Overview of Bitcoin’s Price Surge
Between October 11 and 24, Bitcoin (BTC) experienced a remarkable surge, climbing from $26,000 to $35,000—a 30% increase in under two weeks. This rally reignited bullish sentiment among investors, especially following news about BlackRock’s Bitcoin Spot ETF progress. But while BTC dominated headlines, crypto whales were actively trading altcoins.
Key Findings:
- 10 whales executed trades involving tokens like KIMCHI, LDO, LINK, PEPE, RLB, SUSHI, BITCOIN (meme token), FTM, and UNI.
- Net buys totaled $14.9M, while net sells reached $9.8M.
- Ethereum (ETH) showed weaker accumulation signals than BTC, per VPVR analysis.
Whale Activity Breakdown
Methodology
- Analyzed Ethereum on-chain swaps >$300K between October 11–24.
- Used VPVR (Volume Profile Visible Range) to assess support/resistance levels for BTC and ETH.
What Is VPVR?
VPVR maps trading volume distribution across price levels. Key takeaways:
1. High-volume nodes indicate strong support/resistance zones.
2. POC (Point of Control): Price level with the highest trading volume.
3. 70% Volume Area: Highlights dominant accumulation/distribution ranges.
👉 Discover how VPVR can refine your trading strategy
Bitcoin (BTC & Wrapped Variants)
- 98 transactions: 64 buys (1,343 BTC/$40.3M) vs. 34 sells (1,493 BTC/$47.5M).
- Net buyers: 45 whales accumulated 1,219 BTC ($36.5M).
- Net sellers: 19 whales offloaded 1,369 BTC ($43.6M).
VPVR Insights
- FTX Collapse (Nov 2022): Significant buy-side volume at lows.
- 2021–2023 Range: Strong accumulation between $16K–$25K (270-day window).
Ethereum (ETH & LSD Tokens)
- 150 transactions: 92 buys (61,280 ETH/$100.9M) vs. 58 sells (31,220 ETH/$55M).
- Net buyers: 40 whales added 52,790 ETH ($86M).
- Net sellers: 22 whales sold 22,731 ETH ($40M).
VPVR Insights
- ETH’s rebound lacks BTC’s robust volume support above $1,530, signaling potential sell pressure.
Altcoin Whale Movements
| Token | Net Buy Volume | Net Sell Volume | Key Whales |
|---|---|---|---|
| CRV | $360K | – | 1 buyer |
| FXS | $901K | $2.27M | Mixed |
| LINK | $6.27M | $735K | 10 buyers |
| PEPE | $460K | $1.17M | 1 seller |
| RLB | $7.9M | $5.7M | 8 buyers |
👉 Explore altcoins with high whale activity
FAQs
Q1: Why track whale transactions?
A: Whale movements often precede market trends, offering liquidity and sentiment clues.
Q2: Is ETH’s VPVR weakness a sell signal?
A: Not necessarily—it suggests cautious momentum compared to BTC’s stronger demand zones.
Q3: Which altcoin had the highest net buys?
A: RLB led with $7.9M in net purchases by 8 whales.
Q4: How reliable is VPVR for short-term trading?
A: Best used with other indicators (e.g., RSI, MACD) to confirm breakout/breakdown levels.
Q5: Did whales favor memecoins?
A: Mixed activity—PEPE saw sells, while KIMCHI/BITCOIN (meme) had limited buys.
Q6: What’s next for BTC post-rally?
A: Watch VPVR’s $25K–$35K volume cluster; sustained buys could fuel a run to $40K.
Key Takeaways
- Whales accumulated BTC/ETH but with divergent volume strength.
- Altcoin focus: LINK and RLB led buys; PEPE/FXS faced sell pressure.
- VPVR tool: Critical for identifying high-conviction price levels.
Data reflects on-chain activity from October 11–24, 2023. Always DYOR before trading.