On October 24, the news that the BlackRock Bitcoin Spot ETF had made further progress on the road to approval sent Bitcoin straight to $35,000. Since the low of October 11, Bitcoin has hit the mark in less than half a month. With an increase of more than 30%, investors who have been depressed for a long time have once again raised their hopes for the "bull return". So besides Bitcoin, what other operations do whales have on altcoins?

With the help of data from 0xScope, BlockBeats compiled a list of single swap transactions on the Ethereum chain that exceeded $300,000 between October 11 and October 24 (that is, from the recent low of $26,000 to Bitcoin’s rise to $35,000). The whale holdings and buying and selling trends, let’s take a look at which tokens the whales have bought/sold recently.

At the same time, we will use the VPVR indicator in Trading View Pro to simply determine when the price of the currency will be blocked and at which price levels it will gain certain support. (Only BTC and ETH)

What is VPVR

VPVR, which is the abbreviation of Volume Profile Visible Range, is a practical indicator for observing the distribution of chips and can be viewed through Trading View Pro.

In simple terms, we can use VPVR to observe which price range has the largest trading volume and identify areas of concentrated trading, thereby determining when the price will be blocked and where it will be supported.

Taking the following figure as an example, we selected the price change range from November 9, 2022 to the present to observe the trading volume distribution, that is, the bottom caused by the collapse of FTX to the highest point of the price breaking through US$35,000 today.

(November 9, 2022 to present)

On the left is a bar chart of the volume distribution in this price range. The higher the volume bar, the greater the trading volume of Bitcoin at this price level. The red line is the price level with the highest trading volume during the period (abbreviated as POC); the highlighted bar chart area is centered on POC and accounts for 70% of the total trading volume during the period. We can read the following information:

During the FTX crash, a large amount of funds took over the panic selling

There is no obvious selling behavior at high price levels (but usually there are phased sales)

Now let’s move on to the whale trading data section

BTC wrapped versions (tBTC, WBTC)

Between October 11 and October 24, whales executed a total of 98 BTC transactions, of which 64 were buys and 34 were sells. A total of 1,343.34 BTC were bought, worth approximately $40,313,014.57; a total of 1,493.45 BTC were sold, worth approximately $47,517,016.96.

A total of 45 whales performed net buying operations during this period, with a net purchase of 1,218.62 BTC, worth approximately US$36,452,282.83; a total of 19 whales performed net selling operations during this period, with a net sale of 1,368.73 BTC, worth approximately US$43,572,074.10.

VPVR

From the diagram used as an example to explain the concept in the previous article, we can see that during the FTX crash, a large amount of funds took over the panic selling. But if we extend the timeline, will there be a chip-intensive area with a larger trading volume above that suppresses the coin price?

Fortunately, even if the timeline is extended to the last bull market (there is also a view that April 2021 was the top of the last bull market), starting from the time of the "519" tragedy, our trading volume in the relative bottom area of ​​​​US$16,000 to US$25,000 is also considerable. Starting from the collapse of Three Arrows Capital on June 13, 2022, and ending after the collapse of SVB on March 16, 2023, it turns out that we have about 270 days to buy at the bottom.

(May 19, 2021 to present)

LSD tokens for ETH (stETH, wstETH, ankrETH, cbETH, rETH, ETHx, frxETH, sfrxETH, swETH)

Between October 11 and October 24, whales executed a total of 150 ETH transactions, of which 92 were buys and 58 were sells. A total of 61,279.56 ETH were bought, worth approximately $100,890,900.95; a total of 31,219.90 ETH were sold, worth approximately $54,990,616.60.

A total of 40 whales performed net buying operations during this period, with a net purchase of 52,790.48 ETH, worth approximately US$85,953,079.89; a total of 22 whales performed net selling operations during this period, with a net sale of 22,730.82 ETH, worth approximately US$40,052,795.54.

VPVR

Judging from the VPVR, the situation of ETH is not as optimistic as that of BTC. The bottom-fishing funds at the "FTX bottom" seem a bit sluggish compared to the relatively high selling funds above US$1,530, and there is a certain possibility of "rebound and shipment".

(November 9, 2022 to present)

Looking at the long-term trend, if ETH can be pulled out of the concentrated chip range driven by BTC, the resistance to price increases will be reduced a little (although not as good as BTC).

(May 19, 2021 to present)

CRV

Between October 11 and October 24, whales executed a total of 1 CRV transaction.

During this period, one whale performed a net buy operation, purchasing 807,156.93 CRV, worth approximately US$360,369.74.

FXS

Between October 11 and October 24, whales executed a total of 4 FXS transactions, including 2 buys and 2 sells. A total of 168,450.70 FXS were bought, worth approximately $901,334.63; a total of 400,000.00 FXS were sold, worth approximately $2,268,000.00.

During this period, 2 whales performed net buying operations, with a net purchase of 168,450.70 FXS, worth approximately US$901,334.63; during this period, 1 whale performed net selling operations, with a net sale of 400,000.00 FXS, worth approximately US$2,268,000.00.

ILV

Between October 11 and October 24, whales executed a total of 1 ILV transaction.

During this period, one whale performed a net buy operation, purchasing 13,069.80 ILVs, worth approximately US$578,730.90.

KIMCHI

Between October 11 and October 24, whales executed a total of 1 KIMCHI transaction.

During this period, one whale performed a net buy operation, buying 85,122,467.96 KIMCHI worth approximately US$362,274.41.

LDO

Between October 11 and October 24, the whales executed a total of 2 LDO transactions.

During this period, 1 whale executed a net buy operation, with a net purchase of 404,340.99 LDO, worth approximately US$735,900.63; during this period, 1 whale executed a net sell operation, with a net sale of 511,490.74 LDO, worth approximately US$757,006.30.

Between October 11 and October 24, whales executed a total of 15 LINK transactions, of which 11 were buys and 4 were sells. A total of 847,405.04 LINK were bought, worth approximately $7,231,381.01; a total of 216,069.83 LINK were sold, worth approximately $1,693,877.55.

A total of 10 whales performed net buying operations during this period, with a net purchase of 718,556.98 LINK, worth approximately US$6,272,247.46; a total of 2 whales performed net selling operations during this period, with a net sale of 87,221.77 LINK, worth approximately US$734,744.00.

BABY

Between October 11 and October 24, whales executed a total of 4 PEPE transactions, including 1 purchase and 3 sales. A total of 524,815,681,789.00 PEPE were purchased, worth approximately $459,948.46; a total of 1,920,049,567,800.09 PEPE were sold, worth approximately $1,173,528.93.

During this period, 1 whale executed a net buy operation, with a net purchase of 524,815,681,789.00 PEPE, worth approximately US$459,948.46; 1 whale executed a net sell operation, with a net sale of 1,920,049,567,800.09 PEPE, worth approximately US$1,173,528.93.

RLB

Between October 11 and October 24, whales executed a total of 21 RLB transactions, of which 10 were buys and 11 were sells. A total of 50,152,855.18 RLBs were bought, worth approximately $7,896,293.73; a total of 35,151,487.24 RLBs were sold, worth approximately $5,707,977.40.

A total of 8 whales performed net buying operations during this period, with a net purchase of 50,152,855.18 RLBs, worth approximately US$7,896,293.73; a total of 6 whales performed net selling operations during this period, with a net sale of 35,151,487.24 RLBs, worth approximately US$5,707,977.40.

SUSHI

Between October 11 and October 24, whales executed a total of 1 SUSHI transaction.

During this period, one whale performed a net buy operation, purchasing 555,385.40 SUSHI, worth approximately US$319,642.60.

BITCOIN(HarryPotterObamaSonic10Inu.

Between October 11 and October 24, the whales executed a total of 1 BITCOIN transaction.

During this period, one whale performed a net sell operation, selling 6,000,000.00 BITCOIN, worth approximately US$541,578.00.

FTM

Between October 11 and October 24, the whales executed a total of 1 FTM transaction.

During this period, one whale performed a net sell operation, selling 2,250,000.00 FTM, worth approximately US$422,124.75.

HIM

Between October 11 and October 24, whales executed a total of 2 UNI transactions.

A total of 2 whales performed net selling operations during this period, with a net sale of 330,429.50 UNI, worth approximately US$1,347,962.17.