In the days when Bitcoin surged, what coins did the whales buy?

Author: Leo, Bob, BlockBeats

During the period when Bitcoin surged from $25,000 to $31,000, the market was silent. It seemed that no one anticipated Bitcoin's sudden rally, while altcoins remained quiet in their holders' hands. So, besides Bitcoin, what operations are the whales conducting with altcoins? With the help of data from 0xScope, BlockBeats found the trading movements of whales on the Ethereum chain during the period from June 15 to June 27 (the same period when Bitcoin was at $25,000 to $31,000) for single swap transactions exceeding $300,000 (based on the number of transactions). Let's take a look at which tokens the whales have recently bought/sold.

cbETH------24 Whale Transactions

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

cbETH is Coinbase Wrapped Staked ETH, allowing users to wrap their assets into cbETH after staking ETH on the Coinbase platform.

WBTC------128 Whale Transactions

The WBTC token contract address is (0x2260fac5e5542a773aa44fbcfedf7c193bc2c599), with a total of 128 whale transactions during this period, of which 51 were sell orders and 77 were buy orders. Based on the price at the time of the transaction, the smallest transaction was 10 WBTC, valued at about $300,650, which was a sell order; the largest transaction was approximately 95.58 WBTC, valued at about $2,872,873, which was a buy order. Among these, 4 transactions were made by a market maker.

wstETH------22 Whale Transactions

The wstETH token contract address is (0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0), with a total of 22 transactions occurring during this period, of which 4 were sell orders and 18 were buy orders. Based on the price at the time of the transaction, the smallest transaction was 140.79 wstETH, valued at about $300,226, which was a buy order; the largest transaction was 2000.23 wstETH, valued at about $3,686,844, also a buy order.

wstETH is a wrapped version of stETH. It is a product launched by the DeFi protocol Lido, where the amount of stETH in a user's address is not constant and changes daily due to staking rewards. Since some DeFi protocols only support a constant balance token mechanism, Lido introduced wstETH, which keeps the user's staking token balance unchanged and uses a rebase mechanism to reflect the staking rewards earned.

PEPE------5 Whale Transactions

The PEPE token contract address is (0x6982508145454ce325ddbe47a25d4ec3d2311933), with a total of 5 transactions occurring during this period, of which 4 were sell orders and 1 was a buy order. Based on the price at the time of the transaction, the smallest transaction was valued at $310,683, and the largest transaction was valued at $449,933, both being sell orders.

rETH------8 Whale Transactions

The rETH token contract address is (0xae78736cd615f374d3085123a210448e74fc6393), with a total of 8 whale transactions occurring during this period, of which 7 were sell orders and 1 was a buy order. Based on the price at the time of the transaction, the smallest transaction was 165 rETH, valued at about $333,449, which was a sell order; the largest transaction was 930.65 rETH, valued at about $1,744,075, also a sell order.

rETH is a liquid staking token from Rocket Pool, representing their underlying staking position. As Rocket Pool's earnings accumulate, the value of rETH against ETH continues to grow, leading to a dynamic exchange rate between the assets.

CRV------5 Whale Transactions

The CRV token contract address is (0xd533a949740bb3306d119cc777fa900ba034cd52), with a total of 5 whale transactions occurring during this period, of which 4 were sell orders and 1 was a buy order. Based on the price at the time of the transaction, the smallest transaction was 558,598.94 CRV, valued at about $341,363, which was a buy order; the largest transaction was 1,051,433.12 CRV, valued at about $733,120, which was a sell order.

CVX, OHM, LINK, wMEMO, LBR------1 Whale Transaction Each

The CVX token contract address is (0x4e3fbd56cd56c3e72c1403e103b45db9da5b9d2b), with only one whale transaction, with a volume of 83,627.63 CVX, valued at about $314,440, which was a sell order.

The OHM token contract address is (0x64aa3364f17a4d01c6f1751fd97c2bd3d7e7f1d5), with only one whale transaction, with a volume of 31,511.26, valued at about $344,103, which was a sell order.

The LINK token contract address is (0x514910771af9ca656af840dff83e8264ecf986ca), with only one whale transaction, with a volume of 81,157.88 LINK, valued at about $434,159, which was a buy order.

The wMEMO token contract address is (0x3b79a28264fc52c7b4cea90558aa0b162f7faf57), with only one whale transaction, with a volume of 10.66 wMEMO, valued at about $302,446, which was a buy order.

The LBR token contract address is (0xf1182229b71e79e504b1d2bf076c15a277311e05), with only one whale transaction, with a volume of 257,038.34, valued at about $326,439, which was a buy order.

AAVE, GRAI, FXS, PAX, RPL------1 Whale Transaction Each

The AAVE token contract address is (0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9), with only one whale transaction, with a volume of 4,687.51 AAVE, valued at about $305,391, which was a buy order.

The GRAI token contract address is (0x15f74458ae0bfdaa1a96ca1aa779d715cc1eefe4), with only one whale transaction, with a volume of 310,778.06 GRAI, valued at about $306,408, which was a buy order.

The FXS token contract address is (0x3432b6a60d23ca0dfca7761b7ab56459d9c964d0), with only one whale transaction occurring, with a volume of 55,000.67 FXS, valued at about $335,504, which was a sell order.

The PAX token contract address is (0x8e870d67f660d95d5be530380d0ec0bd388289e1), with only one whale transaction occurring, with a volume of 464,900, valued at about $464,900, which was a sell order.

The RPL token contract address is (0xd33526068d116ce69f19a9ee46f0bd304f21a51f), with only one whale transaction occurring, with a volume of 8,738.47 RPL, valued at about $367,016, which was a sell order.

The above is the recent two weeks of whale trading data on the Ethereum chain. BTC and ETH still account for the majority of trading volume, followed closely by several mainstream LSD protocols such as Lido, Frax, Rocket Pool, and well-known tokens like PEPE, AAVE, and CRV. The whale accounts include some market makers, Tradefi accounts, and some well-known holders.

Of course, in addition to Ethereum, there has also been frequent whale trading on the Arbitrum and Optimism chains recently. For example, BlockBeats found some whale trading movements of ARB and OP holdings in the past week (based on whale addresses), as follows:

ARB

On June 20, according to on-chain analyst Yu Jin's monitoring, an address starting with 0x3471 (oilysirs.eth) exchanged 550,000 ARB for 482,000 OP, with the OP purchase price being about $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 $1.02 for ARB.

On June 25, according to Lookonchain's monitoring, a dormant whale address that had been inactive for nearly 2 years withdrew 450,881 ARB (approximately $504,000), 260,961 OP (approximately $350,000), and 30,313 ENS (approximately $275,000) from Binance.

On June 25, a dormant whale address (0x1b6733878f32e425852ee67a0849ff8a89e6ff21) withdrew 450,881 ARB (then approximately $504,000), 260,961 OP (then approximately $350,000), and 30,313 ENS (then approximately $275,000) from Binance.

Coincidentally, a whale address that had been dormant for 6 months and held over $24 million on-chain (0x373704e394ef150241aee836115d78aba3fc5c76) also chose to significantly increase its ARB holdings starting June 20, currently holding a net amount of 1,569,000 ARB (approximately $1,793,000).

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

On June 27, a whale with an address starting with 0x79cc spent 1,058,665 USDC to purchase 937,176 ARB, with a purchase price of about $1.13.

OP

On June 22, a whale with the address (0xacf32f4e1260636cf1e3066c060c74ad52fe4e9e) increased its holdings by 983,830 OP, and then sold 309,245 and 2,164,761 OP in batches. Currently, its address holds 177,555,300 OP.

On June 27, a whale with the address (0xaD26251B8f287ed4e6272E3d974A4CA178744C90) transferred a large amount of OP into this wallet in batches. Currently, this address holds 2,665,000 OP, valued at approximately $3.54 million.

Although there is no need to completely mimic the movements of whales, if we are approaching a bull market, we can still explore some new ideas based on the whales' accumulation and reduction strategies. DYOR!