Outstanding on-chain events last week (January 22 - January 27)

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27 Jan 2024

Total BTC ETF Spot cash flow - Cause OKB dropped 50% - Celsius sold more than 1 billion USD ETH

In the on-chain summary article for the 4th week of January 2024, Coin68 invites readers to take a look at the update on the cash flow into BTC ETF Spot, the cause of OKB's 50% decrease and the impact on its ETH transactions. Celsius puts great selling pressure on this token.

1. BTC ETF Spot Cash Flow

Arkham Intelligence recently revealed it had identified the wallets of four out of ten Bitcoin ETFs. The company has previously disclosed information about GBTC's bitcoin holdings, and with this latest information, Arkham claims to have identified half of the ETFs.

Addresses believed to be owned by BlackRock and related to the IBIT fund have been published, but the number of bitcoins residing in these addresses is slightly less than the total reported by IBIT. The investigation also pointed to the hosting addresses of Franklin Templeton's EZBC fund, Fidelity's Wise Origin bitcoin fund (FBTC), and Bitwise's BITB fund.

Notably, Coinbase Custody manages the assets of all identified ETFs, except for Fidelity's fund, for which Fidelity uses its own proprietary service.

By identifying the ETF tracks, we can see the money moving, the most prominent of which is Grayscale's GBTC transfer. According to continuous updates from Lookonchain, as of January 27, Grayscale has sent more than 113,129 BTC ($4.64 billion) to Coinbase Prime since the Bitcoin Spot ETF was approved.

However, Arkham has taken note whenread GBTC transferby Grayscale. GBTC moving to new wallet addresses may be to settle the previous day's trading activity.

Currently, Grayscale holds 502,043 BTC (21.01 billion USD) .

GBTC Grayscale holds. Source: Arkham Intelligence (Photo taken on January 27)

Although GBTC remains at the top in terms of Assets Under Management (AUM), BlackRock's IBIT and Fidelity's FBTC have succeeded in amassing over $1 billion in assets, accounting for the majority of inflows.

In terms of BTC outflows of approved ETFs, according to statistics from BitMEX Research, outflows from GBTC are decreasing.

Measure the outflow level of GBTC. Source: Bloomberg Finance

Total BTC ETF Spot cash flow in 10 days (January 11 - January 25) reached more than 744.6 million USD .

Total cash flow of BTC ETF assets from January 11 - January 25. Source: BitMEX Research

2. Doubts surrounding OKB token price reduced by 50%

On the afternoon of January 23, the native token of the OKX exchange suddenlysignificant decreasewhen the token price fell from 52 USD to a low of 25 USD before gradually stabilizing. This rapid decline has given rise to concerns in the community.

Explaining this phenomenon, OKX believes that the decrease in OKB price is related to the general downtrend of the entire market on the afternoon of January 23, 2024, but OKX commits to compensate users who experience damage.

OKB price chart reduced by 50%. Source: Tradingview

However, the on-chain analysis platform believes that OKB dumping more than 50% of the value is very "suspicious".

Previously on January 16, 2024, Spot On Chain warned that 10 inactive whale wallets sent a total of 176,154 OKB (equivalent to 9.58 million USD) to OKX, with an average sending price of 54 .41 USD .

These 10 wallets have historically withdrawn varying amounts of tokens from 17,548 OKB to 17,690 OKB from OKX at an average price of 6.60 USD on February 20, 2020. Estimated cost is about 1.16 million USD .

Address of 10 whale wallets. Source: Spot On Chain

The wallet profit is estimated at 8.42 million USD, an increase of 725% compared to the capital spent 4 years ago.

Profit when selling OKB. Source: Spot On Chain

Based on the observed fund movements, there is a high possibility that these 10 wallets could be linked to a certain individual or organization.

3. Celsius continues to sell ETH

For about a month now, on-chain analysis platforms have reported that Celsius has been continuously selling ETH. Within 30 days, Celsius sold approximately $250 million worth of assets, including Ethereum.

While Ethereum should begin to recover after the market correction, Celsius continuously sold ETH net and recently on January 26, this organization transferred about 459,561 ETH (1.014 billion USD) to centralized exchanges, This move killed ETH's recovery momentum.

ETH transfer from Celsius. Source: Etherscan

Specifically, this 1 billion USD ETH is distributed as follows:

297,454 ETH ($656.5 million) to Coinbase Prime
146,507 ETH (323.3 million USD) to Paxos Treasury
7,800 ETH (17.2 million USD) to FalconX
7,800 ETH ($17.2 million USD) to Coinbase

With large amounts of ETH transferred to Coinbase and Paxos, Arkham Intelligence recorded a total of 13 transactions made within an hour.

ETH transfers with 13 transactions. Source: Arkham Intelligence

According to Spot On Chain, most of the 297,454 ETH sent to Coinbase was distributed to 12 new wallets and may be part of an OTC deal.

New group of 12 wallets receive ETH from Celsius. Source: Spot On Chain

On January 24, Celsius also transferred 575,081 ETH using addresses labeled Celsius Network: Staked ETH and Celsius Network: Eth2 Depositor in an internal transaction.

Overall, from November 13, 2023 to present, Celsius has transferred 757,626 ETH to FalconX, Coinbase, OKX and Paxos and Celsius holds 62,469 ETH, worth $138.8 million at current prices.