Original Author: Andrew T.
Original compilation: fyj, 0x711, BlockBeats
This article is based on the views of Nansen analyst Andrew T on his personal social media platform, and BlockBeats’ translation is as follows:
The market moves badly, but as major funds dump millions of already depressed assets, things get worse after early institutional unlocks, let's look at a recent example and analyze how to protect yourself.
Last week, the BETA project caught my attention in the "Smart Money Inflow" section. This is a loan market project. I am very optimistic about young experimental loan products-I think there is still room for innovation in this vertical field. Bear market Smart Money The inflow also makes it stand out.
It turns out that the inflow comes from attribution unlocking, checking the large single panel, we found that the multi-signature address sent nearly 35 million Tokens (worth $4.2 million) to the deployer, and then sent them to a dozen investors, the investment here The author's name is consistent with the 2021 financing news.
(Pro tip: savvy on-chain inspectors should do a distribution through 5 unsigned wallets to find the unsigned GSR wallet! Might do a thread later in the funding announcement/distribution to mark the fund address)
Even though BETA's TVL is attracting money, prices are flattening out, so it's still worth a look. But the premise is, who is holding and who is selling?
Disclaimer: For the purposes of this article, we assume that VC funds sent to Binance are sold immediately.
First, let's take a look at Spartan Group's positions:
They received 6 million tokens on Tuesday, according to Nansen's new featurehttp://Apeboard.Finance, we can see that this is an interesting wallet: despite receiving a large number of unlocks, they have not been active since April.
Summary: Hats off to them!
Next, Parafi
6 hours after receiving 6 million tokens, they moved to another marked address, and have transferred about 700,000 tokens in batches to several unmarked wallets, and finally reached the Binance deposit address, presumably for selling;
Summary: Partially sold
Next, Sequoia India
Another hardcore hodler's wallet that hasn't moved since October 2021.
Summary: Hodlers
Next up is Delphi Digital: they haven't sold this month's 2.5 million tokens, but did sell unlocked tokens for December and March last month, which were transferred to an unmarked token before being sent to Binance wallet.
Summary: Sell in batches.
Next up is Multicoin. Like Delphi, they have yet to transfer the May unlocks to the exchange, but the December and March unlocks were sold on Binance within days.
Summary: Slow sell-off
Defiance, on the other hand, is a real master of selling.
They were transferred to Binance for sale within 15 minutes of the latest unlock arriving. And it took less than an hour for them to ship the unlock in March.
Summary: Selling Masters
Finally, there is Three Arrows Capital. Although their selling action did not reach the minute level, they also completed the selling within a day.
Summary: Sellers
TL;DR: 5 out of 7 institutions are selling their unlocked tokens, and some are even running faster.
Based on this, I personally decided not to do in-depth research based on BETA for the time being. I will use unlocking and selling as an observation indicator to focus on projects I am optimistic about, such as LDO.
In some ecosystems, the ongoing sell-off has been brutal.Wangarian TweetsA great infographic is provided in . Some projects in the figure have a very low proportion of circulation.
Image source:
Image source:Wangarian Tweets
Even more incredible is that some sellers also openly admitted their selling behavior. Some zombie projects may be the hardest hit areas for selling.
However, you can still protect yourself.
Last month, a Nansen user escaped and avoided millions of dollars in losses by using the "Smart Alerts" feature to monitor UST transfers on Curve.
You can also set up Smart Alerts to monitor the movement of tokens from the deployer's address.
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