ETH Whales Activity in May/June 2022

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    Whales control the free capital markets and move the rest of the market according to their beat. They are actors that possess a large number of liquid funds. In May and June 2022, the crypto capital markets went into bear mode, introducing a high wave of volatility never experience before.

    Now that the tide seems to have settled, we want to take a look back into on-chain activities in May/June. Precisely, we’ll be looking at how whales (accounts with 10,000+ETH balance) were able to maneuver their way out of the storm.

    Summary of Key Points

    • On the first day of May 2022, there were over 1,100 wallets with more than 10,000 ETH balances. The average held by these wallets was 67kETH. The combined total was 13.1mETH.
    • Looking at the amount of ETH that moved in and out between May, and June 2022, we can see a net neutral flow which indicates that whales were trying to take advantage of the volatility through arbitrage.
    • Other tokens were also not left out of the arbitrage flow. Some of these tokens in descending order of volume are Saitama Inu, USDT, USDC, and BUSD.
    • The prevalence of stablecoins further proves the arbitrage theory, and also indicates a flight to stability.