Overview

Whales are prominent actors on blockchains. Not only their activities themselves has a powerful direct impact their indirect influence through who they follow them on trends are significant. Moreover, whales in many cases of manipulation play an active role.

This dashboard attempts to keep track of whales behaviour in three dimensions:

1. Transferring ETH to and from CEXes. Whales to withdraw or deposit fiat from and into blockchain needs to transfers assets to and from CEXes. This metric indicates whales intention to sell of buy ETH.
2. Number of transactions. Daily number of transactions of whales represent the activeness of Whales.
3. Number of swaps. Swap is one of the crucial actions that influence the price of tokens. When whales are involved in swapping the influence is more significant.

How to use this dashboard

Using parameters above:

• define whales based on:
  • average_ETH_balance in a period of past_days
• set the interval basis of graphs

After click ‘apply all parameters,’ please patiently wait for running queries and updating graphs.

ETH flow from and to CEXes

Graphs below show the amount of ETH flow in Whales wallets on the Ethereum blockchain from CEXes and flow out from Whales wallets on the Ethereum blockchain into CEXes. Also we can see how net ETH flow has changed over time.

Definition of whales

In this dashboard, the definition of ETH whales can be adjusted through two variables that are introduced above. However, in general, ETH whales are non-institutional wallets (e.i. defi platforms, CEXes, and DEXes are excluded) with an average balance of ETH by a certain threshold in a certain period of time.

Whales transactions

Graphs below shows how whales number and amount of transactions changed over time.

Also graphs show how the amount of transaction fee paid by whale has changed over time.

Whales swaps

Graphs below shows the number and amount of swaps that whales have involved over time. We can see that not always whales are swapping.

As conclusion: The case of May and June

In May, crypto market seen a crash which was intensified by the UST depeg and the Terra collapse. Later in June the declining trend of crypto market continued.

Focusing on Whales behaviour we can see that:

1. Number of transactions surged in the week of the Terra collapse (May 8th) and in mid June.
2. Number and amount of swaps also increased in those periods.
3. The net ETH flow , however, sparked a week after the Terra collapse.
4. We can see the negative net flow happened when the number and amount of swaps were at the lowest level.