What coins did the whales buy during the recent Bitcoin bull run?

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Original authors: Leo, Bob, BlockBeats

Thank you for the data support provided by 0xScope!

During the period when Bitcoin surged from $25,000 to $31,000, the market was quiet. It seems that no one expected Bitcoin to suddenly take off, and everyone was silent about their altcoins. So besides Bitcoin, what other operations did whales have on altcoins? With the help of 0xScope's data, BlockBeats found the buying and selling trends of whale holdings with a single swap transaction volume exceeding $300,000 on the Ethereum chain between June 15 and June 27 (the period when Bitcoin was between $25,000 and $31,000), based on the number of transactions. Let's take a look at which tokens whales have been buying/selling recently.

cbETH - 24 Whale Trades

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

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

WBTC - 128 Whale Transactions

WBTC token contract address is (0x2260fac5e5542a773aa44fbcfedf7c193bc2c599), and there were a total of 128 whale transactions during the period, of which 51 were sell orders and 77 were buy orders. Based on the transaction price, the smallest transaction was 10 WBTC, worth approximately $300,650, and it was a sell order. The largest transaction was approximately 95.58 WBTC, worth approximately $2,872,873, and it was a buy order. Four of these transactions were from a certain market maker.

wstETH - 22 Whale Trades

The contract address of wstETH token is (0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0), and there were a total of 22 transactions during the period, including 4 whale sell orders and 18 whale buy orders. Based on the transaction price, the smallest transaction was 140.79 wstETH, worth approximately $300,226 USD, and it was a buy order. The largest transaction was 2000.23 wstETH, worth approximately $3,686,844 USD, and it was also a buy order.

wstETH is an encapsulated version of stETH. It is a product launched by the DeFi protocol Lido. The amount of stETH on a user's address is not constant and changes every day due to staking rewards. As some DeFi protocols only support tokens with a constant balance mechanism, Lido launched wstETH to keep the user's staking token balance constant and use the rebase mechanism to reflect the staking rewards earned.

PEPE-5 Whale Trades

PEPE token contract address is (0x6982508145454ce325ddbe47a25d4ec3d2311933), and there were a total of 5 transactions during the period, with 4 whale transactions being sell orders and 1 whale transaction being a buy order. Based on the transaction prices, the minimum transaction value was 310,683 USD and the maximum transaction value was 449,933 USD, both of which were sell orders.

rETH——8 Whale Trades

The contract address for the rETH token is (0xae78736cd615f374d3085123a210448e74fc6393). During the period, there were a total of 8 whale transactions, with 7 sell orders and 1 buy order. Based on the transaction prices, the minimum transaction amount was 165 rETH, worth approximately $333,449 USD, and was a sell order. The maximum transaction amount was 930.65 rETH, worth approximately $1,744,075 USD, and was also a sell order.

rETH is the liquidity staking token of Rocket Pool, representing their underlying staking position. As Rocket Pool's earnings accumulate, the value of rETH to ETH continues to increase, resulting in a dynamic exchange rate between the assets.

CRV - 5 Whale Transactions

The contract address of CRV token is (0xd533a949740bb3306d119cc777fa900ba034cd52). During the period, there were 5 whale transactions, including 4 sell orders and 1 buy order. Based on the transaction price, the minimum transaction volume was 558,598.94 CRV, worth about $341,363, for the buy order; the maximum transaction volume was 1,051,433.12 CRV, worth about $733,120, for the sell order.

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

CVX token contract address is (0x4e3fbd56cd56c3e72c1403e103b45db9da5b9d2b). There is only one whale transaction with a trading volume of 83627.63 CVX. Based on the transaction price, the value is approximately 314440 USD, which is a sell order.

OHM token contract address is (0x64aa3364f17a4d01c6f1751fd97c2bd3d7e7f1d5). There is only one whale transaction with a trading volume of 31,511.26. Based on the transaction price, the value is approximately 344,103 US dollars, which is a sell order.

LINK token contract address is (0x514910771af9ca656af840dff83e8264ecf986ca), with only one whale transaction of 81,157.88 LINK, valued at approximately $434,159 based on the transaction price at the time of purchase.

The contract address of wMEMO token is (0x3b79a28264fc52c7b4cea90558aa0b162f7faf57). There is only one whale transaction with a trading volume of 10.66 wMEMO. Based on the transaction price, the value is approximately 302,446 US dollars, which is a buy order.

The LBR token contract address is (0xf1182229b71e79e504b1d2bf076c15a277311e05). There was only one whale transaction with a trading volume of 257,038.34. Based on the transaction price, the value is approximately 326,439 USD, which is a buy order.

AAVE, GRAI, FXS, PAX, RPL - all traded by a single whale with 1 transaction each

AAVE token contract address is (0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9), with only one whale transaction, the transaction volume is 4687.51 AAVE, according to the price at the time of the transaction, the value is approximately 305,391 US dollars, which is a buy order.

GRAI token contract address is (0x15f74458ae0bfdaa1a96ca1aa779d715cc1eefe4). There is only one whale transaction with a trading volume of 310,778.06 GRAI. Based on the transaction price, the value is approximately 306,408 USD, which is a buy order.

FXS token contract address is (0x3432b6a60d23ca0dfca7761b7ab56459d9c964d0). Only one whale transaction occurred with a trading volume of 55,000.67 FXS. Based on the transaction price, the value is approximately $335,504 USD, and it was a sell order.

The PAX token contract address is (0x8e870d67f660d95d5be530380d0ec0bd388289e1). Only one whale transaction occurred with a trading volume of 464,900. Based on the transaction price, the value is approximately 464,900 US dollars, which is a sell order.

The RPL token contract address is (0xd33526068d116ce69f19a9ee46f0bd304f21a51f). Only one whale transaction occurred with a trading volume of 8738.47 RPL. Based on the transaction price, the value is approximately 367,016 USD. It was a sell order.

Here are the whale trading data on the Ethereum blockchain in the past two weeks. BTC and ETH still account for the majority of the trading volume, followed closely by several mainstream LSD protocols such as Lido, Frax, and Rocket Pool, as well as well-known accounts such as PEPE, AAVE, and CRV. The whale accounts include some market makers, Tradefi accounts, and some famous large position holders.

Of course, in addition to Ethereum, whale transactions on the Arbitrum and Optimism chains have also been frequent recently. For example, BlockBeats found some whale transaction trends for ARB and OP holdings in the past week (based on whale addresses), as follows:

ARB

On June 20th, according to on-chain analyst Yu Jin's monitoring, the address starting with 0x3471 (oilysirs.eth) exchanged 550,000 ARB for 482,000 OP one hour ago. The buying price of OP was about $1.15.

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

On June 25th, according to Lookonchain monitoring, a dormant whale address withdrew 450,881 ARB (approximately $504,000), 260,961 OP (approximately $350,000), and 30,313 ENS (approximately $275,000) from Binance.

On June 25th, a dormant whale address (0x1b6733878f32e425852ee67a0849ff8a89e6ff21) withdrew 450,881 ARB (approximately $50.4k at the time), 260,961 OP (approximately $35k at the time), and 30,313 ENS (approximately $27.5k at the time) from Binance.

It's not just a coincidence that another whale address, which has been dormant for 6 months and holds over $24 million worth of assets on-chain (0x373704e394ef150241aee836115d78aba3fc5c76), has also chosen to heavily increase its holdings of ARB starting from June 20th. Currently, it holds a net of 1.569 million ARB (approximately $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 approximately $1,049,479.

On June 27th, another whale with the starting address of 0x79cc spent 1,058,665 USDC to purchase 937,176 ARB tokens at a buying price of approximately $1.13.

OP

On June 22nd, a whale with the address 0xacf32f4e1260636cf1e3066c060c74ad52fe4e9e increased its holdings of 983,830 OP. It then sold 309,245 and 2,164,761 OP in batches. Currently, the whale's OP holdings at the address are 177,555,300.

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

Although it is not necessary to completely imitate and follow the movements of the whales in the cryptocurrency industry, if we are approaching a bull market, we can still explore some new ideas based on the whales' buying and selling activities. DYOR!

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