during liquidation-driven moves.
Even with today’s sharp pullback (-15%+), #Kaspa continues to rank among the top cryptocurrencies by community sentiment.
— DEX.cc Commons 𐤊 (@dexcc_commons) February 2, 2026
Price can move fast in both directions, but sentiment is often slower to break. Despite the volatility, Kaspa remains one of the most consistently discussed… pic.twitter.com/fSnDhWNrtu
What to Watch Next For Kaspa
The key question now is stability. If liquidations slow and the KAS price starts to base, the recent drop may end up looking more like a reset than an exit. If pressure continues, price can still explore lower levels even without mass selling.
The drop came from market mechanics, not a rush for the door. Ownership stayed put. What happens next depends on liquidity and how the market settles once forced selling fades.
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