Whales cut $28.9 million of LBTC in a week. Smart money bought just $127,900
Lombard's bitcoin token on Ethereum was the most sold token in DeepSea's weekly data, by a wide margin. Whales also cut $6.47 million of ARB, with DeepSea flagging moves to cold storage.
Key points
- Whale wallets cut their LBTC holdings on Ethereum by $28.86 million from October 26 to November 1, DeepSea shows, while smart money added $127,900.
- That made LBTC the heaviest-sold token in the report at minus $28.73 million combined, more than four times the next one.
- Whales also cut $6.47 million of ARB on Arbitrum, with DeepSea flagging moves to cold storage and out of exchanges.
What DeepSea's data shows
DeepSea's weekly token-flow table puts LBTC on Ethereum at the top of the selling list. Whale wallets (wallets holding very large balances) showed a net change of minus $28.86 million. Smart money wallets went the other way, buying $127,900 and selling nothing. With KOLs at zero, the combined net was minus $28.73 million. DeepSea's signal: "SM buying, Whales selling."
Second on the list was ARB on Arbitrum at minus $6.47 million from whales, with smart money at +$8,100. Here DeepSea added two more flags: "To cold storage" and "Exchange outflow." Its Asian exchange data also shows a net $16.23 million of ARB leaving those exchanges ($12.36 million in, $28.58 million out).
Data: DeepSea (desea.io), checked November 3, 2026, 6:40 p.m. ET.
What is LBTC?
LBTC is a bitcoin token from Lombard. CoinGecko describes it as backed one to one by bitcoin and earning Babylon staking yield, so holders can use their bitcoin in DeFi apps on Ethereum. At 6:40 p.m. ET on November 3 it traded at $77,690, close to bitcoin's $77,811, with a market value of about $507.7 million.
So the drop in whale holdings equals about 5.7% of LBTC's market value. That is a large share for a single week.
Selling, or just moving?
DeepSea measures how much whale wallets' holdings changed. A drop can mean a sale, a swap back to plain bitcoin, or a transfer to a wallet DeepSea does not class as a whale. The report does not say which, and it does not name the wallets. For ARB, DeepSea also flagged moves into cold wallets, but the report does not say how much of the whale drop went there.
Heaviest net selling, October 26 to November 1
US$ million
Smart money, whales and KOLs combined. Source: DeepSea weekly report.
A change for ARB
One week earlier, whales were buying ARB, as we reported in our earlier DeepSea whale story. ARB traded at $0.1588 at 6:40 p.m. ET on November 3, up 2.3% in 24 hours, with a market value of about $1.10 billion (CoinGecko).
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- The data does not show why whale LBTC holdings fell, who held them, or whether any coins were sold. Smart money buying of $127,900 was tiny next to the drop.
- For ARB, the cold storage and exchange outflow flags are not the usual signs of a rush to sell, though the report does not show where every coin went.
- The scale stands out: a drop equal to about 5.7% of LBTC's market value in one week is large for a token meant to track bitcoin one to one.
What's next
- Whether LBTC's market value drops in the coming week
- Whether whale selling of LBTC continues in DeepSea's next report
- ARB exchange balances on Asian exchanges
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
