Introduction

The objective of this dashboard is to present the active whale accounts of Ethereum and visualise their ETH transaction history in May and June 2022.

Definitions

Whales are addresses with a high balance.

For this analysis, it is assumed that a whale holds at least 1,000 ETH during the snapshot (end of June)

Since a whale is not universally defined, addresses with more than 10,000 ETH will also be queried for sensitivity analysis.

Method

• The data source for this dashboard is flipside’s Ethereum tables.

• The ethereum.erc20_balances table will provide the ETH balance of whale wallets and the ethereum.core.fact_transactions will identify active wallets.

• Then, the two tables are joined to answer the research question.

• The SQL queries will not refresh daily, as all metrics and visualisations are a historical snapshot of the blockchain.

Visualisations

Active mini Whales (1,000+ ETH)

Active Whales (10,000+ ETH)

Key takeaways

1. The majority of whales in both categories are holders and have not transacted in May or June.
2. Crypto assets such as ETH are not ideal for transactions because of the high gas fees.
3. Therefore, whales prefer to hold their investment long term as a store of value.
4. Active whales with more than 10,000 ETH are the minority, but control a significant amount of the daily volume.
5. Daily active whales are always less than 100 during this time period.
6. On the other hand, daily active mini whales are always more than 200 except on June 4th.
7. Daily whale transactions peaked on May 12th, coinciding with the UST depeg on the Terra blockchain.
8. Daily ETH volume by whales peaked a month later, on June 13th.
9. The whale activity trend was neither upward nor downward during May and June.
10. The market conditions and the lower ETH price during May and June did not affect whales.