Whales can be shy and intelligent creatures, but if you manage to catch one in action it’s a spectacle – think, for example, of a single unit that sent 100,000 ETH in Eth 2.0 deposit contracts from 133 different addresses last week .

Deposits into ETH 2.0 deposit agreements were received late last week, with 100,000 ETH flowing into Eth 2 deposit agreements in a single day last week. It caught the attention of the crypto space, and as with most stories of activity in the chain, a look at actual transactions and linked accounts can shed some light on the errors. In this case, it appears that the outflow of 100,000 ETH can be traced from a single Ethereum address and wallet responsible for switching to 258,000 ETH ($ 541.8 million at 2100 per ETH) in a deposit agreement .

Looking for the Big Whale is the extremely bullish ETH and Eth 2.0 2.0

Given the relatively steady gains staking has seen since its inception in December, it’s likely a single unit was behind last week’s surge. But can we prove it? Is it reasonably possible to prove that a single entity is behind a 100,000 ETH deposit?

Unfortunately, actually finding transactions and addresses in the chain is not a quick way to find the “first page of Etherscan”.

In the hope of a quick win, the first thing we do is check the largest total deposit made to the depositing contact from a single address. While this strategy found an address that recently deposited approximately 12,800 ETH over 400 transactions into the custody contract, unfortunately this is not an interesting address as the transaction date (June 20, 2021) is a few days early and the amount is only ~ 13% of the total 100,000 ETH, although “only ~ 13%” in this case is still over USD 26.8 million (at USD 2100 per ETH). It is clear that if 100k ETH comes from a single institution, these are more discreet than a 100k YOLO deposit directly from an address.

As further analysis is required, we have downloaded the Etherscan custody contract transactions for June 22, 2021 and uploaded them to Excel. The dates are clear.

From the data collected for June 22, 2021, there are 1163 addresses that sent a total of 32 ETH to the custody contract, 133 addresses that sent 800 ETH to the custody contract and a further 11 that sent multiples of different numbers of 32 ETH.

For strangers, ETH 2.0 is the protocol change that Ethereum has been planning since its introduction and that will lead Ethereum from a proof-of-work to a proof-of-stake network. Proof of the share secures the network and receives the ETH for it. A validator starts at 32 ETH and is now obtained by paying 32 ETH into a deposit contract in the Ethereum mainnet, the current evidence of the work chain.

Deposits are a one-way street, as the entire ETH, including any interest income, will not be accessible until the network consolidation, which is currently unlikely by the end of 2022.

With a similar deposit of 800 ETH on the same day from 133 addresses, we are even more confident that 100,000 ETH will actually come from a single address. To confirm this, the addresses must have some similarity. In fact, a quick look shows that each address is sponsored by a common address.

Eureka! Saw a whale.

Our whale picture became clearer. Let’s look at how they do their job:

• At each new address, 800 ETH were deposited in the deposit agreement – 25 deposits are 32 ETH. The remaining 10 ETH has been sent to cover gas costs and once the deposit is complete, the remaining ~ 9.86 ETH will be sent to a common address at each address. These funds were eventually added to the deposit agreement.
• They laid the foundation for their plan on June 16 with a normal 100,000 ETH transaction (210 million US dollars at 2100 US dollars per ETH). 1 minute and 41 seconds to confirm. Gas price channels ‘somewhere between standard and fast’ make some channels serious: “Well, I don’t want to pay too much for this deal,” although for most of the plankton you use Ethereum is understandable, but surprisingly, it comes from such wealth Whales.
• With 100,000 ETH in the new wallet, they financed 133 new wallets in a period of 8 minutes, 810 ETH each for a total of 107,730 ETH.

For addresses financed with 100,000 ETH, according to Nansen, more than 258,000 ETH flowed (541.8 million US dollars at 2100 per ETH). Without clicking through each address, it appears that all of the ETH flowing through that address has been moved to the custody contract in a similar manner to that described above – starting with a transaction of 90,000 ETH on May 21st and 49,990 ETH trading on June trade 14.

Again, this address shows no signs of slowing down. At the time of writing this paragraph, the address for 6119 ETH and 792 ETH was funded twice. Given that Michael Saylor appears to be “selling office furniture,” this is almost certainly for the pledge agreement.

Looking at a 100,000 ETH transaction, it was funded from an Ethereum address owned by OG, which immediately received funds from an address that Nansen reveals that it received 100% of its 302,000 ETH from a wallet that Nansen used as crypto -Lender has marked Celsius.

The OG address in question has transactions from September 2016 and a look at their first ERC-20 transactions is a journey into the memory of r / ethtrader, including SPANK, KIN, FUN, OMG (Airdrop – still unsold ????????) and lots NOT CORRECT . They also receive regular deposits from BOND under a contract that Nansen has labeled as controversial, suggesting they are team members or early investors.

According to Nansen, their total activity is enormous, with 1.72 million ETH flowing in and out. There are only a limited number of OGs with this type of cash and trust in Ethereum, and it doesn’t look like they’re going anywhere anytime soon.