Thank you 0x Scope for providing data support.
On June 24, Bitcoin fell below its short-term high of $64,000. Today, Bitcoin dropped below $54,000, with a 24-hour decline of 8.8%. The “6·18 Big Promotion” continues, and has now encountered a crash on 7·5, marking a black Friday for the crypto community.
Previously, according to crypto KOL Ignas, Bitcoin’s price is being artificially suppressed through deceptive large sell orders by whales, inducing retail investors and fund managers to sell off for hedging purposes. Regardless of the veracity of this situation, on-chain data indeed serves as a barometer for predicting market trends.
With the assistance of 0x Scope’s data, BlockBeats compiled whale trading activities on the Ethereum blockchain, where single swap transactions exceeded $300,000 between June 24 and July 4. This analysis examines recent whale movements in buying/selling various tokens. Additionally, Fibonacci retracement indicators from Trading View Pro are used to predict when Bitcoin prices might encounter resistance and find support at specific levels.
What is Fibonacci Retracement?
Fibonacci Retracement is a technical analysis tool used to identify potential support and resistance levels in financial markets. Derived from a series of numbers discovered by Italian mathematician Fibonacci, these levels aid traders in predicting where prices may find support or resistance during a pullback.
Based on Fibonacci retracement tools, Bitcoin’s price may find support around $51,500 during its retracement process. This price corresponds to the 38.2% Fibonacci retracement level (i.e., 38.2% retracement from the recent high to low). Moreover, this price range was previously a zone where Bitcoin prices briefly consolidated before the final push, further enhancing the likelihood of $51,500 as a support level.
Now, let’s delve into the data:
ETH-based tokens (including ezETH, weETH, wstETH, stETH, rETH, cbETH, mETH, sfrxETH, swETH, frxETH, uniETH, pufETH, rswETH, rsETH, etc.)
Whales executed a total of 1116 ETH transactions between June 24 and July 4, comprising 697 buys and 419 sells. They bought a total of 210,922.01 ETH valued at approximately $740,328,736.22 and sold 123,136.27 ETH valued at approximately $430,677,058.52.
A net buying operation of 87,785.74 ETH (total buys minus total sells) was carried out by 186 whales during this period, valued at approximately $309,651,677.70, while a net selling operation of 87,785.74 ETH was executed by 204 whales, valued similarly.
BTC-wrapped versions (including tBTC, WBTC, etc.)
Whales conducted 89 BTC transactions during the same period, with 55 buys and 34 sells. They bought 1,743.79 BTC valued at approximately $107,920,685.42 and sold 414.55 BTC valued at approximately $25,479,089.16.
A net buying operation of 1,329.24 BTC (total buys minus total sells) was conducted by 28 whales, valued at approximately $82,441,596.26, while a net selling operation of 1,329.24 BTC was conducted by 20 whales, valued similarly.
Excluding ETH and BTC-related operations, whales showed net buying only in MKR and LDO tokens.
MKR
Whales conducted 17 MKR transactions during the period, with 12 buys and 5 sells. They bought 4,313.68 MKR valued at approximately $10,798,758.34 and sold 1,817.12 MKR valued at approximately $4,408,743.63.
A net buying operation of 2,496.56 MKR was carried out by 6 whales, valued at approximately $6,390,014.71, while a net selling operation of 2,496.56 MKR was carried out by 3 whales, valued similarly.
LDO
Whales conducted 2 LDO transactions during the period, all buys. They bought 378,496.10 LDO valued at approximately $727,684.08; no sell transactions were recorded.
ONDO
Whales conducted 2 ONDO transactions during the period, all sells. They sold 585,538.30 ONDO valued at approximately $684,062.78; no buy transactions were recorded.
PEIPEI
Whales conducted 4 PEIPEI transactions during the period, all sells. They sold 12,175,219,831.86245 PEIPEI valued at approximately $1,913,465.89; no buy transactions were recorded.
PEPE
Whales conducted 19 PEPE transactions during the period, with 6 buys and 13 sells. They bought 282,119,856,081.88 PEPE valued at approximately $3,312,172.18 and sold 600,266,202,374.30 PEPE valued at approximately $6,884,446.80.
A net buying operation of 318,146,346,292.42 PEPE was carried out by 4 whales, valued at approximately $3,572,274.62, while a net selling operation of 318,146,346,292.42 PEPE was carried out by 6 whales, valued similarly.
BEAM
Whales conducted 4 BEAM transactions during the period, with 2 buys and 2 sells. They bought 341,459.62 BEAM valued at approximately $293,409.11 and sold the same amount of BEAM valued at approximately $287,857.04.
FLOKI
Whales conducted 1 FLOKI transaction during the period, a sell. They sold 2,000,000,000 FLOKI valued at approximately $343,140.00.
AQTIS
Whales conducted 1 AQTIS transaction during the period, a sell. They sold 20,000,000 AQTIS valued at approximately $313,158.60.
PEAS
Whales conducted 1 PEAS transaction during the period, a sell. They sold 130,020.96 PEAS valued at approximately $418,667.52.
1INCH
Whales conducted 1 1INCH transaction during the period, a sell. They sold 1,612,124.25 1INCH valued at approximately $633,992.04.
WOJAK
Whales conducted 1 WOJAK transaction during the period, a sell. They sold 314,962,538.13 WOJAK valued at approximately $340,968.99.
