key takeaways
- In the drop in mid-June, the order of bottom-hunting by giant whales was: Bored Ape Yacht Club > Yuga Labs other NFTs > other blue-chip and emerging projects, and the type and price of bottom-hunting were related to the scale of funds.
- Among the super giant whales with more than $500,000 in bargain-hunting funds, some focus on bargain-hunting for a single NFT, and some have established a diversified portfolio for bargain-hunting; there are many giant whales who choose to use a fund of $100,000 to $250,000 to buy the bottom, and the cost of the NFT for bottom-hunting is high. Also different.
- By restoring the bottom-hunting of specific giant whales, it is found that their strategies have some common points, such as: buying in batches, buying more and more as they fall, and each has its own “coup” for bottom-hunting.
From June 7th to June 18th, the cryptocurrency market and NFTs plummeted, and this week, the NFT market is gradually rebounding. So, in the market lows, which NFTs did the giant whales buy, and what strategies did they adopt? Which giant whales participated in this low point buying, and what is the bottom-hunting combination and average bottom-hunting price of the giant whales? This article will take you to find out.
At market lows, trading volume rises
The cryptocurrency market has been in a downtrend since the first half of this year. During the period from June 7th to June 18th, the price of Bitcoin continued to fall, with a two-week drop of more than 40%. Affected by Celsius, Ethereum also fell below $1,000.
Similarly, the NFT market has been affected, and OpenSea’s trading volume has been on a downward trend recently, but we saw a change in trading volume during the period from June 7th to June 18th. In the downtrend, the NFT market still produced a large number of transactions for a short period of time, during which a large number of changes occurred, so we selected this time range as the analysis range this time.
Which NFTs did the giant whales copy?
The top ten NFTs purchased by giant whales
After observing the wallets of thousands of whales, we first focused on the top ten NFTs purchased by whales. It is worth noting that the top ranked Otherdeed, the giant whales bought a total of 173, and the average purchase price was 6.22 ETH, which is $9410 in US dollars; the tenth ranked is the Bored Ape Yacht Club, the giant whales bought a total of 25 ETH, The average purchase price was 135 ETH, or $179,849 in USD.
In addition to blue-chip NFTs, we see that there are also some non-blue-chip NFT projects in the middle, such as the second-place tubby cats by tubby collective. The giant whales bought a total of 104. From the data on the chain, most of these NFTs are single giant whales. The reason for the large number of purchases may be that the giant whales are absorbing chips and laying out Zhuangzhuang. Most whales executed their NFT trading strategies even when Bitcoin fell 40%.
Whales buy the top ten NFTs with funds
Calculated by the number of purchases * the current price (USD), the top ten NFTs purchased by giant whales are again obtained. This ranking seems to be more in line with the consensus of the NFT market. From June 7th to June 18th, when Bitcoin almost halved, the giant whale group bought Bored Ape Yacht Club for $4.5 million, CryptoPunks for $1.88 million, and Otherdeed for $1.72 million.
It is worth noting that the top three are still the NFT series under Yuga Labs, and the first place, Bored Ape Yacht Club, purchased more funds than the second and third places combined. Obviously, when the market fell sharply, the giant whale Buying preferences are: Bored Ape Yacht Club > Yuga Labs Other NFTs > Other Blue Chip and Emerging Projects.
Which giant whales made bargain hunters?
Since the price of Ether fluctuated greatly during this period (June 7th to June 18th), we chose the U standard to observe which giant whales purchased the most funds.
As shown in the figure above, there are 5 super whales who have bought NFTs of more than 500,000 US dollars. Among them, the top three types of NFTs are relatively simple. For example, btok1024.eth ranks first, and only one Bored Ape Yacht is bought. Club and spent 1024ETH, which is an extreme special case. Second place franklinisbored.eth bought 7 Bored Ape Yacht Club, third place n0b0dy.eth bought 17 Otherdeed.
Starting from the fourth whale, the NFT combination of bottom-hunting began to diversify, choosing [2 Meebits + 6 Doodles + 9 Bored Ape Kennel Club + 3 Bored Ape Yacht Club + 5 Clone X + 2 Moonbirds + A combination of 2 Otherdeeds is a bargain hunter. The fifth place chooses “[4 Murakami.Flowers + 4 Bored Ape Yacht Club + 2 Clone X].
Among the giant whales with a capital scale of more than 50,000 US dollars, in addition to 5 super giant whales, there are 16 giant whales who choose to buy the bottom with a capital scale of 100,000 to 250,000 US dollars. The top five NFTs they chose are Otherdeed, Bored Ape Yacht Club, CryptoPunks, Art Blocks, and Clone X according to the amount of bargain-hunting funds.
What strategies do giant whales take to buy dips?
Among the top ten giant whales that purchased Otherdeed in the selected time period, the number one giant whale bought 55 Otherdeeds and spent 112.97 ETH, which is converted to a total of about 160,000 US dollars at the time of purchase. As of June 21st, the floor price of Otherdeed is 2.4 ETH. The giant whale has made a profit of 19.25 ETH, and the income is 17%. Let’s see how he used 160,000 US dollars to complete the bottom-hunting.
Starting from June 7th, as the floor price of Otherdeed gradually decreased, the giant whale began to buy gradually. From June 7th to June 8th, it first bought 6 Otherdeeds at a price close to the floor price, with an average price of 2.596ETH.
On June 9th, the floor price of Otherdeed fell below 2.5ETH, and he bought 10 Otherdeeds at an average price of 2.368 ETH again, reducing the short-term holding cost to 2.45 ETH.
On June 12th, Otherdeed accelerated to 1.8 ETH. He completed the last batch of short-term additions and purchased 39 Otherdeeds at an average price of 1.89 ETH. At this time, he reduced the total short-term holding cost to 2.05 ETH.
