It’s been more than 6 months since my last post, and while I like to write, it’s hard to find a truly interesting/valuable topic. I think analyzing smart anons’ portfolios is a good topic, I haven’t seen similar posts and I think it can be helpful for many.
Before we begin, some clarifications:
- The list is 100% subjective, I follow +200 on-chain wallets and I have selected the 8 that I consider TOP.
- A lot of the list are smart farmers, I don’t follow many altcoin traders, because they don’t fit my style.
- I follow a lot of smart people who change their wallets frequently, so I had to leave them out.
- The list is not in order and only includes EVM chains.
- Some data has been omitted and many portfolios are made up of multiple wallets (GL with the dox).
- Only on-chain data was taken into account, so it is very likely that these people’s entire portfolios are different.
At the end of the list, I have left some conclusions that I consider quite valuable, don’t forget to check them out!
Smart Anon 1:
This is the only wallet not owned by an individual, but by a DAO that has seen incredible results over the past few years, surviving the bear market and thriving with great management.
JPGD is their largest position, they have been buying in size for over a year and it has been an excellent ETH beta. JPEG’d is an OG DeFi protocol that offered a lending market for NFTs. The project never gained much traction, the real appeal was in its low valuation relative to its treasury, trading well below due to mistrust in the team, hacks, etc.
After a long time of uncertainty, PIP-96 was proposed, calling for liquidating treasury assets and distributing them among JPGD stakers, the proposal was approved and as I write this, the claim process is underway.
Despite ETH’s poor performance, this was an excellent beta, making over 3x from the bottom, also, purchases from this wallet were mostly made when ETH price was low.
His second holding is INV, the token of Inverse Finance, a little-known altcoin. Inverse Finance is the platform behind the stablecoin DOLA, which has suffered several hacks in the past and has $6.1M in bad debt.
I’m not sure about their intentions, but they have acquired a large position, so they are up to something. Little by little, their bad debt is being repaid, they also have a good treasury, a decent stablecoin and very interesting products for farmers that we will see now, since their third position, are some leveraged stablecoin farms on Inverse Finance.
Inverse Finance offers up to 10x leverage against their stablecoin DOLA, in short a user can deposit various yield-bearing assets (sUSDe, PTs, Convex LPs, etc) and borrow DOLA at a fixed rate, but for that you need to buy their other token: DBR. Each of these tokens gives you the right to borrow 1 DOLA for 1 year, so if you buy 1 DBR for $0.1, it allows you to borrow 1 DOLA for one year at a fixed rate of 10% (the DBR will be burned automatically, the lower your purchase price, the lower the interest rate you will pay).
Despite the recent drop in DeFi yields, thanks to his low DBR purchase prices, this whale is achieving +40% APR on his stablecoin in size (real yield, not points).
Their next position is YT-sUSDe from Pendle, by buying YT tokens we are buying the future yield of an asset. This is likely a delta-neutral position (shorting ENA).
Although my life as a lazy farmer does not allow me to get into these plays, I am sharing with you a screenshot of the analysis of this type of plays that I found in a server:
Moving on, USD0++ on Origami is another stablecoin farm, currently yielding a 15% APR + Origami points.
Next up is MKR, a well-known altcoin that has been down only this cycle due to the Sky rebranding fiasco and poor management.
This is an altcoin that you will see, as you read on, is being bought by various smart money, I think it is possible that MKR holders will receive an allocation of the future Spark token, I am also assuming they bought because of how much it has dropped.
And finally, their last position is USUALx (staken USUAL) and some YT-USD0++, which is probably part of a delta-neutral position. For example, USUALx is paying 211% APY so you can stake and short USUAL if the funding rate is decent.
Smart Anon 2:
This chad has grown from a few thousand dollars to several million, all on-chain, he has been the first participant in several highly profitable trades, investing with an aggressive style.
His largest position is OHM (yes, the ponzi from last cycle), but unlike many of us, this anon bought the bottom at under $10, when the token was trading on par with its backing.
What is interesting is not only the great performance of OHM from the bottom, but the fact that Olympus allows its users to borrow against their OHM at very low rates, currently at 0.5% APR, allowing this user to leverage for almost free.
Imagine buying $100 OHM at the bottom, almost below its backing, then using it as collateral to borrow $100 of stablecoins at 0.5% APR, then farming in DeFi with those stables at +20% APR for over a year while OHM price grows from $10 to $25. The result? a legendary and highly profitable play.
His second position is a passive but possibly very profitable stablecoin farm: Origami USDC Boyco Vault, speculating on Origami points (at 69M FDV it’s a 40% APR) + 8% APR on BERA. Unfortunately this vault is no longer accessible.
His third position is MKR, who like the aforementioned whale, has recently bought, the notable thing here is, that he bought the absolute bottom at less than $900.
His next position is a stablecoin farm with very good r/r, as the risk is relatively low, the rewards are liquid and there is no capital lock, it is the BYUSD/HONEY pool on Infrared Finance, the current APR appears to be 28%.
USDR, their next position, is a somewhat tragic move, the stablecoin suffered a depeg after running out of liquidity, dropping to $0.5 despite still being overcollateralized by real estate. This anon wanted to take advantage of the arbitrage opportunity, but the situation has become more complex due to false promises and bad faith practices by the team.
What could have been a quick and profitable arbitration has escalated into a complex legal situation that has lasted for more than a year.
Then we find another OG altcoin, which has not had the best performance, it is DINERO, a Lido competitor that is getting good growth thanks to its expansion to other chains such as Berachain.
Lastly UKRE seems to be an altcoin related to USDR and re.al, but being such a small part of their portfolio, I don’t consider it important.
Smart Anon 3:
This whale is quite different from the previous two, as we are dealing with an altcoin trader, one of the few truly profitable ones. His style consists of buying a few fundamentally strong altcoins on the open market with size, carrying out in-depth research.
His largest position is AAVE, which he has bought in the $100-$170 range. Personally, AAVE is one of my favorite altcoins, with many interesting catalysts and a great competitive advantage, it is a solid business that does not stop growing, I recommend taking a look at its metrics on Defillama and Token Terminal.
His next position is HYPE, everyone knows Hyperliquid, its product has had incredible acceptance and performance, this whale bought near $20. It is a fundamental bet, Hyperliquid generates large organic income and allocates it to buybacks, if the trend continues, it is a legitimate competitor against beasts like Binance.
Next one is ETH, rekt.
Next up is RLB, the token of Rollbit, a crypto casino that, while it has faced multiple controversies, seems to be a fundamentally solid bet based on its buybacks, check Rollshare. It has real users and a business model that makes it a good buy for bear markets. In this case, he bought before the token migration to ETH, so its purchase prices are really good, but he haven't taken profits, eating the recent drop.
His next holding is some art NFTs, I’m personally not an NFT guy so I’m not sure of the thesis, but prices have been down against ETH so it’s been a bad investment. He has some like Fidenza by Tyler Hobbs and Ringers by Dmitri Cherniak.
LDO is another altcoin he has recently purchased, both as a fundamental play and speculating on the approval of the ETH staking ETF. He bought it at $1.65, so he is currently in profit despite the overall poor performance of the market.
Then we have two positions in Hyperliquid perps, a BTC long and a TRUMP short, possibly a “pair trade”? It seems that this is a type of play that he likes when the market is confusing, it consists of long assets that he considers fundamentally strong while short assets that he considers fundamentally weak.
Smart Anon 4:
I am not sure if this case is about a fund or an individual, but I am sure that he is TOP among the TOPs, he is usually among the first in several highly profitable trades.
I have already commented on many of their positions previously, such as OHM, who also bought at the bottom at $12 and uses it to borrow stablecoins at only 0.5% APR.
Their second position has also been discussed, it is some stablecoin farms on Inverse Finance, what stands out in this case is the low purchase price of the DBR, which was only $0.05 (which is equivalent to borrowing DOLA at only 5% APR, making their farms generating +80% APR in size and relatively passively, every farmer’s dream).
USD0++ looped on Morpho is their next position, while it doesn’t offer the best APRs, it is a position this whale will have to hold for the next 4 months due to airdrop requirements.
MKR: They’ve been buying recently too.
USDC on Boyco, specifically on the Origami pool, which I have already mentioned.
Their next position is TEMPLE, an altcoin that has done very well despite the general weakness of the market, it is a similar play to OHM, since Temple has a large treasury, the whale bought when it was trading at par with its backing, even below $1.
The Temple team has grown the value of their token from $1 to $3.5 over the past year, thanks to excellent treasury management and the launch of products such as Origami (yes, origami is a product developed by Temple).
The next position is a stablecoin farm on Infrared Finance, in this case it is USDC/HONEY with 21.7% APR.
Their next position is JPGD, a play I already discussed in the first portfolio, but in this case, the whale has covered itself by shorting ETH, which was a smart move given ETH’s performance.
Then we have some YT-sUSDe as part of a delta-neutral strategy which I also already discussed.
Finally, he managed to deposit part of his USD0++ into the new Usual market on Euler, this market has reached 100% utilization in less than a minute, so it was a great move, quite difficult to get in.
The great thing about this market is that it allows you to deposit USD0++ (yielding a 13% APR) and borrow USD0 at a fixed rate of 5% (unlike Morpho where the rate is variable and close to 12%). The result? A passive stablecoin farm with a real 49% APR.
Smart Anon 5:
Next up is a relatively new player in this space, who in just one cycle has gone from tens of thousands of dollars to several million, and it wasn’t thanks to luck.
His largest position is a semi-delta-neutral strategy on Berachain, where he has deposited sUSDe on Dolomite to borrow BERA and farm in the WETH/BERA pool on Infrared Finance at 120% APR. I’m not sure if he is neutralizing his ETH exposure on some platform or is longing ETH.
His second position is HYPE, this whale has been one of the biggest beneficiaries of the Hyperliquid airdrop, earning millions thanks to having used the platform since the early days. Although he has sold part of his bag, he still holding a large position.
Then we can see a leveraged ETH farming position, which consists of looping weETH into Aave, since weETH earns yield from staking, eigenlayer and etherfi, which gives a higher APR than the one paid for borrowing on Aave.
Take this position as an example, while I am not familiar with the actual APR, let’s say weETH is earning 5% APR thanks to staking yield and Scroll, Eigen and Etherfi points. And on the other hand, borrowing ETH costs you 2.5% APR. The result? 32% APR for your ETH passively. Again, this is just an example as I don’t know the APR coming from points.
Let’s continue, his next position has already been discussed, it is the USDC pool on Boyco in the Origami vault.
He is also long ETH on Hyperliquid, which has been closing with small losses recently.
Lastly, he seems to be farming a small amount of S on Shadow Exchange and Snake Finance, taking advantage of the incentives of this new chain.
Smart Anon 6:
In sixth place we have a legendary trader, I met him back in the Friend Tech days and was impressed by his way of trading, at that time he had less than $1M, which he has grown to several million during this cycle, surfing narratives with excellence.
As you can see in his portfolio, he is practically 100% out of the markets, resting in stables and generating some yield in Aave, Ethena and Pendle, simple farm since it is not his style.
The reason is simple, he is bearish, and has been for the past few months, escaping the current fall in the markets.
Como exposición al mercado, solo tiene HYPE, altcoin que ya hemos comentado anteriormente, la cual compró a $25. También tiene algunos NFTs de Kaito que como no es de extrañar, ha comprado a un bajo precio, especulando con el posible airdrop.
As market exposure, he only has HYPE, an altcoin we have already discussed, which he bought at $25. He also has some Kaito NFTs that, unsurprisingly, he bought at a low price, speculating on the possible airdrop.
Lastly, there are some TRUMP and MELANIA shorts that have been very profitable lately.
I know this degen a bit, so while he’s not currently exposed, I know he’s bullish on DePIN and robotics (mainly GEOD), Cents (an NFT collection on Bitcoin) and little else.
Smart Anon 7:
In seventh place we have another anon who has made millions this last cycle, he is a gigabrain farmer who has participated in many highly profitable trades in the past.
Most of his positions we have already discussed above, he bought OHM at the bottom, farmed on Infrared Finance, deposited USDC into Origami’s Boyco vault, USD0++ on Euler, bought MKR recently, rekt on USDR, delta-neutral YT-sUSDe and USUALx.
Please do not confuse the fact that I have not explained these positions again with a common portfolio, this portfolio is literally a money-making machine.
As for the positions that I have not explained yet, we have some wBTC as exposure to the market, which is left as collateral on some lending platforms, to borrow stables and continue farming.
He is also farming with stables on Syrup, which although it is a passive farm, the APR is 17%, quite low compared to other farms.
Another one of his stablecoin farms is on Fluid, I’m not sure what APR this position is generating as it depends on Ethena’s incentives, but it looks something like this:
Finally, there is a small position in DETH as an arbitrage play, I discussed the situation in this thread.
DETH is not doing so well, the team seems to have no intention of buying back and taking their losses, it is currently trading at a 90% discount to ETH, although it lacks liquidity to buy in size, it will be interesting to see what happens with this in the future.
Smart Anon 8:
We come to the last portfolio, in this case belonging to one of the most degen wallets I know, since it farms with very low health factors, which would liquidate most if not managed correctly, it has farmed hundreds of thousands in recent airdrops.
A large part of his portfolio is in Pendle’s PT-sUSDe, leveraged using Morpho. What’s interesting about this position is that our friend degen bought sUSDe when it was trading below its peg, about 15% APR considering the 7 days needed for unstaking.
Taking that into account and adding the 14% fixed APR offered by the PT and the -10% APR for borrow on Morpho, we get an APR of 220%, crazy for a stablecoin farm!
The key? A dizzying leverage at the right time. We will only have to see how he closes the position, since the fees or the price of sUSDe could affect him.
His second largest position is a short on ENA, which I don’t know if it is a directional trade or part of some delta-neutral strategy that I haven’t seen, if it is a directional trade, he is making amazing profits of almost $100k.
Then we have a looped weETH position that we have already discussed.
We continue with a position in SoSoValue, an interesting index platform but one that I personally don’t know and am too lazy to review atm, so it will be your task anon.
His next 3 positions are farms on the new Sonic chain, in summary he deposits USDC on Silo earning 10% APR, borrows S paying 4% APR, deposited on wS/EGGS LP on Shadow Exchange earning 238% and also deposited on SNAKE/S on Snake Finance earning 2000% APR (yes, you read right). This strategy is generating a SUPER high return for him, personally I don’t know the SNAKE token and its risk, so DYOR.
He also deposited some BTC/ETH LP into one of Boyco’s pre-markets and has other small shorts. What an absolute degen!
Conclusions
If you’ve made it this far, congratulations! Some of you may already know all of these DeFi protocols/strategies, but a large portion of readers don’t, so this post will give you a good starting point to start studying and improving your understanding of DeFi.
There are several lessons we can draw from analyzing these portfolios, the first is regarding stablecoins, since almost half of my followers only have between 0% — 10% in stablecoins according to a survey I conducted.
Looking at these 8 portfolios, we can see that on average they have 50% in stablecoins (farming), although it depends on the way we analyze it, also several of their positions are not traditional altcoins and I am not taking into account the short positions, also, I think that Smart Anon 3 has at least 15% in stablecoins, but since I could not see it on-chain, I did not take it into account, but well, to summarize:
They also have much more concentrated portfolios than most users, they don’t tend to diversify, they know that really good opportunities are few and far between in crypto, so when they see them, they bet big.
They tend to buy blood, although this is well known, but it is difficult to do. They tend to buy when markets looks dead, when no one wants to buy, when the market is clearly oversold or after a special event such as a sell-off, hack or negative news.
They tend to be value-seeking investors who avoid FOMO, often hedge, make detailed estimates and do extensive research before making decisions.
They tend to get truly involved with their investments, not just passively (buying and holding), whether it’s making governance proposals, engaging with project founders, spreading fud/fomo, doing on-chain analysis, and even taking legal action when necessary.
When they don’t find clear opportunities, they have no problem sitting on stablecoins while farming.
They are very opportunistic, they tend to optimize their positions to the maximum, such as with leverage in DeFi (if you are not sure what you are doing, please avoid this). They are usually very alert, some are chronically online, they use bots to be aware of hacks, health factors, etc. and act quickly.
In summary
- 50% in stables
- not diversifying
- buy blood with size
- Seek value, avoid fomo
- use hedges
- do in-depth research before taking a position
- get involved with the portfolio
- stay away if there are no clear opportunities
- be opportunistic
- optimize your positions
- chronically online
- use bots
You may already know some of these wallets, or have seen some positions that you want to replicate, but the reality is that if you do not have the necessary knowledge to manage these types of positions or simply do not know what you are doing (which is common among most crypto investors), you will end up losing money, it is not a joke.
Also, keep in mind that all of these portfolios are over $1M, so while I think it’s OK to follow a similar strategy with 6 figures, with less capital it may not make as much sense, so take it with a grain of salt.
I hope the article has been useful and entertaining to you, if so, share it with more people, I have no financial interests in writing, I do it out of passion, if I see enough support, that will motivate me to write more!
Remember to follow me on Twitter: @0ctoshi.
