Whale Wallet Analysis - Synthetix

Whale Wallet Analysis - Synthetix

By D3F1 | DeFi Box | 20 Aug 2020

Hello guys, I am back with another Whale Wallet Analysis article - this time for Synthetix. I have previously conducted a similar analysis for AMPL and LINK and they were quite well received so I would love to continue this series for you.

The SNX rich list is accessible on the Etherscan page for anyone to see. It shows a full list of the wallets sorted by the largest amount of SNX assets (including derivatives such as sUSD and sETH) held.

Obviously, I have excluded the Synthetix Foundation wallets, exchange wallets, and any whale that is soley holding SNX. 

Following is a list of hand-picked SNX whales that I found - I hope you find it interesting;

#1 Whale 

Rich List: 3rd 
Wallet Address: link
SNX Holdings: 2.615M/ $15.7M USD
Total SNX Supply: 2.00% 

Other notable DeFi Holdings: 

- 1.95K $sETH: ~ $817K USD - Been involved with Synthethix ETH for over 1 year.
- 559K $sUSD: ~ $580K USD - Whale #1 started to invest in sUSD in May 2020
- 54K $USDC: ~ $54K USD - His first USDC transaction stretches as far back as February 2020.

Whale #1 is evidently a large SNX whale. He is largely focused on Holding SNX outright as well as holding sETH. The whale is also holding funds in a Balancer Pool as well as receiving Liquidity Provision from a Curve.fi pool.

#2 Whale 

Rich List: 4th
Wallet Address: link
SNX Holdings: 6.22M/ $37.9M USD
Total SNX Supply: 1.66% 

Other notable DeFi Holdings: 

- 14K $wETH: ~ $5.7M USD - First wrapped up some ETH on this wallet just a week ago in August 2020.
- 3.27M $USDC: ~ $3.28M USD - The USDC stablecoin was first purchased toward the end of February 2020.
- 2.79M $USDT: ~ $2.8M USD - First purchased USDT in February 2020 and continued purchasing heavily from June 2020.
- 2M $LEND: ~ $1.38M USD - Purchased LEND first in April 2020 and again during August 2020.
- 758K $YAM: ~ $636K USD - A huge stash of a failed DeFi coin.
- 28K $BAL: ~ $587K USD - Started to invest in Balancer at the start of July.
- 200K $KNC: ~ $326 USD - Bought KNC on Binance as early as December 2019.
- 207K $sUSD: ~ $216K USD -
- 605 $COMP: ~ $112K USD - Started to buy $COMP in June 2020 and has continued ever since.
- 723 $ETH: ~ $297K USD - Whale #1 started to invest in sUSD in May 2020

Whale #2 has been involved in SNX since May 2020. He is extremely interested in DeFi tokens as he owns Aave’s LEND, Balancer, Kyber Network, and Compound.

#3 Whale 

Rich List: 6th 
Wallet Address: link
SNX Holdings: 2.634M/ $116M USD
Total SNX Supply: 1.5945% 

Other notable DeFi Holdings: 

- 2.29M $USDT: ~ $2.29M USD - Started to load up on USDT in July 2020.
- 1M $USDC: ~ $1M USD - Purchased 1 million USDC stablecoins in one transaction during August 2020.

Whale #3 is highly focused on SNX. He purchased all of his SNX in three separate transactions; 1st - May 2020, 2nd - June 2020, 3rd - July 2020. On top of this, he holds significant holdings in stablecoins.

#4 Whale 

Rich List: 7th 
Wallet Address: link
SNX Holdings: 1.745M/ $10.5M USD
Total SNX Supply: 1.1283% 

Other notable DeFi Holdings: 

- 1.745M $sUSD: ~ $10.5M USD - Has been minting sUSD since May 2020.
- 2.67M $sETH: ~ $369K USD - Started to load up on sETH as early as December 2019.
- 431 $ETH: ~ $176K USD -

Whale #4 started buying up SNX as early as May 2020 and has been loading up on holdings since. On top of this, he holds quite substantial holdings in sUSD, sETH, and ETH itself. He has smaller holdings in MKR, QASH, TUSD, and DAI.

#5 Whale 

Rich List: 17th 
Wallet Address: link
SNX Holdings: 499.9K/ $3M USD
Total SNX Supply: 0.5538%% 

Other notable DeFi Holdings: 

- 979K $sUSD: ~ $1M USD - Has been minting sUSD since May 2020
- 230K $RPL: ~ $756K USD - Bought Rocket Pool in February 2018
- 49M $TOP: ~ $116K USD - Moved TOP into wallet during December 2019
- 989K $AERGO: ~ $62K USD - Has been involved in AERGO as early as December 2018 and loaded up as recently as March 2020.

Whale #5 purchased SNX very recently in July 2020 which is the same time he was minting sUSD. Additionally, Whale #5 has quite substantial holdings in relatively unknown projects such as Rocket Pool or TOP.

#6 Whale 

Rich List: 20th 
Wallet Address: link
SNX Holdings: 869K/ $5.25M USD
Total SNX Supply: 0.4% 

Other notable DeFi Holdings: 

- 908K $REN: ~ $485K USD - Bought Republic token in May 2020 from Uniswap and Kyber.
- 9.2K $TRB: ~ $398K USD - Has been purchasing Tellor Tributes on Uniswap since July 2020.
- 151K $sUSD: ~ $156K USD - His first USDC transaction stretches as far back as February 2020.
- 151K $UBT: ~ $61K USD - April 2020 was the first time Unibright was purchased through Kyber. Additional purchases were made in August 2020.
- 15K $OMG: ~ $49K USD - Bought OMG in September 2018 and has held ever since.
- 685K $RSR: ~ $17K USD - Reserve Rights entered his wallets through Kyber in May 2020.
- 6M $HEX: ~ $16K USD - Has been trading HEX since March 2020.
- 26.8K $AMPL: ~ $16K USD - AMPL holder since the start of August. 

May 2020 was the earliest entry of SNX into Whale #6’s wallet. This was the same time the whale started to mint sUSD. Whale #6 also owns lesser-known projects such as Tellor Tributes and Unibright.

#7 Whale 

Rich List: 24th 
Wallet Address: link
SNX Holdings: 657K/ $3.9M USD
Total SNX Supply: 0.3499% 

Other notable DeFi Holdings: 

- 14.8K $NXM: ~ $536K USD - Started buying Nexus token in early August 2019.
- 100K $BNT: ~ $181K USD -  Bought BNT as early as May 2019 and has been using Bancor ever since to trade.
- 43.9K $KEEP: ~ $55K USD - Bought KEEP very recently in August 2020.
- 49 $ETH: ~ $20K USD - 
- 10K $USDT: ~ $10K USD - 

Whale #7 is heavily concentrated in SNX. Interestingly, he is not currently holding any Synthethix Assets such as sUSD or sETH. Additionally, Whale #7 owns over half a million USD of Nexus Mutual Tokens, presumed to be used for insurance. Lastly, he purchased $55K worth of KEEP not too long ago.

#8 Whale 

Rich List: 28th 
Wallet Address: link
SNX Holdings: 589K/ $3.3M USD
Total SNX Supply: 0.2975% 

Other notable DeFi Holdings: 

- 3.4M $LEND: ~ $1.9M USD - Started to buy LEND in early April 2020 and used his holdings to farm some YAM at YAM.Finance.

Whale #8 is heavily focused on SNX as he owns $3million worth. Similar to whale #7, it is interesting to see that he also holds no Synthetix Assets other than the SNX token itself. On top of this, Whale #8 owns a sizeable holding in Aave.

#9 Whale 

Rich List: 35th 
Wallet Address: link
SNX Holdings: 256K/ $1.5M USD
Total SNX Supply: 0.2535% 

Other notable DeFi Holdings: 

- 385K $sUSD: ~ $398K USD - Started to mint in May 2020.
- 4.7K $MLN: ~ $220K USD - Bought Melon Protocol in April 2020. 
- 490K $ETH: ~ $199K USD - 

Whale #9 is quite a small fish relative to everybody on this list as he only holds $1.5M in SNX. He also owns a relatively sizable position in the Melon protocol. 

#10 Whale 

Rich List: 12th 
Wallet Address: link
SNX Holdings: 36.6K/ $221K USD
Total SNX Supply: 0.6337% 

Other notable DeFi Holdings: 

- 3.143M $sUSD: ~ $3.2M USD - Whale #5 owns more sUSD than SNX and started to load up as early as May 2020. 
- 1.5M $USDC: ~ $1.5M USD - Purchased as early as March 2020 and continued to buy in July 2020.
- 477 $ETH: ~ $194K USD - Lots of whales love to hold ETH - especially if they are involved in DeFi
- 111K $USDT: ~ $111.7K USD - Bought USDT in June

Whale #10 started buying SNX in May 2020 and used the majority of this to mint sUSD which he is currently holding. On top of this, Whale #10 holds substantial holdings in the USDC stablecoin and a much smaller USDT holding. On the rich list, he is ranked 12th, however, his Synth holdings are concentrated in sUSD which puts Whale #10 so high.



What is interesting to see is the fact that the majority of the larger whales own a substantial number of Synth assets that are created via Synthetix such as sUSD and sETH. It is quite perplexing to see the smaller whales on this list holding increasingly less of these Synthethix assets (except for Whale #10 who owns more Synth assets than SNX).

In addition to this, another common theme amongst these whales is the fact that they all seemed to purchase SNX as soon as it started to take off in May 2020. It is almost as if they knew that a strong surge was on the way.

The majority also own a heap of stablecoins such as USDT and USDC. Holding stablecoins allows whales to weather the crypto storm and cash-in their profits, without having to convert to fiat.. If they see the opportunity, they can re-enter a position quickly. 

I also noticed that none of these whales had brought BTC into the ecosystem in the form of "wrapped BTC (wBTC)". 

Lastly, I don't see any particular pattern for SNX whales, aside from big stacks of wETH/ETH. 



Yet another defi fan

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