Choppy is how I’d describe the current market. Majors are ranging while most alts are bleeding. BTC dominance has been on an uptrend since December 2022, climbing from 40% to 55%. While we have seen some alts outperform and meme coins do really well, the broader altcoin market has, in fact, been struggling when compared to BTC.
Despite that, BTC is unappealing for many traders and investors in the space. The potential upside is limited, and we all want to find the next 100x token, or at least, have sizable outperformance compared to BTC. We want to know what the best traders and funds are doing in order to have a better pulse on the market.
In this week’s issue, I’ll be covering what Smart Money is doing and sharing three interesting wallets to keep an eye on, highlighting their strategies and holdings.
What is Smart Money Doing?
Despite the choppy waters, they aren’t hiding in stables. Their stablecoin holdings as a percentage of their portfolio is still at extremely low levels, sitting at ~5%.
Over the last 7 days, we see a significant increase holdings of SAFE, ezETH, and ENA, while there are large decreases in eETH, FET, and LDO.
However, increases in balances don't always imply that Smart Money has been actively buying those tokens. It could be a result of vesting allocations or transfers from other wallets. To dive deeper, simply search for the relevant token on Nansen and head to the Smart Money tab.
Looking at the top tokens traded, we see ezETH and weETH leading the charge, with ONDO, FET, Pendle’s PT-zs-weETH-27JUN2024 token, PRIME, and MAVIA also making their way onto the list.
Three Smart Money Wallets to Monitor
Smart DEX Trader: 0x171c The LST Whale
LSTs are currently trending, and Smart DEX Trader: 0x171c is capitalizing on it. They have a portfolio of over $17.9M in their wallet and a total of $33.8M, including their staking and lending positions. Despite the FUD surrounding Renzo and the depegging of ezETH, this Smart DEX Trader decided to buy the dip and began swapping both ETH and weETH for ezETH. In total, the trader swapped 1805.1 ETH and weETH for 1909 ezETH. If you’re farming LSTs or have a bag of ezETH, this wallet is worth keeping an eye on.
JamesWynnReal: The GOAT of Memes
JamesWynn has over $5M in memecoins, with the majority of it in PEPE. While he has realized over $500k in profit from PEPE and ANDY over the last 90 days, he’s still sitting on $3.5M in unrealised profits on PEPE.
His most recent call on ELON, however, might become one of his best trades. Publicly calling ELON at $300k market cap, the token now has a market cap of $23M, and he holds 2.41% of the supply.
The PnL feature is currently in testing and will be released soon!
Delphi Digital’s ENA Holdings
Ethena is the newest stablecoin on the block and has varying opinions on it’s viability and longevity. Believers of their idea are extremely optimistic on the upside potential of the token. If you’re a believer, it’s worth keeping an eye on what large holders and investors are doing with the token.
Delphi recently received $4M worth of ENA across two wallets - wallet 1 and wallet 2 and is one of the larger Smart Money holders of the token.
Start Tracking Smart Money
The market moves at lightspeed. Being informed of what the best in the space are doing helps you make smarter decisions. If you're currently holding or interested in initiating positions in any of the tokens associated with the wallets mentioned above, watch their activity on Nansen and set Smart Alerts for the relevant addresses.
That’s all for this week – as always, feel free to reach out with comments or questions at martin.lee@nansen.ai.
