I analyzed the top 10 crypto wallets to understand what they’re doing. Here are the takeaways, insights, trends from the top 10 crypto wallets. 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. If you want to look at the common trends & holdings across all of them, skip to the end (link to substack version below) 2/

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. 3/

This may be easier to read as an article. Here's the same thread on my substack https://covduk.substack.com/p/i-analyzed-the-top-10-crypto-wallets 4/

10. FOMO @ThinkingETH • Wallet size: 590K • NFT portfolio: 80K Chain breakdown: • 340K on ETH (58%) • 239K on Optimism (41%) Wallet holdings: • sUSD - 230K • CTX - 55K Protocol Deposits: 1. Lido - $127K • Staked 104 ETH 2. Temple DAO - $90k • Staked 134K TEMPLE 5/

3. ETH2 • Staking - 32ETH 4. Euler - 11k • lending 1.1k ENS 1. Synthetix - $5.3K • supplied 2.5K SNX • Borrowed 1.2K sUSD 2. Convex - $3.3K • FXS + cvxFXS pool 3. Charm - $3K • WBTC + USDC 6/

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 https://debank.com/profile/0x3ec6732676db7996c1b34e64b0503f941025cb63

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 8/

Protocol Deposits 1. Maple Finance - $20.58M • Farming USDC & ETH 2. Aave V2 - $17.79M • Lending USDC (16M) & ETH (3.7k ETH) • Borrowing $3M sUSD • Staked Aave 3. Convex - $14.9M • ETH + stETH ($12.4M) • CRV + cvxCRV ($637K) • cvxCRV ($15.7K) • Locked CVX ($1.8M) 9

4. Bancor - $5.4M • DAI + USDT + USDC 5. ANKR - $4.66M • Staked ankrETH 6. Alchemix V2 - $3.43M • Staked alUSD 7. Saddle - $2.9M • Farming sUSD + DAI + USDC + USDT • tBTC + WBTC + renBTC + sBTC 8. RAILGUN - $2.6M • Staked RAIL 10/

9. Uniswap V3 - $1.6M • LP rETH2 + sETH2 • LP ETH + sETH2 10. 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) 11/

Takeaways • 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. https://debank.com/profile/0xa0f75491720835b36edc92d06ddc468d201e9b73 12/

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 13/

Deposits: 1. GMX - $156K • Staked GLP, GMX, esGMX 2. Aave V3 - 88K • supplied WAVAX 3. Uniswap V3 - 52K • LP WETH + USDC 4. Hop Protocol - 24k • LP WETH + hETH 5. 0xmons - 11K • XMON + ETH 6. LooksRare - $10K • LOOKS 7. TreasureDAO - $10K • Staked MAGIC 14/

8. 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) https://debank.com/profile/0x188c30e9a6527f5f0c3f7fe59b72ac7253c62f28 15/

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 16/

Protocol deposits 1. Curve - $433K • Locked CRV • LP DAI + USDC + USDT 2. Convex - $356K • Staked CRV + cvxCRV & cvxCRV • Locked CVX 3. Synthetix - $203K • Supplied SNX • Borrowed sUSD 4. SharedStake - $166K • Staked 135 ETH https://debank.com/profile/0x1d5e65a087ebc3d03a294412e46ce5d6882969f4/nft 17/

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. 18/

6. EverydayWhale @whale_everyday 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 https://debank.com/profile/0x26fcbd3afebbe28d0a8684f790c48368d21665b5

• WBTC on OP, polygon, Arbitrum - $42K on each • WETH - $38K (31K WETH) • BADGER - ($24K) Protocol Deposits: 1. Maker - $5.1M • Supplied wstETH • Borrowed DAI 2. BadgerDAO - $3M • earning yield on ibBTC + renBTC + WBTC + sBTC, BADGER, CVX, DIGG 20/

3. Uniswap V3 - $1.8M • WBTC + USDC • rETH + ETH • ETH + CRV • CVX + ETH • 1INCH + ETH • & more 4. Babylon Finance - 433K • Staked ETH & BABL 5. Aave - 334K • supplied ETH, UNI, YFI, LINK • Borrowed USDT 6. Ellipsis - 230K • farming BTCB + renBTC • Locked EPX

7. Curve - 430K • farming BTC + renBTC ( on fantom) • LP WBTC + renBTC (on polygon) 8. 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 22

5. Miyazaki @miyazakiweb3 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- $118K • USDC - $55K • ETH - $43K (34 eth) • Qi - 17K https://debank.com/profile/0xdb9d281c3d29baa9587f5dac99dd982156913913 23/

Protocol deposits: 1. QiDAO - $806K • Locked Qi 2. Giddy - 761K • Farming DAI 3. Beefy - $900K • Farming beFTM & BIFI (on FTM) • Farming BIFI (on Cronos) 4. SpookySwap - 216K • farming WFTM + beFTM • Beethoven X - $75K • farming WFTM + beFTM 24/

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 25/

4. vitalik @sir_pog 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 26/

Protocol Deposits: 1. Convex - 635K • Staked rETH + wstETH • locked CVX 2. Inverse - 143K • Supplied WBTC, ETH, SUSHI, YFI • Borrowed WBTC 3. GMX - $71.8K • staked GLP, esGMX 4. Llama Airforce Union - $43K • yield on FXS + cvxFXS & cvxCRV 27/

5. TreasureDAO - 37K • staked MAGIC 6. Synthetix (on OP) - 23.7K • Lending SNX • Borrowing sUSD 7. LIDO - 23.6K • Staked stETH 8. Rari Capital • lending MATIC 28/

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 https://debank.com/profile/0xc1e42f862d202b4a0ed552c1145735ee088f6ccf 29/

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 30/

Protocol Deposits: 1. Across V2 - $490K • LP ETH (400 ETH) 2. Balancer V2 - $468K • Farming LDO + ETH 3. Fixedforex - $413K • locked KP3R 4. Curve - 138K • Locked CRV 5. GMX - 72K • staked GMX 6. DeFi Kingdoms - 71K • Farming CRYSTAL + AVAX, CRYSTAL + USDC 31/

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 https://debank.com/profile/0x50664ede715e131f584d3e7eaabd7818bb20a068 32/

2. PennilessWassie Wallet size: $17. 7M Chain breakdown: • 17M on ETH (96%) • 400K on Arbitrum (2%) • $258 (1%) Wallet Holdings - $83K • sUSD (OP) - 39K • sUSD - 37K Protocol Deposits: 1. Frax - $6.7M • FXS locked • farming FXS + FRAX https://debank.com/profile/0x9c5083dd4838e120dbeac44c052179692aa5dac5 33/

1. Convex - 5.06M • locked CVX • PUSd + DAI + USDC + USDT 2. Liquidity - 3.09M • lending ETH (3K eth) • borrowed LUSD • farming LUSD • Staked LQTY 3. Curve - 1.67M • Locked CRV 4. Vesta Finance - $384K • supplied gOHM • borrowed VST 34/

5. 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 35/

1. Ethereum @bizyugo 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 36/

Deposits: 1. Yeti Finance - $3.57M • Farming YUSD + USDC + USDt, YUSD & YETI • lent WBTC.e , USDC • borrowed YUSD 2. Vector - $2.85M • farming USDC, USDT, YUSD, USDt + WAVAX, WAVAX 3. Aave V3 - $2.57M • Lent WBTC.e, WAVAX, LINK, AAVE, USDT • Borrowed USDC 37

4. Convex - $2.4M • staked USDT + WBTC + ETH, ETH + CVX, Silo + FRAX, ETH + CRV • Locked CRV 5. Aave - $1.2M • Supplied LINK, WBTC, REN UNI, SNX, CRV • Borrowed USDC 6. Liquidity - $873K • Farming LUSD • supplied ETH • Borrowed LUSD 3. Maple - $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 farming them on various protocols • Back in April, this wallet had 20% in fantom. Now it’s only 2% https://debank.com/profile/0xbdfa4f4492dd7b7cf211209c4791af8d52bf5c50

Overall Takeaways & trends 1. Ethereum is the chain of choice. In April, when I looked over the top 10 wallets, the chain of choice ( where they’ve a majority) was distributed. 6/10 wallets were primarily on ETH. But wallets had sizeable positions on different chains. 40/

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. 42/

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. 43/

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 to ETH L2s. 44/

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. 45/

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. 46/

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. When the dust settles, these guys will likely get great discount 47/

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 48/

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. In April, I saw some more degen stuff. 49/

6. ETH staking In anticipation of the merge, every whale is holding & staking ETH. 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. 50/

If you want to read my top 10 analysis from April, here it is: https://covduk.medium.com/i-analyzed-the-top-10-crypto-wallets-here-are-the-insights-takeaways-bffdecac3005 Disclaimer: things have changed since!

And that's it. Hope top 10 wallet analysis was insightful! • Pls give this a retweet (took a long time 😩) • Follow me @Cov_duk • Read this & follow me on my substack https://covduk.substack.com/