In the past few days of Bitcoin's surge, which coins have the whales bought on-chain?

Written by: BlockBeats

0xScope provides data support

On October 24, news of BlackRock's Bitcoin spot ETF making further progress in the approval process sent Bitcoin soaring to $35,000. Since the low of $26,000 on October 11, Bitcoin has surged over 30% in less than half a month, reigniting hopes among long-suffering investors for a "bull return." So, aside from Bitcoin, what operations are the whales conducting in altcoins?

With the help of data from 0xScope, BlockBeats has compiled the trading movements of whales on the Ethereum chain for single swap transactions exceeding $300,000 between October 11 and October 24 (the period from Bitcoin's recent low of $26,000 to its rise to $35,000). Let's take a look at which tokens the whales have recently bought or sold.

At the same time, we will use the VPVR indicator in Trading View Pro to make a simple judgment on when the price may face resistance and at which price levels it may find some support. (Only BTC and ETH)

What is VPVR

VPVR, short for Volume Profile Visible Range, is a practical indicator used to observe the distribution of trading volume within a fixed range. It can be viewed through Trading View Pro.

In simple terms, we can use VPVR to observe which price range has the highest trading volume, identify trading dense areas, and thus determine when the price will face resistance and where it will find support.

Taking the following chart as an example, we selected the price change range from November 9, 2022, to the present to observe the distribution of trading volume, specifically from the bottom caused by the FTX collapse to the current price breaking through $35,000.

From November 9, 2022, to the present

On the left is the histogram of trading volume distribution for this price range. The higher the volume bar, the larger the trading volume at that price level for Bitcoin. The red line indicates the price level with the highest trading volume during the period (referred to as POC); the highlighted histogram area is centered around POC, accounting for 70% of the total trading volume during the period. We can read the following information:

During the FTX crisis, a significant amount of capital absorbed the panic selling.

There was no significant selling behavior at high price levels (though it typically occurs in phases).

Now let's move on to the whale trading data section.

BTC Wrapped Versions (tBTC, WBTC)

Between October 11 and October 24, whales executed a total of 98 BTC transactions, of which 64 were buys and 34 were sells. They bought a total of 1,343.34 BTC, valued at approximately $40,313,014.57; they sold a total of 1,493.45 BTC, valued at approximately $47,517,016.96.

A total of 45 whales executed net buying operations during this period, net buying 1,218.62 BTC, valued at approximately $36,452,282.83; a total of 19 whales executed net selling operations, net selling 1,368.73 BTC, valued at approximately $43,572,074.10.

VPVR

From the example shown in the previous explanation, we can see that during the FTX crisis, a significant amount of capital absorbed the panic selling. However, if we extend the timeline, could there be a trading volume dense area above that exerts pressure on the price?

Fortunately, even if we extend the timeline to the last bull market (some believe that April 2021 was the peak of the last bull market), starting from the "519" incident, we can observe considerable trading volume in the relative bottom area between $16,000 and $25,000. From the collapse of Three Arrows Capital on June 13, 2022, to the aftermath of the SVB collapse on March 16, 2023, we had about 270 days to buy the dip.

From May 19, 2021, to the present

ETH's LSD Tokens (stETH, wstETH, ankrETH, cbETH, rETH, ETHx, frxETH, sfrxETH, swETH)

Between October 11 and October 24, whales executed a total of 150 ETH transactions, of which 92 were buys and 58 were sells. They bought a total of 61,279.56 ETH, valued at approximately $100,890,900.95; they sold a total of 31,219.90 ETH, valued at approximately $54,990,616.60.

A total of 40 whales executed net buying operations during this period, net buying 52,790.48 ETH, valued at approximately $85,953,079.89; a total of 22 whales executed net selling operations, net selling 22,730.82 ETH, valued at approximately $40,052,795.54.

VPVR

From the perspective of VPVR, the situation for ETH is not as optimistic as that for BTC. The buying capital during the "FTX bottom" appears somewhat sluggish compared to the selling capital at relative high positions above $1,530, indicating a potential for "profit-taking on rebounds."

From November 9, 2022, to the present

Looking at the extended timeline, if ETH can rise and break away from the dense trading area driven by BTC, the resistance it faces as the price rises will also be slightly reduced (though not as favorable as BTC's situation).

From May 19, 2021, to the present

CRV

Between October 11 and October 24, whales executed a total of 1 CRV transaction.

1 whale executed a net buying operation during this period, net buying 807,156.93 CRV, valued at approximately $360,369.74.

FXS

Between October 11 and October 24, whales executed a total of 4 FXS transactions, of which 2 were buys and 2 were sells. They bought a total of 168,450.70 FXS, valued at approximately $901,334.63; they sold a total of 400,000.00 FXS, valued at approximately $2,268,000.00.

A total of 2 whales executed net buying operations during this period, net buying 168,450.70 FXS, valued at approximately $901,334.63; a total of 1 whale executed a net selling operation, net selling 400,000.00 FXS, valued at approximately $2,268,000.00.

ILV

Between October 11 and October 24, whales executed a total of 1 ILV transaction.

1 whale executed a net buying operation during this period, net buying 13,069.80 ILV, valued at approximately $578,730.90.

KIMCHI

Between October 11 and October 24, whales executed a total of 1 KIMCHI transaction.

1 whale executed a net buying operation during this period, net buying 85,122,467.96 KIMCHI, valued at approximately $362,274.41.

LDO

Between October 11 and October 24, whales executed a total of 2 LDO transactions.

1 whale executed a net buying operation during this period, net buying 404,340.99 LDO, valued at approximately $735,900.63; 1 whale executed a net selling operation during this period, net selling 511,490.74 LDO, valued at approximately $757,006.30.

LINK

Between October 11 and October 24, whales executed a total of 15 LINK transactions, of which 11 were buys and 4 were sells. They bought a total of 847,405.04 LINK, valued at approximately $7,231,381.01; they sold a total of 216,069.83 LINK, valued at approximately $1,693,877.55.

A total of 10 whales executed net buying operations during this period, net buying 718,556.98 LINK, valued at approximately $6,272,247.46; a total of 2 whales executed net selling operations, net selling 87,221.77 LINK, valued at approximately $734,744.00.

PEPE

Between October 11 and October 24, whales executed a total of 4 PEPE transactions, of which 1 was a buy and 3 were sells. They bought a total of 524,815,681,789.00 PEPE, valued at approximately $459,948.46; they sold a total of 1,920,049,567,800.09 PEPE, valued at approximately $1,173,528.93.

1 whale executed a net buying operation during this period, net buying 524,815,681,789.00 PEPE, valued at approximately $459,948.46; 1 whale executed a net selling operation during this period, net selling 1,920,049,567,800.09 PEPE, valued at approximately $1,173,528.93.

RLB

Between October 11 and October 24, whales executed a total of 21 RLB transactions, of which 10 were buys and 11 were sells. They bought a total of 50,152,855.18 RLB, valued at approximately $7,896,293.73; they sold a total of 35,151,487.24 RLB, valued at approximately $5,707,977.40.

A total of 8 whales executed net buying operations during this period, net buying 50,152,855.18 RLB, valued at approximately $7,896,293.73; a total of 6 whales executed net selling operations during this period, net selling 35,151,487.24 RLB, valued at approximately $5,707,977.40.

SUSHI

Between October 11 and October 24, whales executed a total of 1 SUSHI transaction.

1 whale executed a net buying operation during this period, net buying 555,385.40 SUSHI, valued at approximately $319,642.60.

BITCOIN (HarryPotterObamaSonic10Inu)

Between October 11 and October 24, whales executed a total of 1 BITCOIN transaction.

1 whale executed a net selling operation during this period, net selling 6,000,000.00 BITCOIN, valued at approximately $541,578.00.

FTM

Between October 11 and October 24, whales executed a total of 1 FTM transaction.

1 whale executed a net selling operation during this period, net selling 2,250,000.00 FTM, valued at approximately $422,124.75.

UNI

Between October 11 and October 24, whales executed a total of 2 UNI transactions.

A total of 2 whales executed net selling operations during this period, net selling 330,429.50 UNI, valued at approximately $1,347,962.17.