0xScope Newsletter #37: $ETHFI Launch, $ARB Whales

Also: Check out which exchange became the sole net flow gainer this week, be aware of upcoming token unlocks, and more!

Mar 21, 2024

Liquid Restaking Tokens: Growth Potential After $ETHFI

Liquid restaking governance tokens are on the rise, as seen in the recent $ETHFI launch. We think the sector's $800B valuation can grow to billions if ether.fi's restaking peers like EigenLayer, Puffer Finance, Renzo, and others will launch their own tokens soon. Read the full article here.

This article is powered by Scopechat’s AI-powered analysis of the latest token narratives. Try Scopechat here.

Scoped on Scopescan: $ARB Unlock Fallout

Whales have increased their Arbitrum ($ARB) holdings by 9.37% after the Layer 2 platform unlocked $2.3B of its tokens (76% of circulating supply) last Saturday. About $594M in $ARB tokens have been added to whale addresses, through transactions such as:

Cumberland’s withdrawal of 6.04M $ARB ($9.86M) from Binance and Coinbase.
An anonymous whale’s accumulation of 2.81M $ARB ($4.78M).

Here are other notable whale transactions this past week:

GSR took out 8.6M $SAND ($5.5M) from Binance
Address 0xf692, related to rochee.eth, withdrew 432K $FET ($1.1M) from Binance
A whale spent 19,752 $SOL ($4M) to buy 3.4M $SLERF in 2 transactions with an average price of $1.19.

Don’t miss out on the latest whale movements. Sign up for Scopescan here.

On-chain Data

Amid peers’ double-digit outflows, OKX bucks bearish trend

During a week marked with big market corrections in crypto, major exchanges lost $15.4B in net asset flows this week, reversing the $14.9B of inflows recorded last week. OKX is the lone bright spot, growing its asset balance by 4.86% and overtaking Bitfinex in the asset rankings this week. Five exchanges saw declines of more than 10%, led by Binance US (-16.57%) and followed by Crypto.com (-15.63%), Kraken (-11.82%), Bybit (-11.23%), and Kucoin (-10.81%).

Major token cliffs for ID, YGG

The biggest token unlock this week is ID’s unlocking of $128.72M worth of tokens on March 22, followed by $YGG on March 27 ($13.45M).

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

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Quick Bites

Spot Bitcoin ETFs suffer third straight day of net outflows, $261M bled - LINK

BlackRock receives memecoins, NFTs after depositing $100M USDC onchain - LINK

SEC’s reported move to brand Ether a security called an ‘excuse to not approve’ ETF - LINK

Solana strained by meme coin mania, but co-founder welcomes the test - LINK

Despite a huge developer error, memecoin SLERF’s volume surges to over $7B - LINK