Question:

Identify active wallets with a high balance of ETH (whales).

Visualize the ETH transaction history of these whales in May and June 2022.

Overview of essay:

In the crypto universe, Whales have been referred to wallets or users who hold huge amount of Bitcoin or Altcoins. Each Altcoin has its own Whales as we know.

In this essay, the Whales of ETH token has been estimated by considering they hold tokens and after that their activities have been tracked in May and June (Market downturn and Bear market).

The activity of Whales has been addressed by:

• Their transactions count
• Participation on main sectors of Ethereum network
• Detailed analysis on each sub-sectors or projects of each sectors.

Approach:

• Identification of Whales: Whales are selected based on USD amount of their hold ETH.

  distinct USER_ADDRESS as whale where AMOUNT_USD>=40000

  Also LABEL is null Adopted to exclude the contracts of DEXs and organizations.

• Transaction in May and June:

  select BLOCK_TIMESTAMP::date as day, count(distinct tx_hash) as tx_count, count(distinct FROM_ADDRESS) as no_whales, sum(ETH_VALUE) as ETH from ethereum.core.fact_transactions

  where BLOCK_TIMESTAMP between '2022-05-01' and '2022-07-01'

• Tendency of Whales by Sectors

  select LABEL_TYPE,

  count(distinct tx_hash) as count_txn, sum(ETH_VALUE) as ETH from ethereum.core.fact_transactions x join Ethereum.core.dim_labels y on x.TO_ADDRESS= y.address

Results:

Key findings:

As symbolic gesture, the top 10 Whales and their balance illustrated in the first graph.

The most outstanding findings of this part are:

• The activity of Whales by count of transactions has been enhanced in the market downturn (May 9 to 15) and after that date kept its normal movement.
• Also, the second active behavior of Whales occurred on June 13 to 15 and on that date the transactions executed by Whales increased dramatically.
• In May and June, Whales participated on sectors like Layer2 (Bridges) and Dapps as shown in the related graph.
• Also, the application of DEXs has been enhanced in the week related to May 9 to 16 and Whales swap their tokens to Stable coins on that week.

Detailed Activity of Whales on May and June 2022 (Main sectors):

Key findings:

Now lets keep eyes on detailed analysis of Whales activity on May and June, 2022. The representatives of each main sectors and Whales tendency to participate of them clarified and summarized as below:

• The most used Layer2 bridges among Whales in May and June are Polygon, Optimism and Hop protocol as can be seen from the graph.
• Uniswap has been dominated the usage of DEXs by Whales with more than 50% of participation. The second rank belongs to 1Inch respectively.
• The Top used NFT projects by Whales in May and June are Gem, Sorare and Looksrare projects.
• Well lets talk about DeFi programs used by Whales. Aave and Compound take the lead in this section and dominated the process.
• Furthermore, Tornadocash as a Dapp lead the usage of Dapps by Whales with near 90% of participation.
• The most important sector used by Whales in May and June is DEX. The competition between DEXs was very hot at that time but the Binance lead the platforms by 31% of usage and in the second place Okex stands with 15.6% of usage by Whales.