What are the Whales doing that invested in Compound, the Biggest "ICO" this Year?

What are the Whales doing that invested in Compound, the Biggest "ICO" this Year?

By KnewMoney | Whale Tracking | 24 Jun 2020

In continuing my series looking into what whale addresses are doing in specific cryptos I decided my next target would be the COMP token. Why the COMP token? My main idea behind doing this work is to see if we as investors in this space can learn something from the “big money” or “smart money”. This is one big benefit of the cryptocurrency space, a lot of the cryptos (not all) are transparent systems where you can see everything that is happening in them.

COMP just came on the market last week and absolutely ROARED into existence (I put ICO in quotes because it is and isn't an ICO in the traditional sense). Looking at its history on Uniswap you can see that the very first trade of COMP was for $54, within an hour it was trading at $80 and then $90 and then broke a hundred. Within hours of hitting the market COMP was the largest defi token by market cap hitting 250 million almost instantly. It then cooled off to around $70 and then skyrocketed again, currently holding over $200 in price at a market valuation of over $750 billion. These are all based on circulating supply, if you do the math a bit differently you can get a "marketcap" of 2 billion. 

With this situation whales are likely to be smart money who are active right now in crypto. When I looked at Link I found a lot of people who bought 3 years ago and didn’t move an inch, I won’t find any of that in COMP, every single token holder had to have acquired it in the past few weeks. This makes for an incredible opportunity to see what ACTIVE whales who are acquiring tokens RIGHT NOW are doing in the space. Let’s dig in, again I have three goals:

  1. Are they buying or selling the crypto
  2. What other cryptos are they buying or selling
  3. What does this mean for the crypto and others as a whole

What is COMP? COMP is the governance token for the compound platform that allows you to make interest on your crypto or take out a loan with your crypto as collateral. Currently COMP tokens just give you voting rights in the ecosystem, but with those voting rights the community could decide that they want to burn COMP tokens based on platform usage, or pay platform profits to COMP holders, so the hope is that COMP will become a direct beneficiary of the COMP platform. Compound is currently the biggest defi platform in all of crypto, so you can see how that might be worthwhile. On to the addresses:

I’m not going to lie the spread of addresses right now is absolutely ridiculous and hilarious. The top 7 addresses all have over 100 million dollars in COMP currently! One and two look like COMP team addresses (which will be used to distribute COMP to people who use the platform and fund the team). Addresses three through five are a little less clear, they all are addresses with just COMP on them, they are either the team’s or seed investors. The COMP team for sure has 52% of the total supply, which is much more centralized than most tokens but they have just started handing these out, so it makes sense. That 52% is.... 1.5 billion dollars… I actually laughed out loud, 1.5 billion dollars held by the team after being on the market for one week.

Many of the addresses after the top two are pretty weird, they are all holding 2,000 or more COMP from $600,000 to $173,000,000 of value in each wallet. Some are exchanges but most were airdropped COMP about 3 months ago. They are either team wallets or seed investors. COMP is huge, remember that Coinbase and at least 6 other venture capital firms (including Andreessen Horowitz) are all seed investors. So who knows if these are investor’s wallets or just primed to airdrop COMP to platform users/investors. 

The first “live wallet” I found was at holder number 69, so we’ll start digging in there.

69 (69th largest holder) (0xf6- address prefix) ($508,000 - holdings of COMP): received all his COMP in one aird rop from the Compound “Deployer” 3 months ago. 

Biggest Holdings: ZRX ($3,500), OMG ($900), QSP ($156.80)

Honorable Mentions: Definitely an interesting one, this is clearly an active address but he just upped his holding by 100x with the Compound airdrop. So it’s either a secondary address of a large whale or this guy just went HEAVY on Compound. It looks like the account may be doing some yield farming too, A LOT of converting back and forth from Sai stablecoin to USDC and back. 

70 (0xc6) ($499,000): Bought 2,654 COMP for $37 each ($100,000 in all), she then continually sold off 150-300 COMP at a time on Uniswap, $20,000-$40,000 per trade, netting about $200,000 in profit while still holding $508,000. 

Biggest Holdings: Just COMP

Honorable Mentions: Very interesting one, this account received it’s COMP from 0x31 which picked up it’s COMP from Uniswap one week ago, it got 2,654 COMP tokens for 445 ETH which is about $37 each! More amazingly they were bought in two transactions, one single transaction was $73,000, can’t imagine what the slippage on that order was. 0x31 got it’s ether from...0xC6, so this person sent 445 ether to a secondary address used that address to buy then sent back to their primary (this shows how people use multiple addresses and it can be hard at times to see what is really happening). This woman looks like an opportunist trader who hit big, real big, be interesting to watch his next moves. She is holding on to a majority of the tokens, possibly foreseeing higher highs (but he already cashed out his initial investment, so he is playing with house money).

71 (0x8D) ($517,000): Started accruing two days ago, over one day he made 36 buys of 40-60 tokens every couple hours. His last buy June 20th. He now seems to be holding. He started buying “late”, at about $190 per token. Looks like a whale that is accumulating huge amounts and holding, very bullish. 

Biggest Holdings: Just COMP

Honorable Mentions: This address is the poster child for why we’ve seen COMP sky rocket so hard, this guy bought hundreds of thousands of dollars worth of COMP at a high price and is just sitting tight. Again, a very bullish address to see if you’re a COMP holder.

73 (0xd9) ($285,000): Bought 183, 338, 299, 282, and then 6 more buys for 50-100. The lowest she bought was $66 was still buying at $150. Has sold at least 100 COMP and moved 250 to two other addresses she seems to own. 

Biggest Holdings: Not currently holding but seems to have held NPXS, DMG, AURA, and WIB at some point. Looking at the addresses she sent her COMP to she is a big holder of KDAG, SNX, OGN, SOC, and AERGO

Honorable Mentions: Big drop off from 70 to 72 (71 is an exchange address), in a more established coin like LINK I saw a much more even spread, ten addresses in a row were all within a few dollars of each other. This shows there are some BIG believers in COMP and then a bit of a drop off in believers, so it is not a sure bet yet (reasonable as it just dropped a week ago).

76 (0x7b) ($200,000): Bought 183, 338, 299, 282, and then 6 more buys for 50-100. The lowest she bought was $66 was still buying at $150. Has sold at least 100 COMP and moved 250 to two other addresses she seems to own. 

Biggest Holdings: USDT or USDC held in Compound ($50,000), 100W (52,000), KNC ($1,000), CVC, TRST, BLT, POLY. Held a lot of ZRX recently, but not currently.

Honorable Mentions: This guy is a trader that believes in Compound, I don’t see a single sell in his history. He is also holding over $100,000 in other tokens. This is a whale that believes in Compound, bullish.

77 (0x7f) ($144,000): Bought 500 Compound over the last day or so for around $200-$300 in three large buys, all for about $50,000

Biggest Holdings: Compound only (see below)

Honorable Mentions: Though he currently only holds Compound all of his Compound trades were selling Maker for Compound! He literally converted $150,000 in Maker to Compound. He is a sign of the market, there has been a shift to Compound and it has quickly become the king of Defi, this whale is betting heavy that it is the one true king. He has bought high and hasn’t sold a penny. 

78 (0xc0) ($124,000): Bought one day ago, three days ago, and four days ago for 150, 150, and 136 tokens respectively. His first buy was at $172 and the next two were $200-$300

Biggest Holdings: Compound only 

Honorable Mentions: Another whale that bought high and continued to add to her stack without moving a muscle, believes we are just seeing the start of Comp’s bull run. We continue to see a drop off in whales though, down to $124,000 from $517,000 just 7 places up in rankings.

79 (0x6A) ($110,000): First buy was 4 days ago 38 tokens for around $133 each, he then transferred them straight to MXC (an exchange) to use in trading or to sell. He then made 28 buys continuously over the next four days and may be continuing. So he is in an accumulation phase currently, not turned off at all by the rocketing price. He did send 69 tokens to Coinone for a possible sell or trading reasons (leverage?). 

Biggest Holdings: Only one other token, Tether USD ($209,724)

Honorable Mentions: This guy is fully loaded with $209,000 left in the chamber, he may be looking to continue to add to his Compound stack…

80 (0x0f) ($101,000): Here we see a man who got his first Compoudn the “iron way”, he was staking coins on the Compound platform getting trickles of compound. He actually sold the first 4 Compound tokens he earned for $99 each on 1inch. He didn’t seem to be a believer, he continued to sell his compound 10-15 tokens at a time, usually in exchange for LEND tokens. He then had an abrupt change of heart on June 19th when he sold 5,000 LINK for 88 COMP at a price of $250 each. From there he went on a Compound buying spree and bought hundreds more in the $200-$300 range, he continues to buy and continues to hold tokens on Compound getting his free COMP tokens. 

Biggest Holdings (here we see where he is getting his COMP interest paid): Ether ($700,000 staked in compound), SNX ($290,000), RDN ($80,000), ZRX ($75,000 staked in Compound), BLZ ($15,000), sETH ($6,000), sUSD ($900), HDG ($67)

Honorable Mentions: This guy became a big believer over time, if he would’ve believed from the jump he’d be much better off (being able to buy rather than sell at $90). That being said, he is doing JUST FINE, with over $1,270,000 in crypto to his name. He is a big believer in the Compound and Synthetix environments with hundreds of thousands in each. 

81 (0xaa) ($84,000): Bought hard and bought heavy, mostly in 4 buys of 50-150 tokens each. Her first buy was for $133 and her last for $200, she is another person who traded LEND for Comp (seems like a trend of switching from the smaller LEND to the more established COMP). She did take some profit selling 50 tokens at $277.

Biggest Holdings (Another woman getting free Compound by staking): SNX ($104,000), BAT ($30,000 staked in compound currently making 20%!!!), ETH20SMACO ($28,000 a token that automatically “triggers rebalances” when it crosses over the 20 day simple moving average? First I heard of this coin, really interesting), XPR USDT (held in compound) and REN (all three are $20,000 each), LEND ($13,000), LRC ($9,000), sETH ($5,800), RCN ($2,900), RPL ($1,500)

Honorable Mentions: This woman is diversified $352,000 spread across 27 tokens, with a special love for the defi space. This person sold 50 Compound while I was looking at them, hence them now being lower in value than 82, they technically were 81 when I first looked.

82 (0x7b) ($97,000): Bought consistently over 50 different times starting at $120 all the way past $200. Seems to be trading minded, sold 320 COMP in two sells, sold for around $220 and $300 (some solid trades). He then seemed to get FOMO and bought back 160 tokens for around $300, trading is a hard game.

Biggest Holdings: Currently Compound only

Honorable Mentions: This is definitely a trader who found their white whale, started out trading JRT, FOUR, UBT, Rel, REN, RPL, then went HARD on Compound, could see them selling soon to cash out and move on to the next big catch.

83 (0x96) ($60,000): This man is a farmer. He has staked MILLIONS, yes MILLIONS, on Compound and is then selling the Compound on Uniswap. In the last two days he has also bought some COMP between 20-100 tokens in multiple buys. He may be feeling more bullish on the token and slowing down his farming of COMP. 

Biggest Holdings: These three are staked on compound- ZRX ($28 MILLION), ETH ($26 MILLION), USDC ($8 MILLION) not staked- ETH ($427,000), wBTC ($200,000), GUSD ($300), XID and CRE. One of his other accounts (0xb1)  has $19 MILLION in tokens, BAL and AST being the two notable holds over there

Honorable Mentions: Moved 60 wBTC from another address where he is moving around 60-120 wBTC like it’s a couple ETH, that is 1.1 million dollars in wBTC he’s leisurely sending here and there. He is holding $400,000 of COMP in 0x55, he picked up that Comp just today (after publishing, so he would actually hold two spots on this top ten list). Looking at all those MILLIONS...this guy whales. He appears to be making at least 60-100 COMP PER DAY, $12,000-$20,000 everyday, just chilling. (sorry for all the capital letters, this guy deserves them)

That completes our list. So what did we learn about COMP? Overall the addresses were highly bullish, most seem to still be accumulating even at these higher prices. They also are not selling even though they hold 5 to 6 figures of COMP. That being said this is not Chainlink (yet), these are top 80 addresses and they have a steep drop off from $500,000 to $60,000 in ten spots. Link had ten addresses in a row at 250th place that all had $500,000 or more Link. 

Compound token has only been around one week and it is already telling us so much, the crypto market is not dead, and is very vibrant. We are looking at multimillionaires locking up millions of dollars in Defi to take part in this financial revolution. We also see thousands of people flooding into compound with 3,500 holders in just one week (also very bullish, Link is at 160,000 holders though, so COMP is still a minnow). We also see a lot of room for COMP to grow, it’s whales are not various and not large yet, it also has a very small number of holders. You may feel trepid about jumping in after seeing this bullrun, but Compound could still have a lot to run (though $100-$200 range seems like a better buy in, if we ever see that range again). 

The Defi space is alive and well and may truly be the catalyst that drives our next bullrun. A lot of these whales were actively using Compound’s platform too, which is a bullish sign (hence Compound now having over 1 billion dollars locked in it). Looking at these whales making 20% on their millions of ZRX and getting paid thousands in COMP on top of that makes you wonder how long it will take for other wealthy individuals to catch on. Seeing this happening first hand it made it clear to me why Grayscale, Paul Tudor Jones, and others are becoming so active in this space. Sure it seems like a fun place with a lot of gains for small investor like us, but for these big boys they are making enough to buy a new Lamborghini monthly if not weekly! In my opinion, it is only a matter of time until other large funds and family offices start heading this way.

What else are these whales buying? There wasn't too much news here, most had an address just for COMP or held very small amounts of other tokens. However there was definitely a trend: ZRX was the most common followed by SNX. Both of these are deep Defi plays and both allow you to play in a "second layer" of finance. ZRX is an OG and will definitely be a player in the future of DeFi. SNX could be more bullish on a trading basis, as the platform is so new and revolutionary (with its synthetic assets), and we don't know what it's all time high will be since it wasn't around for the last bullrun. ZRX has seen some growth but SNX has been on a massacre this past month. Might be a good time to buy ZRX, may want to wait on SNX or maybe it keeps rocketing and you need a ticket on the ship ASAP. We also saw REN, Lend, LRC, KNC and BAL which are all obvious Defi plays inline with Compound. ETH20SMACO was the most interesting token to me, I’ll look more into that.  

What is the best way to get COMP? Go use the platform and get free COMP, currently staking BAT or ZRX is looking especially tempting. However, if you want to trade like the whales, buy SNX and ZRX. 


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