0xScope Newsletter #31: Whales restaking ETH
Also: The latest hot trends about Web3, major net inflows on exchanges, token unlocks to watch, and more.
Research
Scoped on Scopescan: Whales restaking ETH
ETH liquid restaking has grabbed the attention of the Web3 industry this week, with several whales participating in this trend:
AndyJi.eth withdrew 1,826 $ETH ($4.42M) from Binance, converted it to stETH, and deposited it to Puffer Finance.
Fenbushi Capital, which already has 9,716 $lsETH ($23.3M) deposited on Eigenlayer, withdrew 6,799 $ETH ($15.89M) from Binance and created an EigenPod, perhaps to prepare for more restaking.
Here are other major whale moves this past week, as detected by the Scopescan team:
Whale 0xe0f3 withdrew 94K $LINK( $1.7M) from Binance. It had accumulated 193K $LINK ($3.5M) in the past 3 days.
Address 0x3c58 received 4.163M $ZETA ($7.37M) in 5 transactions since its token launch, making it the 10th largest holder of $ZETA.
Don’t miss out on the latest whale movements. Sign up for Scopescan here.
Ethereum, liquid restaking hype elevate Web3 TVL by $1.7B
📈 This week, Web3 TVL rises by $1.71B to $145.94B. Ethereum adds $2.04B to TVL amid liquid restaking hype.
🏆 Liquid restaking projects Magpie, Swell, Bedrock top TVL growth rankings
🪂 Solana-based DEXes Orca & Raydium add $1.1B & $264.7M to respective weekly trading volumes after recent Jupiter Exchange airdrop
🐞 Friend.tech grows its fees by 214.19%, but this may be caused by a bug that had users overpaying by 187 $ETH.
🚀 New liquid restaking projects Puffer Finance and Eigenpie show rapid user growth (265x and 65x, respectively)
Read more Web3 Hot Trends here.
Also, get fast answers to your crypto trading questions on the go with Scopechat. Sign up for a Scopechat account now to get more answers, and for easier access, here's how you can pin Scopechat to your phone's home screen. Here's what Scopechat has to say about $SOL:
On-chain Data
Exchanges see healthy net inflows, except for one
Almost all major exchanges saw significant net asset inflows this week, with Bitget leading the pack at 6.97% growth. Also growing above 5% are Bitfinex (5.95%) and OKX (5.35%). Among all gainers, Binance’s growth is the lowest at a still-healthy 3.69%. Just one exchange, Deribit, saw net outflows, but it’s at a notable 7.59%.
Token cliff unlocks for APT, SAND next week
In the upcoming week, you should pay attention to the unlocking of $220.6M worth of APT tokens (7.33% of circulating supply) on February 11, followed by the unlocking of $91.72M worth of SUI tokens (9.19%) on February 14.
If you're a supporter of these tokens, please be mindful of potential price fluctuations in the days to come, and follow the 0xScope Twitter account for more information.
Company Announcements
Happy Lunar New Year from the 0xScope Team!
Let’s work on Web3 + AI with the 0xScope Web3 AI Data Layer
With 0xScope V2, we are focusing on driving the future of AI + Web3, with our Web3 AI Data Layer. This new solution features a complete set of standards for collecting, cleaning, and managing data for Web3 AI development, as well as a trained, Web3-centric large language model (LLM). Read more about it in this Cointelegraph article.
Let’s work together; email us at community@0xscope.com.
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0xScope Community Highlights This Week
Quick Bites
EigenLayer has gobbled up nearly 1.5% of the total Ethereum token supply - LINK
BlackRock’s Bitcoin ETF inflows climb to fifth-highest among all ETFs in 2024 - LINK
MicroStrategy buys $37M in Bitcoin, bringing holdings to 190,000 BTC - LINK
Genesis requests sale of $1.6B crypto holdings - LINK
Ethereum Name Service open to building own layer 2: ENS director - LINK