WLD has indeed been a bit quiet recently. The surface appears calm, but the actions of institutions reveal some clues.

Multicoin Capital has aggressively accumulated a large amount of WLD through OTC agreements—on-chain data shows approximately 55 million to 62 million tokens. The seemingly casual timing of these transactions was actually carefully chosen: they happened right at a point where WLD had fallen nearly 20% over the past month.

Market sentiment has indeed cooled down. Since September, the number of active wallets on-chain has started to decline, and discussion volume and search interest have plummeted. Even more concerning, regulatory environments in countries like Thailand have tightened, and these negative factors stack up, putting short-term fundamentals under significant pressure.

It is precisely because of this that the actions of large institutions at this juncture are quite intriguing. This is not a short-term game of chasing highs and selling lows, but more like a market vote with real money—they are signaling through their actions: the current price is worth entering.

In the short term, prices may continue to be suppressed by sentiment, heat, and regulatory uncertainty. But looking at the bigger picture, the signal that institutions are accumulating at low levels is actually quite valuable for reference. At least it indicates they already consider this price range as a reasonable valuation.