The amount of ETH staked is still showing signs of investor confidence. Data from blockchain analytics firm Nansen shows daily net profit and loss for all NFT trading smart money addresses. Since April 1, there have been 27 days of profitable NFT trading and nine days of negative returns for Smart Money wallets.
- Nansen considers a wallet to be Smart Money if it is historically profitable meaning it meets at least one of the following conditions:
- Among the top 100 addresses for estimated return of their current NFT portfolio and top 100 addresses based on the hodler score metric.
- Have at least five times the realized return on multiple NFT collections minted in the last 60 months.
- Made multiple trades on a decentralized exchange in a single profitable transaction.
- Belonging to an investment fund specializing in crypto investment and management.
Since April 1, Smart Money has invested 4,864 ETH, returned a total of 17,581 ETH and collected 12,717 ETH in NFT trading.
It is clear that smart money is not a mistake, just as every trade is profitable, as shown by a few red bars. The biggest loss for smart money wallets trading NFTs was on May 1, the day Yuga Labs released its Otherdeed NFT collection, where investors spent over 64,000 ether on fees alone.
In the last 24 hours, $2.18M worth of RETH and $460,000 worth of aSTETH poured in
Despite being in a period of extreme fear, smart money traders are still accumulating RETH and ASTETH staking.
rETH is a token for Rocket Pools users representing their locked ETH on the Ethereum Beacon Chain and in comparison, aSTETH is Aave’s yielding token for stETH, which represents staking ether in the protocol by Lido.
RETH and ASTETH smart money flows during a time when market participants are frequently apprehensive proves ETH’s appeal.
Smart LP, one of Nansen’s many smart money wallets, is identified as a wallet that earns at least $100,000 by providing liquidity to the decentralized finance (DeFi) platforms SushiSwap and Uniswap.
In addition to this transaction, just over $400,000 APE, the ApeCoin DAO governance token, moved out of smart money wallets on Friday, continuing their recent trend of APE unloading.
Despite Yuga Labs NFT collections having a high floor price and consistently high volume of activity, the token involved also failed. Every day since Monday, APE has been one of the top tokens leaving the wallet. From Monday to Friday, a total of about $3.7M worth of APE flowed out from smart coin holdings. In the same time frame, the APE price dropped nearly 23% from a high of $17.21 to $13.26, according to CoinMarketCap data.
Nansen is one of many companies that analyze public information on crypto transactions, Chainalysis and the like, whose services are more geared towards giving investors an edge than helping the real agency. Law enforcement catches the bad guys.
While crypto addresses appear on public blockchains as seemingly random strings of letters and numbers, Nansen uses algorithms, private investigations, and user-submitted information to make inferences. about the entities behind the pseudo-wallet. However, it is important to note that past performance is no guarantee of future results.