Binance FUD: what is happening onchain

Hello anon,

We tracked the most interesting onchain wallet movements of whales / smart money, to understand how they are behaving while the market is impacted by Binance / Coinbase FUD

📈 Broader Overview:

#1 🪙 Stablecoin / ETH flows

• June 1st had the highest stablecoins outflows from exchanges since December 2022 ($980m taken out of CEXs)

• ETH has been flowing out of CEXs as well across last week, due to CEXs regulatory issues

#2 📰 Binance / Coinbase FUD

Over the last week, we had pretty significant outflows as well due to Binance / Coinbase FUD

People are scared about regulatory risk and are pulling out funds from the major exchanges: you can see Binance had -16% stablecoin balance change, and Coinbase a whopping -52%!

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#3 🤓Smart money flows

Smart money stablecoin balance have been pretty flat around 17% since March. Even during meme season, whales / big investors did not buy big nor sell significantly - this is typical of a market with low volatility

#4 💸Tokens bought by smart money

The major tokens which were sold the most over last week by smart money / whales were the following:

• BUSD

• rETH

• RSR

• CRV

• DYDX

• LINK

#5 📉Tokens sold by smart money 

Among the tokens which were bought the most by smart money / whales, there are some interesting ones:

• MATIC

• PENDLE

• GNO

• CVX

#6 🎨Most traded NFTs

Among most traded NFTs, there are not big surprises. Only blue chips like MAYC / BAYC / Azuki

#7 💰Funds are depositing on CEXs to sell 

Jump trading has deposited hundreds of ETH in the last 24 hours on CEX, likely to sell some of their portfolio

You can see in the table below some 800ETH, 400ETH and 300ETH transactions which are pretty sizable

Cumberlan has done something similar, depositing 500ETH on Binance and 500ETH on Coinbase

⛓️ Notable onchain transactions:

#1 🤸 Jump Trading accumulating PENDLE

• DeFi token Pendle has been experiencing a spike in both token price and volume recently in the last few days

• Jump Trading has increased its position on the coin, accumulating ~$5m in the last week

#2 🤩 Andrew Kang from Mechanism Capital has bought a big bag of RDNT

• Andrew Kang bought $1.14m of RDNT at ~$0.29 on June 8th

• Some other whales followed him:

  • Address 0xd4473052ad8c669874a352a97155ca1e19b07d77 bought $600k RDNT

    

• Some, instead, sold big

  • Address 0x4be52934b8464b887a2ff04aa02fa1a3fb9584a5 sent to Binance to sell $1m RDNT

 #3 🐻OP foundation unlocked a large portion of OP

• $OP foundation unlocked ~$14m tokens, that are now available on the free market

• This is on top of a 9% unlock of total supply on 30th May

  • This was first unlock for i) core contributors, and ii) investors

  • Potential selling pressure was ~$600m

#4 🔒 No Major selling pressure after 1INCH unlock on 1st June

• 1INCH unlocked 13% of total supply on 1st of June (big unlock)

• Price fell 18% since, but mainly due to correlation with broader market

• Team received 37.5m tokens ($11m) at unlock date but did not sold

• Major Private Sale Investor received 15m tokens ($4.5m) at unlock date but did not sold

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