Whale Wallet Analysis - WBTC

Whale Wallet Analysis - WBTC

By D3F1 | DeFi Box | 30 Sep 2020

Hello guys, I am back with another Whale Wallet Analysis for you to get your noses into.

Today, I will be covering Whales that are holding WBTC - a wrapped version of BTC. In total, there is more than $1.3 billion worth of BTC on Ethereum and Wrapped Bitcoin, or WBTC is the most popular gateway for bitcoins to enter the Ethereum ecosystem. 

I have previously conducted a similar analysis for AMPL, SNX, BASED, LINK, YFV, YFI, and UNI - and they were quite well received, so I would love to continue this series for you.

The WBTC rich list is accessible on the Etherscan page for anyone to see. 

As always, I have ignored all the contract addresses or any exchanges that might have holdings. In addition to this, I have ignored whales solely holding WBTC as I am more interested in what other DeFi tokens they might be holding. I have also ignored any whales that have alternative token holdings under $100K because I just want to see what other tokens they have sizable holdings in. 

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

#1 Whale 

Rich List: 20th  
Wallet Address: link
WBTC Holdings: 233.07/ $2.5M 
Total WBTC Supply: 0.2533% 

Other notable DeFi Holdings: 

- 9M $PNK: ~ $687K - Started to buy in early January 2020 through Uniswap
- 520K $DAI: ~ $525K - Started to load up on DAI in February 2020. 
- 8.1K $SNX: ~ $40K - Bough in June 2020 and has loaded up since. The majority has been lent out to MINTR

Whale #1 has a total value of $3.9 million. The majority of this is held in WBTC, which amounts to $2.5 million. On top of this, he has around $700K in a relatively unknown token called Pinakion (PNK) with an additional $525K in DAI.

Additionally, Whale #1 has lent a total of $55k to the MINTR platform and has around $6k in Debt through the Synthetix platform.

#2 Whale 

Rich List: 25th  
Wallet Address: link
WBTC Holdings: 109.4385/ $1.1M 
Total WBTC Supply: 0.1189% 

Other notable DeFi Holdings: 

- 110.331 $renBTC: ~ $1.196M - Started wrapping into renBTC in early September.
- 19.8K $SNX: ~ $97KK - Purchased in early September.

Whale #2 started to wrap his BTC into WBTC in September 2020. He also holds quite a substantial holding inside another wrapped version of BTC in renBTC. He began to wrap into renBTC during early September.

In total, Whale #2 has a net worth of around $2.98M in total assets. Although the majority of this does not show on his Etherscan wallet, he has a total of $400K locked into liquidity pools. $150K of this is locked into LINK/YFV on the Balancer pool. Another $118K is locked into WETH/USDT on Uniswap with a further $100K locked into the BAND/ETH liquidity pool on SUSHI swap.

Through these, he is farming YFV, SUSHI, and UNI. 

#3 Whale 

Rich List: 27th  
Wallet Address: link
WBTC Holdings: 106.358/ $1.15M 
Total WBTC Supply: 0.1156% 

Other notable DeFi Holdings: 

- 140.273 $YFI: ~ $3.578M - Started to invest into YFI early in September from Huobi and Uniswap.
- 284.4KK $UNI: ~ $1.645M - Started to buy UNI in September.
- 1.5M $USDC: ~ $1.5M - 
- 1.1M $DAI: ~ $1.18M - 
- 748K $SUSHI: ~ $950K -
- 2.5K $WETH: ~ $894K -
- 809K $USDT: ~ $809K -
- 523K $AMPL: ~ $345K -
- 3.1K $CREAM: ~ $216K -
- 58K $MTA: ~ $142K -
- 29.6K $HGET: ~ $121.9K -

Whale #3 started to wrap his WBTC in mid-September. This is when he opened his wallet and started purchasing all the tokens above. In total, Whale #3 has a net worth of $12.5 million. Interestingly, the majority of this is just held in tokens and not sent to liquidity pools or different lending platforms.

Whale 3# does have around $88K in the SUSHI swap pool for UNI/ETH.

#4 Whale 

Rich List: 28th  
Wallet Address: link
WBTC Holdings: 100.064/ $1.08M 
Total WBTC Supply: 0.107% 

Other notable DeFi Holdings: 

- 4K $cETH: ~ $2.319M - lent his ETH to Compound in August 2020.

Whale #4 has a total net worth of around $2.71 million, with approximately $692K debt. The majority of his wealth is locked in the Compound lending pool in which he has lent ETH. In addition to this, he has $692K debt, where he has borrowed USDC. 

#5 Whale 

Rich List: 29th  
Wallet Address: link
WBTC Holdings: 91.891/ $992K 
Total WBTC Supply: 0.0999% 

Other notable DeFi Holdings: 

- 1.199K $ETH: ~ $430K - Has quite a substantial holding in ETH which is always needed to pay for fees.
- 235.5K $USDC: ~ $235.5K - Started to load up on USDC in August 2020.

Whale #5 started to wrap his BTC into WBTC in August 2020. In total, his assets amount to around $3.2M. $1.6M of this is shown inside his wallet, which is mainly WBTC, ETH, and USDC. The rest of his holdings are locked inside of Liquidity Pools. He has a total of $1.3M inside the KNC/YFV balancer pool and $133K in COMP/YFV to farm YFV.

#6 Whale 

Rich List: 32nd  
Wallet Address: link
WBTC Holdings: 74.915/ $808K
Total WBTC Supply: 0.0814% 

Other notable DeFi Holdings: 

- 1.758M $DAI: ~ $1.77M - Started buying DAI in November 2019.
- 3K $WETH: ~ $1M - Has been wrapping WETH for almost 2 years. He first wrapped ETH in January 2019.
- 847K $USDC: ~ $847K - Bought USDC in April 2019.
- 415.7K $TUSD: ~ $415.7K - Also first bought in April 2019.
- 374K $PAX: ~ $347K - First bought PAX in September 2019.
- 278K $ZRX: ~ $113K - Purchased ZRX in November 2019.

Whale #6 has been wrapping BTC for over a year now. The first time he wrapped WBTC was back in May 2019. He is quite wealthy, with a total of $6.8M in assets. Interestingly, the majority of this is just held inside his wallet. Along with the coins listed above, he also owns tokens such as BAT, MKR, LINK, UNI, KNC, OMG, LEND, and COMP in smaller amounts.

He does have a small stake in deposits on dYdX, which amounts to $577K. This is split between ETH, USDC, and DAI.

#7 Whale 

Rich List: 38th  
Wallet Address: link
WBTC Holdings: 54.191/ $585K 
Total WBTC Supply: 0.0589% 

Other notable DeFi Holdings: 

- 4.5MK $PNK: ~ $344.6K - Started to purchase in June 2020.
- 100K $USDC: ~ $100K - Bought in August 2020.
- 892.1 $MLN: ~ $27K - Bought in June 2020 through Uniswap.

Whale #7 started to wrap his BTC in September 2020. He is a smaller whale with just around $1 million in total holdings - all of which are held inside his wallet. Interestingly, he also owns a third of his wealth in the Pinakion (PNK) token. On top of this, he owns smaller amounts of MLN, DXD, and STA. 

#8 Whale 

Rich List: 40th  
Wallet Address: link
WBTC Holdings: 50.457/ $544K 
Total WBTC Supply: 0.0548% 

Other notable DeFi Holdings: 

- 30.12K $SNX: ~ $147K - Bought in July 2020 on KuCoin.
- 147.7K $aLEND: ~ $78.7K - Began lending LEND to Aave in September 2020.

Whale #8 began wrapping his BTC in late-September 2020. His total net worth is $1.564M the majority of which is lent to lending protocols such as Aave, MINTR, and Yearn. His deposits total $969K with $747K staked YFI, $144K staked SNX, and $77K staked LEND.

Additionally, Whale #8 has $22.5K in Synth Debt.

#9 Whale 

Rich List: 41st  
Wallet Address: link
WBTC Holdings: 50.151/ $541K
Total WBTC Supply: 0.0545% 

Other notable DeFi Holdings: 

- 93K $cETH: ~ $668KM - Started to lend his ETH to Compound in February 2020.
- 27 $aWBTC: ~ $292.7K - Lent WBTC to Aave in January 2020.
- 68.66 $ETH: ~ $24.6K - 

Whale #9 began wrapping his BTC as early as January 2020. This whale has a total of $1.5 million in assets, most of which are also lent to lending platforms. He has a total of $660K ETH lent to Compound with a further $289K of WBTC lent to Aave.

Interestingly, Whale #9 has a total of $131K debt from borrowing DAI.

#10 Whale 

Rich List: 42nd
Wallet Address: link
WBTC Holdings: 50.09/ $540K USD
Total WBTC Supply: 0.0544% 

Other notable DeFi Holdings: 

- 2350 $ETH: ~ $834K - 
- 857K $CEL: ~ $803K - Started buying in March 2020.
- 422K $USDC: ~ $422K - Bought in May 2020.
- 16.06 $YFI: ~ $412K - Started buying in September 2020 and has already had many different transactions in this wallet.
- 264K $USDT: ~ $264K - Bought in July 2020. 
- 212K $DAI: ~ $212K - Bought in March 2020.
- 258K $LEND: ~ $138K - Bought in August 2020.
- 255 $MKR: ~ $131K - Started buying in June 2020 on Uniswap.

Whale #10 only started wrapping BTC in August 2020. He has a total of $4.1 million in his wallet, the majority of which is held in ETH and CEL. Additionally, he has quite a substantial amount of USDC and YFI. On top of this, he owns over $500K in stablecoins. 

Whale #10 also has around $100K in liquidity pools, most of which is locked inside the CEL/WETH pool on Uniswap.


WBTC whales are quite different from other whales because they do not have a wide variety of coins between them. For example, lots of these whales own quite a sizeable number of stablecoin assets such as USDT and USDC.

Another interesting finding is that quite a handful of these whales choose to keep their assets in their wallets and do not lend them out to lending platforms or deposit them to earn interest. However, those that have deposited often have the majority of their wealth lent out rather than having assets held in their wallets.

Lastly, some tokens are quite unknown, such as Pinakion (PNK) which belongs to the Kleros project, but there are three whales on this list that have a relatively large stash of this token.


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