I analyzed the top 10 Crypto Wallets. Here are the insights & takeaways.
I just analyzed the top 10 crypto wallets to understand what they're doing. Here are the trends, takeaways & insights. June edition.
I analyzed the top 10 wallets on DeBank to gain insights.
This thread contains an overview & takeaway from every single one of the top 10 wallets. I did this before in April. If you want to read that it’s over here (although it’s a bit outdated). Here is the June version.
If you want to look at the common trends & holdings across all of them directly, skip to the end.
Some disclaimers.
These are the top 10 wallets according to Debank’s ranking
These only include ETH & EVM chains
These wallets represent 1 hot wallet. Whales have multiple wallets & spread them out. This won’t include all their holdings. Their networth is likely larger than the value of this single wallet on Debank.
10. FOMO
Wallet size: 590K
NFT portfolio: 80K
Chain breakdown:
340K on ETH (58%)
239K on Optimism (41%)
Wallet holdings:
sUSD - 230K
CTX - 55K
Protocol Deposits:
Lido - $127K
Staking 104 ETH
Temple DAO - $90k
Staking 134K TEMPLE
ETH2
Staking - 32ETH 1
Euler - 11k
lending 1.1k ENS
Synthetix - $5.3K
supplied 2.5K SNX
Borrowed 1.2K sUSD
Convex - $3.3K
FXS + cvxFXS pool
Charm - $3K
WBTC + USDC
Takeaways:
Primarily on ETH & Optimism ( betting on ETH ecosystem in this market)
FOMO was primarily on Cronos & Aurora 1 & half months ago, now primarily on ETH.
Stables heavy (liquid)
Staking ETH ahead of ETH merge
9. Analytico
Wallet Size: 108M
Chain Breakdown:
108M on ETH (100%)
Wallet Holdings
USDC - $10.8M
USDT - $7M
ETH - $6.5M (5.2K ETH)
rETH - $4.4M (4k rETH)
WBTC - $1.07M (50 WBTC)
WETH - $1.05M (853 WETH)
FRAX - $690K
SWISE - $400K
Protocol Deposits
Maple Finance - $20.58M
Farming USDC & ETH
Aave V2 - $17.79M
Lending USDC (16M)& ETH (3.7k ETH)
Borrowing $3M sUSD
Staked Aave
Convex - $14.9M
ETH + stETH ($12.4M)
CRV + cvxCRV ($637K)
cvxCRV ($15.7K)
Locked CVX ($1.8M)
Bancor - $5.4M
DAI + USDT + USDC
ANKR - $4.66M
Staked ankrETH
Alchemix V2 - $3.43M
Staked alUSD
Saddle - $2.9M
Farming sUSD + DAI + USDC + USDT
tBTC + WBTC + renBTC + sBTC
RAILGUN - $2.6M
Staked RAIl
Uniswap V3 - $1.6M
LP rETH2 + sETH2
LP ETH + sETH2
Armor - 979K
arNXM + ETH
Takeaways:
All in ETH
Wallet has large amount of stables (~18M). Stables are diversified (USDC, USDT, FRAX)
Big in blue chip defi protocols (Convex, Aave)
Holding & staking large amounts of ETH
Primarily earning yield on stables & ETH
Seems to be playing it safe & staying liquid while earning yield on low risk plays. Must be looking to buy huge positions at a discount soon.
8. BoredApe
Wallet size - $4.3M
Chain breakdown:
$4M on ETH (91%)
$153K on Arbitrum (4%)
$129K on Avax (3%)
$80.7K on Optimism (2%)
Wallet Holdings ($4M)
USDC - $3.2M
ETH - $441K (328 eth)
APE - $111K
XMON - $87K
PAXG - $85K
Protocol Deposits:
GMX - $156K
Staked GLP, GMX, esGMX
Aave V3 - 88K
supplied WAVAX
Uniswap V3 - 52K
LP WETH + USDC
Hop Protocol - 24k
LP WETH + hETH
0xmons - 11K
XMON + ETH
LooksRare - $10K
LOOKS
TreasureDAO - $10K
Staked MAGIC
Curve - $8.9K
locked CRV
Takeaways:
Primarily on ETH
Stables heavy ( holding & farming them)
Primarily just holding assets. Most assets are in the wallet (4M/4.3M in wallet)
7. fewture
Wallet size - $1.29M
Chain breakdown
991K on ETH (77%)
300K on Optimism (23%)
Wallet holdings ($42.6K)
ETH - $25K (20 ETH)
AGLD - $4.6K
OP - $4.3K (7.3K IOP)
ETH on OP - $2.5K (2 ETH)
WETH on OP - $1.2K
SDL - 1K
Protocol deposits
Curve - $433K
Locked CRV
LP DAI + USDC + USDT
Convex - $356K
Staked CRV + cvxCRV & cvxCRV
Locked CVX
Synthetix - $203K
Supplied SNX
Borrowed sUSD
SharedStake - $166K
Staked 135 ETH
Curve (OP) - 87K
farming sUSD + DAI + USDC + USDT
Takeaways:
Primarily on ETH & OP
primarily in stables, ETH & blue chip protocols like convex
Earning yield on stables
Playing it safe.
Fewture seems to like ETH & ETH L2s a lot. Even the last time I looked over this profile, it was heavily in ETH & OP.
6. EverydayWhale
Wallet size: $13.3M
NFTs Net Worth: $266,738
Chain breakdown:
$12.3M on ETH (92%)
$484K on polygon (4%)
$231K on BSC (2%)
$225K on FTM (2%)
Wallet holdings - $1.26M
WBTC - $904K (42 WBTC)
MKR - $81K
WBTC on OP, polygon, Arbitrum - $42K on each (2WBTC)
WETH - $38K (31K WETH)
BADGER - ($24K)
Protocol Deposits:
Maker - $5.1M
Supplied wstETH
Borrowed DAI
BadgerDAO - $3M
earning yield on ibBTC + renBTC + WBTC + sBTC, BADGER, CVX, DIGG
Uniswap V3 - $1.8M
WBTC + USDC
rETH + ETH
ETH + CRV
CVX + ETH
1INCH + ETH
& more
Babylon Finance - 433K
Staked ETH & BABL
Aave - 334K
supplied ETH, UNI, YFI, LINK
Borrowed USDT
Ellipsis - 230K
farming BTCB + renBTC
Locked EPX
Curve - 430K
farming BTC + renBTC ( on fantom)
LP WBTC + renBTC (on polygon)
Balancer - 430K
LP WBTC + renBTC ( on polygon)
LP WBTC + renBTC + sBTC
Takeaways:
Primarily on ETH
Lots of WBTC
Farming eth, btc & stables and eth & BTC backed assets
5. Miyazaki
Wallet size: $2.9M
Chain breakdown
$1.6M on Polygon (55%)
$940K on Fantom (32%)
$244K on Cronos (8%)
$98K on ETH (3%)
$20k on Metis (1%)
Wallet Holdings - $118K
USDC - $55K
ETH - $43K (34 eth)
Qi - 17K
Protocol deposits:
QiDAO - $806K
Locked Qi
Giddy - 761K
Farming DAI
Beefy - $900K
Farming beFTM & BIFI (on FTM)
Farming BIFI (on Cronos)
SpookySwap - 216K
farming WFTM + beFTM
Beethoven X - $75K
farming WFTM + beFTM
Takeaways
Primarily on Polygon & Fantom
When I analyzed Miyazaki’s wallet in April, the wallet was heavy in Fantom (85%) & had 17% of the portfolio is Polygon. While still mainly in FTM & polygon, the breakdown changed to 45% & 55% respectively.
Big on QiDAO
4. vitalik
Wallet size: $1.06M
Chain breakdown:
$874K on ETH (82%)
$157K on Arbitrum (15%)
$31K on Optimism (3%)
Wallet Holdings - $60K
MAGIC - $42K
HOP - $8K
sUSD (on OP) - 6.9K
MATIC - $686
Protocol Deposits:
Convex - 635K
Staked rETH + wstETH
locked CVX
Inverse - 143K
Supplied WBTC, ETH, SUSHI, YFI
Borrowed WBTC
GMX - $71.8K
staked GLP, esGMX
Llama Airforce Union - $43K
yield on FXS + cvxFXS & cvxCRV
TreasureDAO - 37K
staked MAGIC
Synthetix (on OP) - 23.7K
Lending SNX
Borrowing sUSD
LIDO - 23.6K
Staked stETH
Rari Capital
lending MATIC
Takeaways:
Primarily on the ETH ecosystem
Holding large position of MAGIC
Staking ETH & eth backed coins
There haven’t been too many changes since my last analysis in April
3. YFImaxi
Wallet size: $4.7M
Chain breakdown:
4.05M on Eth (86%)
307K on Harmony (7%)
90k on DFK (2%)
87k on Polygon (2%)
Wallet holdings - 3M
LDO - 1.028M
ETH - $272K (223 ETH)
1USDC - $248K
FRAX - $215K
SYN - $141K
WETH - $138K
XMON - $135K
& more
Protocol Deposits:
Across V2 - $490K
LP ETH (400 ETH)
Balancer V2 - $468K
Farming LDO + ETH
Fixedforex - $413K
locked KP3R
Curve - 138K
Locked CRV
GMX - 72K
staked GMX
DeFi Kingdoms - 71K
Farming CRYSTAL + AVAX, CRYSTAL + USDC
Tokemak
Farming TOKE
Takeaways:
Primarily on ETH
Has a p big position in Harmony (7% of wallet)
Lots of ETH staking & big position of LDO
Haven’t been too many changes since my last analysis
2. PennilessWassie
Wallet size: $17. 7M
Chain breakdown:
17M on ETH (96%)
400K on Arbitrum (2%)
$258 (1%)
Wallet Holdings - $83K
sUSD (on OP) - 39K
sUSD - 37K
Protocol Deposits:
Frax - $6.7M
FXS locked
farming FXS + FRAX
Convex - 5.06M
locked CVX
PUSd + DAI + USDC + USDT
Liquidity - 3.09M
lending ETH (3K eth)
borrowed LUSD
farming LUSD
Staked LQTY
Curve - 1.67M
Locked CRV
Vesta Finance - $384K
supplied gOHM
borrowed VST
Synthetix - $430K
lending SNX
borrowed sUSD
Takeaways:
Primarily on ETH (96% of wallet)
Most of the wallet is being put to work (17.6M are deposited in various protocols)
Big on Frax ( 5.5M locked in FRAX)
Farming stables on blue chip platforms
1. Ethereum
Wallet Size: $21.5M
Chain breakdown:
$9.8M on Eth (46%)
$9.4M on Avalanche (44%)
$1.16M on Arbitrum (5%)
$600k on BSC (3%)
$375K on fantom (2%)
Wallet holdings - $811K
VOLT - 332K
BIT - 46K
SHIB - 43K
BNB - 41K
WXT - 38K
& more
Protocol Deposits:
Yeti Finance - $3.57M
Farming YUSD + USDC + USDt, YUSD & YETI
lending WBTC.e , USDC
borrowed YUSD
Vector - $2.85M
farming USDC, USDT, YUSD, USDt + WAVAX, WAVAX
Aave V3 - $2.57M
Lending WBTC.e, WAVAX, LINK, AAVE, USDT
Borrowed USDC
Convex - $2.4M
staked USDT + WBTC + ETH, ETH + CVX, Silo + FRAX, ETH + CRV
Locked CRV
Aave V2 - $1.2M
Supplied LINK, WBTC, REN UNI, SNX, CRV
Borrowed USDC
Liquidity - $873K
Farming LUSD
supplied ETH
Borrowed LUSD
Maple Finance - $804K
farming USDC
Takeaways:
Primarily on ETH (46% of wallet) & AVAX (44% of wallet)
Large positions in a bunch of alt coins
Putting stables to work. Borrowing stables & farming them on various protocols
Back in April, this wallet had 20% in fantom. Now it’s only 2%
Conclusion & Overall Takeaways
Takeaways & trends from the top 10 wallets:
1. Ethereum is the chain of choice.
In April, when I looked over the top 10 wallets, the chain of choice ( the chain where they’d a majority of their assets) was distributed. 6/10 wallets were primarily on ETH. But wallets had sizeable positions on different chains.
Things are looking different now.
9/10 wallets are primarily on Eth. Additionally, these whales have significantly increased their holdings of Arbitrum & Optimism.
In this bear market, ETH seems to be what everyone trusts. In the last cycle, a lot of ETH killers came up. But now, everyone is moving to ETH.
The ETH killer narrative may die with this cycle & only ETH & a few other L1s may survive.
2. Increase in Eth L2s
I’ve noticed an increase in ETH L2s. A lot of these whales now have positions in Optimism & Arbitrum.
4/10 wallets have positions on Optimism. #10 wallet FOMO has 41% of assets on OP. #7 wallet Fewture has 23% of assets on OP.
4/10 wallets have positions on Arbitrum. #4 Wallet Vitalik has 15% of assets on Arbitrum
With ETH being everyone’s pick in the bear market, it makes sense that ETH L2s are gaining more attention. Additionally, there seems to be a narrative shift overall from ETH killer L1s to ETH L2s.
3. Less Fantom
In April, an interesting observation was that 6/10 wallets had position on fantom.
Now, there isn’t as much fantom. Only 3/10 wallets have position in Fantom.
Of these 3, two wallets only have 2% of their portfolio in Fantom.
However, #5 Miyazaki is still big on Fantom. In April, 85% of Miyazaki’s portfolio was on Fantom. Now, 32% of the wallet is on Fantom.
Overall, there is definetely a lot less Fantom.
4. Stablecoins
All of the wallets have significant stablecoin holdings. A large portion of each wallet is in stablecoins. This is presumably to be liquid & earn low risk yield. These whales are liquid & waiting.
When the dust settles, these guys will likely be great discounts & amazing opportunities.
Being liquid is key for anyone - Whale or not. Stables are a great way to do this.
These guys are also diversified in their stables, the most popular being USDC, USDT, FRAX
5. Top Tier protocols.
Most of the whales are almost solely in the top tier defi protocols ( Aave, Curve, etc). This is to minimize risk of the protocol blowing up & earn some yield.
This was something I noted last time as well, however, now, they are primarily focused on the battle tested protocols. In April, I saw some more degen stuff.
6. ETH staking & the merge.
In anticipation of the merge, every whale is holding & staking ETH.
Some common plays:
Lido staking
Rocketpool
Maximizing yield through putting staking rewards on Curve
While eth staking was prevalent last month as well, it has increased significantly now.
And that’s it.
I hope this was insightful. I’ll publish a more detailed look into the common trends & takeaways soon, follow to keep up!
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