0xScope Newsletter #42: Whales Stacking $ETH
Also: Renzo's liquid restaking token depeg, exchange asset recoveries, finding alpha from Smart Money trending tokens, and more.
Research
Scoped on Scopescan: More Whales Stacking $ETH
On April 24, Renzo Protocol’s $ETH-pegged liquid restaking token $ezETH briefly dropped to $688, attracting a large $ETH whale who ended up buying 3,915 $ezETH thanks to this rare arbitrage opportunity. Several other whales have also spent the week accumulating $ETH, like:
Wintermute, which sent 15,610 $ETH ($47.5M) to Lido after withdrawing $ETH from Binance, Coinbase, and Kraken on April 19.
A whale that bought the dip and withdrew $25.8M worth of $ETH from Coinbase, also on April 19.
A major whale that withdrew $49.8M in $ETH from Binance on April 24 and another $22.1M the day after.
A fresh wallet that received $74.9M in $ETH from Coinbase on April 25.
Here are other notable whale transactions this past week:
On April 20, Cumberland minted 140M $USDT and then deposited it on Kraken, Coinbase, and OKX.
On April 22, a whale withdrew 27.7 $wBTC from Binance and supplied it to Spark.
On April 25, a whale borrowed 5K $BNB ($3M) from Venus Protocol and deposited it to Binance.
Don’t miss out on the latest whale movements. Sign up for Scopescan here.
How to Use AI to See What’s Trending for Smart Money
Today, with the help of AI, we can get some tips on trending tokens for Smart Money (high-performing) addresses in just 2 steps:
1. Open the Smart Money Holding dashboard on Scopechat (see image below).
2. Click the token name to generate an AI report for more info.
Once you see the token report, you can click on the three dots that appear after each metric (see below for example) to see more details about that indicator, complete with explanations and charts.
For example, this is what appears after clicking the three dots at the end.
For more examples of how you can leverage AI to your crypto trading advantage, you can check the 0xScope team’s threads on trending Base and Ethereum meme coins, based on AI-powered crypto data.
On-chain Data
CEX assets rebound by $9.8B after last week’s $26.5B fall
After seeing their asset balances shrink by a cumulative $26.5B last week, CEXes rebounded by $9.8B this week, with $5.9B coming from Binance. Not a single major exchange saw asset decreases this week, which highlighted the major impact of the recent market crash. In terms of growth rate, the biggest gainers are HTX with 8.19% and Crypto.com with 8.07%.
Upcoming token unlocks for $OP, $DYDX
This week, watch out for the $58.95M unlock by $OP on April 29, followed by the bigger $74M unlock from $DYDX on May 1.
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
Subscribe to Scopechat Pro
Scopechat Pro is our new membership system for a next-level AI-powered crypto trading experience. With Scopechat Pro, you can enjoy the following benefits for as little as $14/month for the annual plan!
Subscribe to Scopechat Pro today! Pay using your credit card or your Scopepoints.
Be the next 0xScope Ambassador!
0xScope is looking for talent! Passionate about growing your community and showcasing your investigation skills? Become a 0xScope Ambassador, lead the charge, and get a chance to be featured here! If you think you are a good fit or know somebody who is, please reach out at hr@0xscope.com.
Quick Bites
The Bitcoin network completes the fourth-ever halving of rewards to miners - LINK
Runes make up 68% of all Bitcoin transactions since launch - LINK
BlackRock's Bitcoin ETF snaps 71-day inflow streak - LINK
Hong Kong Bitcoin and Ether ETFs officially approved to start trading on April 30 - LINK
Renzo’s ezETH depegs to $688 following end of airdrop farming window - LINK