Source: BlockBeats

Thanks to 0xScope for providing data support

On October 24th, news of progress in the approval process of the Bitwise Bitcoin Spot ETF propelled Bitcoin to $35,000. Since the low point on October 11th, Bitcoin has surged by over 30% in less than half a month, reigniting hope for the long-suppressed investors. Apart from Bitcoin, what other operations have the whales been conducting in the altcoin market?

With the assistance of 0xScope's data, BlockBeats has compiled the on-chain single swap transaction amounts exceeding $300,000 in the Ethereum network between October 11th and October 24th (during the recent surge from the low of $26,000 to the high of $35,000 for Bitcoin), to observe the buying and selling trends of whale holdings. Let's take a look at what tokens the whales have been buying/selling recently.

Additionally, we will use the VPVR indicator in Trading View Pro to make a simple judgment on when the price will encounter resistance and at which levels it will receive support. (For BTC and ETH only)

What is VPVR

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

In simple terms, we can use VPVR to observe which price range has the highest trading volume, identify areas of dense trading, and thereby determine when the price will encounter resistance and where it will find support.

The following example illustrates the distribution of trading volume within the price range from November 9, 2022, to the present, including the bottom caused by the FTX crash to the highest point when the price broke through $35,000.

(November 9, 2022, to present)

The left side shows the distribution of trading volume within this price range. The higher the volume bar, the larger the trading volume at that price level. The red line represents the price level with the highest trading volume during the period (referred to as POC); the highlighted bar area is centered around POC and accounts for 70% of the total trading volume during the period. From this, we can gather the following information:

• During the FTX crash, a significant amount of funds absorbed the panic selling
• There was no significant selling behavior at high price levels (but usually selling occurs in stages)

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

BTC Wrapped Versions (tBTC, WBTC)

Between October 11th and October 24th, the whales executed a total of 98 BTC transactions, with 64 buys and 34 sells. The total amount bought was 1,343.34 BTC, valued at approximately $40,313,014.57; the total amount sold was 1,493.45 BTC, valued at approximately $47,517,016.96.

During this period, 45 whales conducted net buying operations, acquiring a net total of 1,218.62 BTC, valued at approximately $36,452,282.83; while 19 whales conducted net selling operations, selling a net total of 1,368.73 BTC, valued at approximately $43,572,074.10.

VPVR

As shown in the previous explanation, during the FTX crash, a significant amount of funds absorbed the panic selling. However, looking at a longer time frame, could there be a larger chip-dense area above that would exert pressure on the price?

Fortunately, even when extending the timeline to the previous bull market (some believe the peak of the previous bull market was in April 2021), starting from the "519" incident, we can observe a considerable trading volume in the relative bottom area from $16,000 to $25,000. From the Three Arrows Capital crash on June 13, 2022, to the SVB crash on March 16, 2023, we had approximately 270 days to buy the dip.

(May 19, 2021, to present)

ETH's LSD Tokens (stETH, wstETH, ankrETH, cbETH, rETH, ETHx, frxETH, sfrxETH, swETH)

Between October 11th and October 24th, the whales executed a total of 150 ETH transactions, with 92 buys and 58 sells. The total amount bought was 61,279.56 ETH, valued at approximately $100,890,900.95; the total amount sold was 31,219.90 ETH, valued at approximately $54,990,616.60.

During this period, 40 whales conducted net buying operations, acquiring a net total of 52,790.48 ETH, valued at approximately $85,953,079.89; while 22 whales conducted net selling operations, selling a net total of 22,730.82 ETH, valued at approximately $40,052,795.54.

VPVR

From the VPVR perspective, the situation for ETH is not as optimistic as for BTC. The funds that bought the dip during the "FTX bottom" appear somewhat lackluster compared to the relatively high selling funds above $1530, indicating a certain possibility of "rebound selling".

(November 9, 2022, to present)

Looking at a longer time frame, if ETH can rise and break away from the chip-dense area under the influence of BTC, the resistance to price increases will also decrease slightly (although not as favorable as the situation for BTC).

(May 19, 2021, to present)

CRV

Between October 11th and October 24th, the whales executed 1 CRV transaction.

1 whale conducted net buying operations, acquiring a net total of 807,156.93 CRV, valued at approximately $360,369.74.

FXS

Between October 11th and October 24th, the whales executed 4 FXS transactions, with 2 buys and 2 sells. The total amount bought was 168,450.70 FXS, valued at approximately $901,334.63; the total amount sold was 400,000.00 FXS, valued at approximately $2,268,000.00.

There were a total of 2 whales who conducted net buying operations during this period, acquiring a net total of 168,450.70 FXS, valued at approximately $901,334.63; and a total of 1 whale who conducted net selling operations, selling a net total of 400,000.00 FXS, valued at approximately $2,268,000.00.

ILV

Between October 11th and October 24th, the whales executed 1 ILV transaction.

1 whale conducted net buying operations, acquiring a net total of 13,069.80 ILV, valued at approximately $578,730.90.

KIMCHI

Between October 11th and October 24th, the whales executed 1 KIMCHI transaction.

1 whale conducted net buying operations, acquiring a net total of 85,122,467.96 KIMCHI, valued at approximately $362,274.41.

LDO

Between October 11th and October 24th, the whales executed 2 LDO transactions.

1 whale conducted net buying operations, acquiring a net total of 404,340.99 LDO, valued at approximately $735,900.63; and 1 whale conducted net selling operations, selling a net total of 511,490.74 LDO, valued at approximately $757,006.30.

LINK

Between October 11th and October 24th, the whales executed 15 LINK transactions, with 11 buys and 4 sells. The total amount bought was 847,405.04 LINK, valued at approximately $7,231,381.01; and the total amount sold was 216,069.83 LINK, valued at approximately $1,693,877.55.

During this period, 10 whales conducted net buying operations, acquiring a net total of 718,556.98 LINK, valued at approximately $6,272,247.46; and 2 whales conducted net selling operations, selling a net total of 87,221.77 LINK, valued at approximately $734,744.00.

PEPE

Between October 11th and October 24th, the whales executed 4 PEPE transactions, with 1 buy and 3 sells. The total amount bought was 524,815,681,789.00 PEPE, valued at approximately $459,948.46; and the total amount sold was 1,920,049,567,800.09 PEPE, valued at approximately $1,173,528.93.

1 whale conducted net buying operations, acquiring a net total of 524,815,681,789.00 PEPE, valued at approximately $459,948.46; and 1 whale conducted net selling operations, selling a net total of 1,920,049,567,800.09 PEPE, valued at approximately $1,173,528.93.

RLB

Between October 11th and October 24th, the whales executed 21 RLB transactions, with 10 buys and 11 sells. The total amount bought was 50,152,855.18 RLB, valued at approximately $7,896,293.73; and the total amount sold was 35,151,487.24 RLB, valued at approximately $5,707,977.40.

During this period, 8 whales conducted net buying operations, acquiring a net total of 50,152,855.18 RLB, valued at approximately $7,896,293.73; and 6 whales conducted net selling operations, selling a net total of 35,151,487.24 RLB, valued at approximately $5,707,977.40.

SUSHI

Between October 11th and October 24th, the whales executed 1 SUSHI transaction.

1 whale conducted net buying operations, acquiring a net total of 555,385.40 SUSHI, valued at approximately $319,642.60.

BITCOIN(HarryPotterObamaSonic10Inu.

Between October 11th and October 24th, the whales executed 1 BITCOIN transaction.

1 whale conducted net selling operations, selling a net total of 6,000,000.00 BITCOIN, valued at approximately $541,578.00.

FTM

Between October 11th and October 24th, the whales executed 1 FTM transaction.

1 whale conducted net selling operations, selling a net total of 2,250,000.00 FTM, valued at approximately $422,124.75.

UNI

Between October 11th and October 24th, the whales executed 2 UNI transactions.

A total of 2 whales conducted net selling operations during this period, selling a net total of 330,429.50 UNI, valued at approximately $1,347,962.17.

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