Try Quests to earn cryptoETH Whales
Whale definition :
For this dashboard, we will define a ETH whale as an user that has 10 Million USD worth ETH at the current date or the date of the dashboard. On the right side, you can see the ETH price on the date of consideration and the amount of ETH required to reach the 10 Million USD cutoff, shown as Current Whale Floor.
For these addresses, we will look at metrics related to ETH asset only, their movements in particular, during the volatile times of May and June 2022.
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- 49 Million of the CoinMarketCap reported 121 Million ETH supply is held by a total of 1460 whale wallets
- This means, the 1460 wallets hold native ETH that makes up 40% of the total ETH supply
- The top 9 make 12% of the 1460 whale wallets
- Only 2 wallets HODL more than a Million ETH
- Every other wallet hold less than 400,000 ETH
From the ethereum.erc20_balances table, the data of whales, that have native ETH balance greater than the whale floor, 7000 ETH as of 26th July 2022 were aggregated. Labelled addresses, those that indicate CEX or Smart Contract deployments were excluded. Similarly one of the largest wallets, the ETH2 staking wallet was also carefully avoided.
On the left, you see the total ETH held by these whales, and the total number of whales that pass the ETH Current Whale Floor threshold.
Below, you can see the ETH distribution in these wallets, and the top 10 wallets contributions.
For the whales above, we will try and find the daily activity. The plots below show the Daily transaction volume and the number of whales engaging with the chain.
- We can see two significant peaks, one during the UST crash in May 10. The next one in the June 2nd week as ETH descended into triple digits
- On those days, there was double the usual transaction volume.
- However, more number of whales became active only during the June 2nd ETH crash, yet it isn’t a significant difference from the average
- On average, only 40 to 60 of the 1400 whales interact with blockchain. This means, either these are dormant HODL accounts, or lost key accounts.
Now lets look at the transfer of ETH. Batching them into 3 types = > Receive (other 2 whales), Send(whale 2 other) and Inter-whale exchange (whale 2 whale)
- Whale to Whale ETH transfers exist
- Receives and Sends transactions of ETH seem to tend to a 50-50 ratio in the long term
- ETH volume however is volatile, in general more ETH is flowing into the whale wallets, that the outflow
Whales tend to use CEX and OTCs to make trades as their massive movements, could cause slippage and thus losses. Further analysis the destination of the previous section, can be used to determine CEX volume to and from the whales.
The first row of plots, summarize the to and fro movement of ETH and ETH moving transactions between whales and CEX on a daily basis
The next row of plots, summarize the CEX preference in terms of transactions and ETH volumes.
- On average, 20 to 40 CEX transfers are made from whale wallets
- Minimum 1000 ETH, going as high as 350,000 ETH during May crash volumes have been registered
- Movement of ETH from CEX to whale wallets is much higher compared to movement of ETH from whale wallets to CEX
- CEXes are primarily sources of increase the wallets ETH holdings
- Of the CEXes, Coinbase is the most popular, leading charts in both Transaction and ETH volume.
- While Binance trumps others in terms of transaction volume, Gemini has the higher ETH volume. This suggests, larger number of whales use Binance, however bigger whales tend to use Gemini
Similar to the previous section, but here instead of CEX, DEX activity can be compared.
The first row of plots, compare the daily trend in transaction and ETH volume as whales interact with DEXes.
- On average, 10 to 20 DEX transactions occur, with massive volatility in ETH volumes
- While transaction volume is less than CEX related transfers, DEX transactions seem to have higher volume of ETH
- The June ETH crash saw 4.5 Million ETH send to DEXes, possibly to be sold.
- Within the next 3 to 4 days, 3 Million ETH was bought back from the DEXes
- DEX preferences is also clear. 0x being the preferred exchange by most whales
- However, the larger whales tend to use 1inch, giving it the highest ETH volumes, as 1inch is a DEX aggregator and provides excellent splitting of trades to optimise slippage.