Crypto Whales Amass Ethereum According to On-Chain Data
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On-chain data from Lookonchain, a blockchain analytics platform, reveals that in the past few trading days, crypto whales have been hoarding Ethereum (ETH), buying millions worth of coins.
Whales accumulate ether
Notably, some whale animations include a Hashkey.
On-chain data shows that Hashkey has made several strategic moves to take advantage of market conditions. In one case, a whale bought 1,747 ETH for $2.5 million for $1,431 while unpegging the US dollar coin (USDC).
The whale then sold 3,540 ETH for $7.4 million at this year’s high, which was around $2,090, turning a profit.
Another whale also bought Ethereum after depositing with Aave, a decentralized finance (DeFi) protocol. Whale deposited 6,000 stETH, borrow 6 million USDT, then deposit the funds to Binance.
Two hours later, they pulled out about 3,600 ETH from Binance, a crypto exchange, buying them for about $1,650. Then the whale deposited 8,000 stETH, borrowed 7 million US dollars, and deposited the money on Binance.
Notably, all of these financial moves worth millions were reported on June 16 alone.
On this day, Ethereum prices recovered, fending off weakness before steadily rising to spot rates. This suggests that the leg could have been supported by whales.
Decoupling USDT whales using Ethereum and USDC?
Market watchers also noted that Haskey also benefited from USDT’s depeg on June 15th.
A whale spent $7.47 million to buy 4,578 ETH from Binance.
Despite a lot of speculation, the slight deviation of USDT, a stablecoin, from its currency peg to the US dollar was caused by the activities of whales.
Specifically, there was an imbalance in Curve’s 3pool, attributed to a whale address called CZSamSun, which borrowed 31.5 million USDT and exchanged it for USDC. The whale address also uses ethereum and stETH as collateral, and converts the borrowed amount into USDC via the 1inch network.
These moves caused a slight deviation in the USDT peg, causing the stablecoin to drop 0.3% to around 0.997. The heavy selling of USDT for DAI or USDC also increased the weight of USDT in the pool to more than 70%.
