Are you ready to buy the dip? Do you know that the whales have all left?

Author: shushu, BlockBeats

Thanks to 0xScope for data support

On June 24, Bitcoin fell below the short-term high of $640,000. Today, Bitcoin has dropped below $54,000, with a 24-hour decline expanding to 8.8%. The "6·18 promotion" continues to this day, facing a crash on July 5, marking a Black Friday for the crypto community.

Previously, crypto KOL Ignas analyzed indicating that Bitcoin's price is being artificially suppressed through deceptive sell orders by whales, enticing retail investors and fund managers to sell off for safety. Whether this situation exists or not, on-chain data is indeed a barometer for predicting market trends.

With the help of 0xScope's data, BlockBeats compiled the trading activities of whales on the Ethereum chain for single swap transactions exceeding $300,000 from June 24 to July 4, to see which tokens whales have recently bought/sold. Additionally, the Fibonacci retracement indicator from Trading View Pro was used to make a simple judgment on when Bitcoin's price might face resistance and at which price levels it could find support.

What is Fibonacci Retracement

Fibonacci Retracement is a technical analysis tool used to identify potential support and resistance levels in financial markets. This tool is based on a series of numbers discovered by the Italian mathematician Fibonacci, known as the Fibonacci sequence. When applied to technical analysis, these numbers can help traders predict potential levels for price retracements.

The main Fibonacci retracement levels include: 23.6%, 38.2%, 50%, 61.8%, and 78.6%. These levels are calculated by drawing horizontal lines between the high and low points of a trend. For example, if the price rises from a low point A to a high point B and then begins to retrace, the Fibonacci retracement levels will indicate where the price might find support or resistance at these specific percentage levels.

Based on the Fibonacci retracement tool, Bitcoin's price may find support around $51,500 during its retracement. This price point corresponds to the 38.2% level of Fibonacci retracement (i.e., the 38.2% position from the recent high to low). Additionally, this price area was previously a place where Bitcoin's price briefly consolidated before the last surge, further increasing the likelihood of $51,500 serving as a support level.

Now let's move on to the data section.

ETH Series (including ez ETH, we ETH, wst ETH, st ETH, r ETH, cb ETH, m ETH, sfrx ETH, sw ETH, frx ETH, uni ETH, puf ETH, rsw ETH, rs ETH, etc.)

Between June 24 and July 4, whales executed a total of 1,116 ETH transactions, of which 697 were buys and 419 were sells. A total of 210,922.01 ETH was bought, worth approximately $740,328,736.22; a total of 123,136.27 ETH was sold, worth approximately $430,677,058.52.

A total of 186 whales executed net buying operations during this period, net buying 87,785.74 ETH (total buys minus total sells), worth approximately $309,651,677.70; a total of 204 whales executed net selling operations during this period, net selling 87,785.74 ETH (total sells minus total buys), worth approximately $309,651,677.70.

BTC Wrapped Versions (including t BTC, W BTC, etc.)

Between June 24 and July 4, whales executed a total of 89 BTC transactions, of which 55 were buys and 34 were sells. A total of 1,743.79 BTC was bought, worth approximately $107,920,685.42; a total of 414.55 BTC was sold, worth approximately $25,479,089.16.

A total of 28 whales executed net buying operations during this period, net buying 1,329.24 BTC (total buys minus total sells), worth approximately $82,441,596.26; a total of 20 whales executed net selling operations during this period, net selling 1,329.24 BTC (total sells minus total buys), worth approximately $82,441,596.26.

Excluding ETH and BTC related operations, whales only had net buys for MKR and LDO, while most other altcoins saw net sells.

MKR

Between June 24 and July 4, whales executed a total of 17 MKR transactions, of which 12 were buys and 5 were sells. A total of 4,313.68 MKR was bought, worth approximately $10,798,758.34; a total of 1,817.12 MKR was sold, worth approximately $4,408,743.63.

A total of 6 whales executed net buying operations during this period, net buying 2,496.56 MKR, worth approximately $6,390,014.71; a total of 3 whales executed net selling operations during this period, net selling 2,496.56 MKR, worth approximately $6,390,014.71.

LDO

Between June 24 and July 4, whales executed a total of 2 LDO transactions, all of which were buys. A total of 378,496.10 LDO was bought, worth approximately $727,684.08; there were no sell transactions.

ONDO

Between June 24 and July 4, whales executed a total of 2 ONDO transactions, all of which were sells. A total of 585,538.30 ONDO was sold, worth approximately $684,062.78; there were no buy transactions.

PEIPEI

Between June 24 and July 4, whales executed a total of 4 PEIPEI transactions, all of which were sells. A total of 12,175,219,831,862.45 PEIPEI was sold, worth approximately $1,913,465.89; there were no buy transactions.

PEPE

Between June 24 and July 4, whales executed a total of 19 PEPE transactions, of which 6 were buys and 13 were sells. A total of 282,119,856,081.88 PEPE was bought, worth approximately $3,312,172.18; a total of 600,266,202,374.30 PEPE was sold, worth approximately $6,884,446.80.

A total of 4 whales executed net buying operations during this period, net buying 318,146,346,292.42 PEPE, worth approximately $3,572,274.62; a total of 6 whales executed net selling operations during this period, net selling 318,146,346,292.42 PEPE, worth approximately $3,572,274.62.

BEAM

Between June 24 and July 4, whales executed a total of 4 BEAM transactions, of which 2 were buys and 2 were sells. A total of 341,459.62 BEAM was bought, worth approximately $293,409.11; a total of 341,459.62 BEAM was sold, worth approximately $287,857.04.

FLOKI

Between June 24 and July 4, whales executed a total of 1 FLOKI transaction, which was a sell. A total of 2,000,000,000 FLOKI was sold, worth approximately $343,140.00.

AQTIS

Between June 24 and July 4, whales executed a total of 1 AQTIS transaction, which was a sell. A total of 20,000,000 AQTIS was sold, worth approximately $313,158.60.

PEAS

Between June 24 and July 4, whales executed a total of 1 PEAS transaction, which was a sell. A total of 130,020.96 PEAS was sold, worth approximately $418,667.52.

1INCH

Between June 24 and July 4, whales executed a total of 1 1INCH transaction, which was a sell. A total of 1,612,124.25 1INCH was sold, worth approximately $633,992.04.

WOJAK

Between June 24 and July 4, whales executed a total of 1 WOJAK transaction, which was a sell. A total of 314,962,538.13 WOJAK was sold, worth approximately $340,968.99.