‘Smart Money’ Wallets Are Unloading APE, Filling Up on aSTETH, Nansen Data Suggests

“Otherdeed for Otherside” NFTs have seen the most activity in the last 24 hours, according to the on-chain analytics firm.

AccessTimeIconMay 2, 2022 at 9:17 p.m. UTC
Updated May 11, 2023 at 5:21 p.m. UTC
Layer 2
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Prolific and active cryptocurrency traders have been unloading Yuga Labs’ ApeCoin and filling up on Aave’s aSTETH, according to data from blockchain analytics firm Nansen.

Over the last 24 hours, $1.28 million worth of APE has flowed out of wallets that Nansen has categorized as belonging to “smart money,” more than any other token tracked by the firm.

Nansen considers a wallet to be “smart money” if it meets at least one of several tests, including:

  • It is known to belong to an investment fund
  • It has made at least $100,00 by providing liquidity to the decentralized finance (DeFi) protocols, SushiSwap and Uniswap, excluding so-called impermanent loss
  • It has made multiple profitable trades on a decentralized exchange (DEX) in a single transaction, through mechanisms such as “flash loans”

Typically, outflows are a harbinger of a decrease in asset prices. APE prices dropped as much as 16.8% over the past 24 hours following the public debut of the “Otherside” metaverse project, Yuga Labs’ biggest non-fungible token (NFT) product launch.

Smart Money token outflows in past 24 hours (Nansen)
Smart Money token outflows in past 24 hours (Nansen)

Best known for creating the Bored Apes Yacht Club (BAYC) NFT collection, Yuga Labs launched ApeCoin, an ERC-20 governance and utility token used for the ApeCoin decentralized autonomous organization (DAO). People who wanted to participate in the “Otherside” metaverse project would have to purchase an NFT with APE if they didn’t have a Bored Ape or Mutant. Each “Otherdeed” NFT, representing a title to virtual land in the “Otherside” metaverse, was on sale at a flat price of 305 APE.

Not surprisingly, among NFTs, the most actively traded collection in the last 24 hours has been Otherdeed for Otherside.

NFTs with the most activity in the past 24 hours (Nansen)
NFTs with the most activity in the past 24 hours (Nansen)

With just under 100,000 ETH in volume and generating roughly $285 million for Yuga Labs, Otherdeed for Otherside congested the Ethereum blockchain, costing traders more than $176 million in fees alone.

Yuga Labs tweeted, “This has been the largest NFT mint in history by several multiples, and yet the gas used during the mint shows that demand far exceeded anyone’s wildest expectations.”

In light of creating some of the highest gas fees in Ethereum’s history, Yuga Labs publicly apologized on Twitter for “turning off the lights on Ethereum for a while.”

Over the same 24-hour period, roughly $0.8 million worth of aSTETH has flowed into smart money wallets, the biggest inflow among tokens tracked by Nansen. Inflows are considered a bullish signal, but the value of aSTETH maintains roughly the same price level as ether.

Smart Money token inflows in past 24 hours (Nansen)
Smart Money token inflows in past 24 hours (Nansen)

aSTETH is Aave’s yield-bearing token for stETH, or staked ether, in Lido, the leading liquid staking solution. Even though Curve has the largest pool of stETH, with $4.7 billion in total value locked, Aave is another main destination for stETH, with $3.01 billion total stETH supplied. Smart Money inflows of aSTETH reinforce the popular narrative that staked ETH could be an ideal investment pathway for major institutional investors.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Sage D. Young

Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.