The $500 million bet on ETH 2.0 making waves! June 24-July 1

Whales can be bashful and clever creatures, but when you manage to catch one in action it’s a sight to behold — consider, for instance, the single entity responsible for depositing 100k ETH into the Eth 2.0 deposit contract from 133 different addresses last week.

Deposits into the ETH 2.0 staking contract have been picking up as of late, with 100k ETH pouring into the Eth 2 deposit contract on a single day last week. It caught the attention of the crypto space and, like most stories about on-chain activity, looking at the actual transactions and associated accounts can shed light on what went down. In this case, it seems the 100k ETH influx can be traced back to a single Ethereum address and a wallet that is responsible for funnelling upwards of 258k ETH ($541.8 million at 2100 per ETH) into the deposit contract.

Searching for the mega whale who is mega bullish ETH and Eth 2.0

Given the relatively steady increase the deposit contract has seen since launching in December, it is likely a single entity was behind last week’s unexpected surge. But can we prove it? Can it be reasonably shown that a single entity was behind the 100k ETH worth of deposits?

Unfortunately, actually finding the transactions and addresses on-chain was not a quick “first page of Etherscan” find.

In hopes of getting a quick win, the first place we checked was the largest total deposits made by a single address to the deposit contact. While this strategy did find one address that had recently deposited some 12,800 ETH across 400 transactions to the deposit contract, unfortunately, it was not the address of interest, as the date of the transactions (June 20, 2021) is a couple days too early and the amount is only ~13% of the total 100k ETH, even though “only ~13%” in this case is still over $26.8 million (at $2100 per ETH). It is clear that if the 100k ETH had come from a single entity, they were more discreet than a straight 100k YOLO deposit from one address.

A deeper analysis was…

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