Whales Make Money While Moving Risk off in Crypto. This is the Secret Onchain Data Reveals.

October 25, 2022

Hello bubble riders! 

Today we are looking at Whale activity for the top 100 crypto wallets and some “smart money” wallets on the Ethereum blockchain. 

Let’s start with data from whalestats.com. The relevant portion is contained in these two lists–top coins sold and purchased.

What we see are the following:

  • USDC, ETH and USDT are Net Buys at $428k, $14k, and $11k. 
  • USDC is sold at $61k, USDT at $23k, and staked ethereum (stETH) at only $8k. 
  • Main take away: whales are moving into USDC.

If we double check that with nansen.ai data, we get a similar story. They use different methodology, but here’s their graph.

Although there is still a small amount of whale activity, USDC, ETH and USDT are now the top active tokens. USDC however, is being bought primarily over any other token. Whales continue to move risk-off and have moved into stable coins. 

Why USDC?

  • Likely because they are yield farming.
  • Maple.Finance, Clearpool.Finance and Goldfinch.Finance all use USDC exclusively

So, now you have an outline of what’s happening among the crypto whales.

Happy Trading!!

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