A Peek into Whale Positioning: What are the Operations of Whales as Bitcoin Surges?

Original authors: Leo, Bob, BlockBeats

Thanks to 0x Scope for providing data support

During the period when Bitcoin surged from $25,000 to $31,000, the market remained quiet. It seems that no one expected Bitcoin's sudden rally, while altcoins in their hands remained silent. So besides Bitcoin, what other activities did whales have in altcoins? With the help of data from 0x Scope, BlockBeats found the whale holdings and trading trends (based on transaction count) of single swap transactions on the Ethereum chain with transaction value exceeding $300,000 between June 15th and June 27th (the period of Bitcoin $25,000-$31,000), to see which tokens whales have been buying/selling recently.

cbETH - 24 whale transactions

The cbETH token contract is (0xbe9895146f7af43049ca1c1ae358b0541ea49704). There were a total of 24 transactions during this period, with 11 whales selling their cbETH and 13 whales buying cbETH. Based on the transaction price, the smallest transaction was approximately 203.31 cbETH, worth about $366,718, which was a sell order; the largest transaction was approximately 1722.68 cbETH, worth about $3,367,650, which was a buy order. Of course, among these 24 transactions, there were continuous large sell and buy orders from the same address.

cbETH is Coinbase Wrapped Staked ETH, where users can wrap their assets as cbETH by staking ETH on the Coinbase platform.

WBTC - 128 whale transactions

WBTC token contract address is (0x2260fac5e5542a773aa44fbcfedf7c193bc2c599), there have been 128 whale transactions during this period, of which 51 whale transactions are sells, and 77 whale transactions are buys. Based on the transaction price, the smallest transaction is 10 WBTC, worth approximately $300,650, it is a sell; the largest transaction is approximately 95.58 WBTC, worth approximately $2,872,873, it is a buy. Among them, 4 transactions are from a certain market maker.

wstETH - 22 whale transactions

wstETH token contract address is (0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0), there have been 22 transactions during this period, of which 4 whale transactions are sells, and 18 whale transactions are buys. Based on the transaction price, the smallest transaction is 140.79 wstETH, worth approximately $300,226, it is a buy; the largest transaction is 2000.23 wstETH, worth approximately $3,686,844, it is also a buy.

wstETH is a wrapped version of stETH. It is a product launched by the DeFi protocol Lido. The amount of stETH on user addresses is not constant and changes daily due to staking rewards. Since some DeFi protocols only support tokens with a constant balance mechanism, Lido has launched wstETH. wstETH keeps the staking token balance of users unchanged and uses the rebase mechanism to reflect the staking rewards earned.

PEPE - 5 whale transactions

PEPE token contract address is (0x6982508145454ce325ddbe47a25d4ec3d2311933), there have been 5 transactions during this period, of which 4 whale transactions are sells, and 1 whale transaction is a buy. Based on the transaction price, the smallest transaction is valued at $310,683, and the largest transaction is valued at $449,933, both are sells.

rETH - 8 whale transactions

rETH token contract address is (0xae78736cd615f374d3085123a210448e74fc6393), during which there were a total of 8 whale transactions, with 7 sell orders and 1 buy order. Based on the transaction prices, the smallest transaction volume was 165 rETH, with a value of approximately $333,449, as a sell order; the largest transaction volume was 930.65 rETH, with a value of approximately $1,744,075, also as a sell order.

rETH is a liquidity staking token of Rocket Pool, representing their foundational staking position. As the earnings of Rocket Pool accumulate, the value of rETH to ETH continues to grow, resulting in dynamic exchange rates between the assets.

CRV - 5 whale transactions

CRV token contract address is (0xd533a949740bb3306d119cc777fa900ba034cd52), during which there were 5 whale transactions, with 4 sell orders and 1 buy order. Based on the transaction prices, the smallest transaction volume was 558,598.94 CRV, with a value of approximately $341,363, as a buy order; the largest transaction volume was 1,051,433.12 CRV, with a value of approximately $733,120, as a sell order.

CVX, OHM, LINK, wMEMO, LBR - all 1 whale transaction

CVX token contract address is (0x4e3fbd56cd56c3e72c1403e103b45db9da5b9d2b), with only one whale transaction, the transaction volume was 83627.63 CVX. Based on the transaction price, the value is approximately $314,440, as a sell order.

OHM token contract address is (0x64aa3364f17a4d01c6f1751fd97c2bd3d7e7f1d5), with only one whale transaction, the transaction volume was 31,511.26. Based on the transaction price, the value is approximately $344,103, as a sell order.

LINK token contract address is (0x514910771af9ca656af840dff83e8264ecf986ca), with only one whale transaction, the transaction volume was 81,157.88 LINK. Based on the transaction price, the value is approximately $434,159, as a buy order.

The address of the wMEMO token contract is (0x3b79a28264fc52c7b4cea90558aa0b162f7faf57), there is only one whale transaction, with a trading volume of 10.66 wMEMO. Based on the transaction price, it is worth approximately $302,446 and is a buy order.

The address of the LBR token contract is (0xf1182229b71e79e504b1d2bf076c15a277311e05), there is only one whale transaction, with a trading volume of 257,038.34. Based on the transaction price, it is worth approximately $326,439 and is a buy order.

AAVE, GRAI, FXS, PAX, RPL - all have 1 whale transaction

The address of the AAVE token contract is (0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9), there is only one whale transaction, with a trading volume of 4687.51 AAVE. Based on the transaction price, it is worth approximately $305,391 and is a buy order.

The address of the GRAI token contract is (0x15f74458ae0bfdaa1a96ca1aa779d715cc1eefe4), there is only one whale transaction, with a trading volume of 310,778.06 GRAI. Based on the transaction price, it is worth approximately $306,408 and is a buy order.

The address of the FXS token contract is (0x3432b6a60d23ca0dfca7761b7ab56459d9c964d0), there is only one whale transaction, with a trading volume of 55,000.67 FXS. Based on the transaction price, it is worth approximately $335,504 and is a sell order.

The address of the PAX token contract is (0x8e870d67f660d95d5be530380d0ec0bd388289e1), there is only one whale transaction, with a trading volume of 464,900. Based on the transaction price, it is worth approximately $464,900 and is a sell order.

The address of the RPL token contract is (0xd33526068d116ce69f19a9ee46f0bd304f21a51f), there is only one whale transaction, with a trading volume of 8738.47 RPL. Based on the transaction price, it is worth approximately $367,016 and is a sell order.

Here is the recent whale trading data on the Ethereum blockchain within the past 2 weeks. BTC and ETH still account for the majority of the trading volume, followed by several mainstream LSD protocols such as Lido, Frax, Rocket Pool, etc. There are also well-known accounts like PEPE, AAVE, and CRV among the whale accounts, including market makers, Tradefi accounts, and some famous holders.

Of course, besides Ethereum, there have also been frequent whale trades on the Arbitrum and Optimism chains recently. For example, BlockBeats found some recent whale trading trends in ARB and OP holdings based on whale addresses as follows:

ARB

On June 20, according to on-chain analyst Yan Jin's monitoring, the address starting with 0x3471 (oilysirs.eth) converted 550,000 ARB into 482,000 OP about an hour ago, with an average purchase price of OP at around $1.15.

On June 20, according to Lookonchain's monitoring, a whale holding 12,200 ETH bridged 500 ETH to Arbitrum and spent 300 ETH to purchase 511,000 ARB, with an average purchase price of ARB at around $1.02.

On June 25, according to Lookonchain's monitoring, a dormant whale address for nearly 2 years withdrew 450,881 ARB (worth about $504,000), 260,961 OP (worth about $350,000), and 30,313 ENS (worth about $275,000) from Binance in two separate transactions.

On June 25, a dormant whale address for nearly 2 years (0x1b6733878f32e425852ee67a0849ff8a89e6ff21) withdrew 450,881 ARB (worth about $504,000), 260,961 OP (worth about $350,000), and 30,313 ENS (worth about $275,000) from Binance at that time.

In a similar fashion, another dormant whale address (0x373704e394ef150241aee836115d78aba3fc5c76), which has been inactive for 6 months and holds over $24 million on-chain, also significantly increased its ARB holdings starting from June 20. It currently holds a net amount of 1,569,000 ARB (worth about $1.793 million).

On June 27th, a whale with the address (0xb28fc349b02d30ff42fbdb9a1234c11a7e1bab44) spent 200 ETH (approximately $375,000) to purchase 321,934 ARB. Currently, the address holds approximately 860,491 ARB, with a total value of around $1,049,479.

Also on June 27th, another whale with the starting address 0x79cc spent 1,058,665 USDC to buy 937,176 ARB at a purchase price of approximately $1.13 per token.

OP

On June 22nd, a whale with the address (0xacf32f4e1260636cf1e3066c060c74ad52fe4e9e) increased their holdings of OP by 983,830. They later sold in batches 309,245 and 2,164,761 OP tokens. Currently, their address holds a total of 177,555,300 OP.

On June 27th, a whale with the address (0xaD26251B8f287ed4e6272E3d974A4CA178744C90) transferred a large amount of OP tokens in batches to this wallet. Currently, the address holds 2.665 million OP tokens, valued at around $3.54 million.

Although it is not necessary to completely mimic or follow the actions of whales, we can still explore new ideas based on their buying and selling activities, especially when approaching a bullish market. DYOR! (Do Your Own Research!)