whail

Latest on ethereum:0x31eea0edeb85b0cb65c1400bd2f4e487fd61b537 PA based on onchain analysis. About 61% of the Genesis airdrop has left the recipients' wallets, and roughly 56% of the total looks actually sold. On wallets, 2,129 (71%) are now at zero, up from about 68% before. The airdrop selling has largely stalled, with a4 and a66 the main ones still selling. Some comparisons, $UNI: 82.5% of airdrop wallets were out by day 90. It bottomed at $1.93 in Nov 2020, then ran about 23x. $ARB: 84.5% of wallets were out by day 30 and 88.8% by day 90. It bottomed at $0.76 in Sep 2023, then ran 3.2x. solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN : 94.4% of wallets were out by day 90. It bottomed at $0.47 in Feb 2024, then ran 3.9x. $PENGU: 74% of wallets were out by day 7 and 87% by day 90. It bottomed at $0.0039 in Apr 2025, three weeks after that, then ran about 12x. $LIT: about 64% of tokens sold and 82% of wallets out. It bottomed at $0.78 in Mar 2026, then ran about 7x. ethereum:0x31eea0edeb85b0cb65c1400bd2f4e487fd61b537 on day ~33: about 61% of tokens sold and 71% of wallets at zero. What stands out about ethereum:0x31eea0edeb85b0cb65c1400bd2f4e487fd61b537 is that it's trading around 3x its day-1 price even after all the airdrop selling. New buyers keep stepping in at higher valuations. And this has happened with barely any announcements from the team. Most of the supply has already changed hands at higher prices, so any catalyst from here hits a much cleaner setup. Feels like a deliberate design choice from @tread_fi. Holding 100k ethereum:0x31eea0edeb85b0cb65c1400bd2f4e487fd61b537 gets you a 50% fee discount, and the next tier is all the way up at 1M. So for most whales, 100k is the natural place to stop. You can see it on-chain: wallets with 200–300k selling down and stopping right around 100k. The extra supply goes to new buyers at higher prices. Whales get trimmed, new holders come in at higher entries, and distribution gets healthier without a crash. A 60–70% tier at 250k would have locked people in instead and slowed all of this down. But tread team seems like wanted more distribution from whales.

Since Sep 27, a group of large wallets has been buying $TREAD at $0.90 and above. > 12 wallets bought ~1.6M TREAD on the open market at an average of $0.90+ (market maker excluded) > ~1.0M of that is still held by 8 wallets, with entries mostly between $1.00 and $1.20 > The 16 largest recent buyers together hold ~2.7M TREAD, about 21% of the 13M circulating supply, at an average price above 0.9. > Several are single positions of 75k–250k TREAD These are new holders with a much higher cost basis than airdrop recipients, buying in size at current prices. On the supply side: > Holding 100k TREAD gives a 50% fee discount on TreadFi, so most large airdrop wallets have a reason to keep at least 100k instead of exiting fully > That makes a meaningful part of whale balances effectively sticky supply Upcoming demand drivers: > Exchanges integrating through TIP-4 are expected to need TREAD, reportedly around 100k each (exact amounts not public) > The Agent Marketplace requires TREAD to list agents > A potential Season 2 would add trading volume, which drives the builder fees the platform earns More volume means more fees, and if buybacks are introduced, fee growth would feed directly into demand for TREAD. Data: Hyperliquid on-chain fills and TWAP history. Not financial advice.