On Monday (March 13), the pseudonymous on-chain research team “Lookonchain” commented on the highly profitable trading behavior of one “very smart” whale that is controlling 15 $ETH addresses.
They started by explaining why they were impressed by this entity:
“Made $4.14M by trading $ETH during $USDC depegging! – Dumped $ETH before UST/LUNA crashed! – Buy $SHIB early and sell all $SHIB at the May and October 2021 price peaks. Currently holds over $71.72M (the cost may be only $400K).“
They then went on to provide more details:
“We found that 15 addresses(may belong to the same person) bought 47,670 $ETH with 67.58M $USDC at $1,418 on Mar 10. Then sold 47,668 $ETH at $1,505 for 71.72M $USDT 10 hrs ago. Made ~$4.14M in 2 days, the ROI is 6%. According to the on-chain data, we found that these 15 addresses may belong to the same person, because they received a large amount of $SHIB from the same address “0x7617” on April 21, 2021.
“Address “0x7617” started trading $SHIB very early, and bought ~5.5T $SHIB before the price of $SHIB rose sharply in May 2021 with a cost of only ~180 $ETH ($400K). Then address “0x7617” sold all $SHIB for more than 35K $ETH in May and October 2021 through 34 addresses. Then on May 6, 2022, these addresses sold $ETH for $USDC. Now, most funds have been converted into $USDT and concentrated in 15 addresses, about 71.72M $USDT. Remember his cost may only be ~$400K(cost from trading other tokens are not included.“
Earlier today, the “Lookonchain” team pointed out that three wallets associated with FTX and Alameda Research had transferred — on March 13, 2023 — $69.64 million worth of $USDT:
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