Ever feel like you get into a trade late because you bought the top and ever since the price of the investment has continue to decline? If that is you this tool I recently stumbled on maybe something of interest to you.
Lets ask ourselves how do we find an edge toward trading crypto? One way is to follow the whales who position themselves in trades. Current free and easily accessible without any signup is DexScreener.
The site followings the blockchains of wallets for some of the most popularly traded blockchains:
Example above is the ETH crypto and the most popular decentralized exchanges. The site then filters from descending order the mostly traded pair with ETH down to the lease traded based on last hour of transactions from all the exchanges. I recommend filtering the pairs with volume instead to see where most of the money is flowing.
Today with crypto market as a whole being slightly down to mostly flat it is not a surprise that a lot of money is being traded between ETH and stable coins. Now select any top pair trade such as Wrapped ETH with USDC from Uniswap as it currently trading the most with $28 million in volume.
A new page will show the trading pair and the list of trades that happened during the day. Notice the bigger trade like over $1 million in sale as shown in the screen shot. The red text means its a sale. Initial sentiment can be derived that sellers are withdrawing from ETH.
The next piece is going to be the neat part and requires extra effort. at the line item with over $1 million in trade you can select the actual trade that got executed. The TXN is at the far right of the transaction line.
A new page comes up with ETH scan to identify the trade that occurred and which wallets did the exchange.
A few clicks in ETH scan we see the wallet transaction of the ETH to USDC trader actually has plenty of Wrapped ETH still in their wallet.
Although that was a large trader of over $1 million the wallet holder still maintains a little over 5.6k ETH in their wallet. This maybe some sort of taking profit trade.
Conclusions
Blockchains provides the transparency we want in transactions. It is pretty amazing how small to very large trades are all tracked. DexScreener makes it easy to find these transactions and the site site is updating transactions instantaneous.
If you ever curious where the big whales are moving their money into using DexScreener is one way to fine those whales and what they are trading. Often following where they trade can help guide where sentiment is for the crypto in focus. Again DexScreener tracks many of the top decentralized exchanges and top altcoins.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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Since I put up a Hive Engine Witness node I can sit there and read the logs and see all the transactions.
I came to the blockchain because of the transparency. If a person is a whale it is there in print for the world to see.
Sounds like a great tool, kind of like a rich person monitor.
Well I always like your post as source of entertainment and investor need such entertainment indeed. You may not a crypto adviser but more knowledgeable in crypto world. Keep sharing such nice crypto trade related blogs. Thank you!
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I like trading crypto currency and other forex pairs. Just that I like to trade crypto with ftx crypto currency and invest with my binance.
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This is definitely a good tool. Thanks for sharing. I will add it up to my list.
Thumbs up!!!
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This is some really interesting info. Thanks for sharing.
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Interesting tool, it like a smaller scale/basic on-chain analysis. Thanks for sharing!
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Great thanks for sharing this tool
I am sure this will come in handy
Have a blessed and a successful week
@mawit07
:)