Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

What operations did the six major market makers perform before and after the "85" crash?

BlockBeatsBlockBeats2024/08/08 03:05
By:BlockBeats

Performance varies: some follow the trend and sell off their holdings, some take the opportunity to buy BTC at the bottom, and some hold the altcoins without moving.

Original title: "Data Perspective on the Operations of the Six Major Market Makers before and after the "85" Crash"
Original author: Golem, Odaily Planet Daily


In addition to the influence of macro factors such as traditional financial markets, the selling of the top market maker Jump Trading was once considered to be an important factor in the decline of "85".


So, before and after the Jump sell-off market fell, what operations did other top crypto market makers have, did they follow the trend and sell ETH, hold a large amount of stablecoins for risk hedging, or buy high-quality assets at the bottom? Odaily Planet Daily will analyze the on-chain public addresses of the other six major market makers from a data perspective, analyze their position changes before and after the "85" crash and summarize them, hoping to provide readers with some reference in the treacherous market changes.


GSR Markets: Continued Selling of ETH


Before the "85" plunge (8.1-8.5)


Before the "85" plunge, according to ARKHAM data, the net value of the total holdings of the public address on the GSR Markets chain decreased from August 1 to August 5. The main changes are: ETH holdings decreased by more than 706 pieces, STETH holdings decreased by 300 pieces, stablecoin USDC holdings decreased by more than 3.34 million pieces, and L3 holdings decreased by more than 8.56 million pieces. The detailed data is shown in the figure below.


GSR Markets' position changes from August 1 to August 5 (data updated at 0:00 UTC every day, source: ARKHAM)


At the same time, a separate analysis of ETH holdings found that GSR Markets transferred more than 1,000 ETH to exchanges such as Binance between August 1 and August 2.


GSR Markets ETH on-chain public address holdings change (Source: ARKHAM)


GSR Markets transferred ETH to the exchange from August 1 to August 2


After the "85" crash (8.5-8.6)


After the "85" crash, according to ARKHAM data, the GSR Markets on-chain public address is still reducing its holdings by more than 100 ETH, but the reduction of other altcoins is not obvious.


GSR Markets' holdings change from August 5 to August 6 (data update time is 0:00 UTC time every day, source: ARKHAM)


Summary


From the on-chain position change data, it can be seen that GSR Markets is very likely to follow Jump to sell ETH before the "85" crash, and is still reducing its holdings after the crash. Stablecoins have always been GSR Markets' largest position as safe-haven assets, which may indicate that it is still not optimistic about the future market.


Amber Group: Panic selling of ETH during the crash


Before the "85" crash (8.1-8.5)


Before the "85" crash, according to ARKHAM data, the total net value of Amber Group's on-chain public addresses increased from August 1 to August 5. The main changes are: ETH holdings increased by more than 11,500, and stablecoin USDC holdings increased by 500,000. The detailed data is shown in the figure below.


Changes in Amber Group's holdings from August 1 to August 5 (data updated at 0:00 UTC every day, source: ARKHAM)


After the "85" crash (8.5-8.6)


After the "85" crash, according to ARKHAM data, Amber Group's on-chain public addresses sold a large amount of ETH, with a total of more than 13,000 ETH, of which nearly half were transferred to exchanges.


Changes in Amber Group's on-chain ETH public addresses (source: ARKHAM)


Amber Group transferred a large amount of ETH to the exchange from August 5 to August 6


Summary


From the above changes in holdings, it can be seen that Amber Group did not have much premonition before the crash, nor did it follow Jump to sell, but instead increased its holdings of ETH. However, when the "85" crash occurred, Amber Group transferred all the ETH it had increased a few days ago, and more than half of it went directly to the exchange. The changes in Amber Group's holdings show that compared with other market makers, it did not anticipate the arrival of the black swan, but was more like an ordinary trader being swayed by the market.


B2C 2 Group: Massively Reduced All Tokens


Before the "85" Crash (8.1-8.5)


Before the "85" Crash, according to ARKHAM data, the total net value of the public address on the B2C 2 Group chain was increasing from August 1 to August 5. The main changes are: ETH holdings increased by 4,650, BTC holdings increased by 531.52, and 216,500 UNI, 23,000 COMP, and 32,000 DAI were also increased. The detailed data is shown in the figure below.


B2C 2 Group's holdings from August 1 to August 5 (data updated at 0:00 UTC every day, source: ARKHAM)


After the "85" plunge (8.5-8.6)


After the "85" plunge, according to ARKHAM data, B2C 2 Group reduced its holdings of almost all tokens and replaced them with stablecoin assets for risk hedging. Among them, BTC reduced its holdings by more than 1,000, ETH reduced its holdings by more than 19,000, BNB reduced its holdings by more than 4,000, LINK reduced its holdings by more than 59,000, and COMP reduced its holdings by more than 23,000. The detailed data is shown in the figure below.


Changes in B2C 2 Group’s holdings from August 5 to August 7 (data updated at 0:00 UTC every day, source: ARKHAM)


At the same time, a separate analysis of ETH found that B2C 2 Group transferred a large amount of ETH to Robinhood, Coinbase and some unknown addresses on the chain between August 5 and August 6.


Changes in holdings of B2C 2 Group ETH public addresses on the chain (Source: ARKHAM)


Amber Group transferred a large amount of ETH to Robinhood and other unknown addresses from August 5 to August 6


Summary


From the above holding data, it can be seen that B2C 2 Group did not follow Jump to reduce its holdings of ETH before the "85" crash, but instead increased its holdings; however, after the crash, it quickly reduced almost all of its tokens, but most of the tokens were transferred to unknown addresses. Although there is no clear evidence that it is selling, the largest position currently held by B2C 2 Group is the safe-haven stablecoin, which can also indirectly reflect that it is not very optimistic about the future market.


Amber Group's current holdings


Wintermute: Increasing holdings before and after the crash


Before the "85" crash (8.1-8.5)


Before the "85" crash, according to ARKHAM data, the total net value of Wintermute's on-chain public addresses increased from August 1 to August 5. The main changes are: The stablecoin USDT and USDC holdings increased by more than 104 million, the ETH holdings increased by more than 14,930, the WBTC holdings increased by 104.74, and 4 million PEPE holdings were also increased. The detailed data is shown in the figure below.


Wintermute holdings from August 1 to August 5 (data updated at 0:00 UTC every day, source: ARKHAM)


After the "85" crash (8.5-8.6)


After the "85" crash, according to ARKHAM data, the public addresses on the Wintermute chain not only did not reduce their holdings in large quantities, but continued to increase their holdings. The main changes are: The holdings of stablecoins USDT and USDC increased by more than 62 million, and the holdings of WBTC increased by 131.5. At the same time, 329.8 trillion PEPE and 690,000 DAI were also increased. The detailed data is shown in the figure below.


Changes in Wintermute's holdings from August 5 to August 6 (data updated at 0:00 UTC every day, source: ARKHAM)


At the same time, a separate analysis of ETH found that Wintermute's on-chain ETH holdings did not change significantly during the "85" crash and Jump's large-scale selling of ETH, and the total holdings still exceeded 16,000.


Changes in holdings of public addresses on the Wintermute ETH chain (Source: ARKHAM)


Summary


Although Wintermute increased its holdings of stablecoins for risk aversion before the crash, it also increased its holdings of ETH; at the same time, after the crash, in addition to adjusting its holdings of stablecoins for risk aversion, it continued to increase its holdings of BTC, and the ETH that had previously flowed in did not flow out in large quantities. From these on-chain position change data, Wintermute does not seem to have a violent panic reaction to the "85" crash and Jump sell-off, and is relatively optimistic about the market outlook.


Flow Traders: Selling ETH but buying BTC at the bottom


Before the "85" crash (8.1-8.5)


Before the "85" crash, according to ARKHAM data, the total net value of the public address on the Flow Traders chain was decreasing from August 1 to August 5. The main changes were: ETH holdings decreased by 633.93 pieces, BTC holdings decreased by 142.69 pieces, and stablecoin holdings decreased and changed significantly. The detailed data is shown in the figure below.


Flow Traders position changes from August 1 to August 5 (data updated at 0:00 UTC every day, source: ARKHAM)


At the same time, a separate analysis of ETH found that the public address on the Flow Traders chain increased its holdings of ETH on July 31, but transferred more than 7,000 ETH to the exchange from August 1 to August 2.


Flow Traders ETH on-chain public address holdings change (Source: ARKHAM)


Flow Traders transferred a large amount of ETH to the exchange from August 1 to August 2


After the "85" plunge (8.5-8.6)


After the "85" plunge, according to ARKHAM data, Flow Traders on-chain public addresses began to increase their holdings of BTC in large quantities, from 797.31 to 1,650, a total of 852.69; at the same time, they also increased their holdings by more than 750 MKR, while stablecoin holdings have not changed significantly. Detailed data is shown in the figure below.


Flow Traders' holdings change from August 5 to August 6 (data update time is UTC time 0:00 every day, source: ARKHAM)


Summary


Flow Traders seemed to have "premonition" of the crash, and the public address on the chain reduced its holdings in advance, especially ETH was transferred to the chain in large quantities the day before, but then transferred to the exchange in large quantities the day after. If it was a sell-off, it would be a perfect escape from the top; at the same time, Flow Traders still had confidence in BTC after the crash, and increased its holdings by more than 800 coins.


From these position change data on the chain, Flow Traders escaped from the top of ETH and bought the bottom of BTC before and after the "85" crash and during the Jump sell-off. Its excellent trading made it one of the beneficiaries of this market turmoil.


DWF Labs: Holding altcoins without moving


Before the "85" crash (8.1-8.5)


Before the "85" crash, according to ARKHAM data, DWF Labs' public on-chain addresses held mostly altcoins, and the tokens with the largest positions were TRADE, GALA, DEXE, etc. Although the passive depreciation of the net asset value decreased, there was no obvious flow of tokens. The detailed data is shown in the figure below.


DWF Labs holdings changes from August 1 to August 5 (data updated at 0:00 UTC every day, source: ARKHAM)


After the "85" crash (8.5-8.6)


Even after the "85" crash, according to ARKHAM data, the DWF Labs public chain address holdings changed or switched positions slightly. The detailed data is shown in the figure below.


DWF Labs' holdings change from August 5 to August 6 (data update time is 0:00 UTC time every day, source: ARKHAM)


At the same time, a separate analysis of ETH's holdings found that the ETH held by DWF Labs' public on-chain addresses did not change significantly before and after the plunge.


DWF Labs ETH on-chain public address holdings change (source: ARKHAM)


Conclusion


From the above holdings data, we can see that although the cryptocurrency market has experienced a sharp decline and other market makers are "operating", DWF Labs belongs to the "lying flat" group. Even with a lot of altcoins in its hands, it still does not exchange them for stablecoins and other assets for risk hedging. This may be because it is optimistic about the market outlook or has enough confidence in the altcoins it holds.


Original link

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

Texas court dismisses Consensys lawsuit against SEC

The Consensys suit was originally filed in April and included the allegation that the SEC had opened an investigation into Ethereum

Blockworks2024/09/20 06:54

Bitcoin is up 6% since the Fed rate cut. What’s next?

Despite short-term boost, Bybit executive warns investors of “potential challenges posed by economic uncertainty and market fluctuations”

Blockworks2024/09/20 06:10