We're very excited to release our first Zabo research summary, derived from anonymized and aggregated off-chain data from leading cryptocurrency exchanges.

Why is this information unique and relevant?

  • Unlike on-chain data, it can provide more clear insight into off-chain account trends at exchanges
  • Unlike aggregated exchange trading data, it highlights trends on a more account-by-account basis

With that context, let's dive in!

Top 20 assets held by custodial wallets

Today, market capitalization is often used as an imperfect proxy for how popular a given cryptocurrency is.

We wanted to ask another question: what are the most popular assets determined by wallets that actively hold the asset (holding percentage)?

Here are the top 20:

Unsurprisingly, bitcoin (BTC) tops the list. But there are some other interesting findings:

  • Ether (ETH) clearly separates itself from the pack and is quite close - within 10% - of bitcoin's leading holding percentage. This is higher than we would have guessed and a sign of ETH's growing popularity
  • Ethereum-based DeFi assets are not just a self-custody phenomenon. They are very widely held in custodial wallets: Chainlink (LINK) at #9, The Graph (GRT) at #11, Compound (COMP) at 14, Uniswap (UNI) at #15 and Aave (AAVE) at #18
  • DOGE is not only a top 20 asset by market capitalization, but a top 20 asset by holding percentage. Wow. Many progress!
  • The Graph (GRT) is just outside the top 10 assets by holding percentage (#11), despite the fact that it has only been widely available since Dec 2020 and not within the top 50 assets by market capitalization
  • Steller Lumens (XLM) don't crack the top 10 in market capitalization, but are #3 based on custodial holdings percentage, likely due to their aggressive airdrop campaigns

Footnotes and comments:

  1. Fiat currencies (e.g. USD, EUR) were excluded from this data. Both USD and EUR are top 20 holdings when included
  2. (*) Custodial wallets included in data analysis:  Binance, Binance US, Bitfinex, bitFlyer, BitGo, Bitstamp, Bittrex, Bybit, Celsius, Coinbase, Coinbase Prime, Coinbase Pro, Coinsquare, FTX, Gate.io, Gemini, HitBTC, Huobi, Kraken, KuCoin, Liquid,  OKCoin, OKEx, Poloniex
  3. self-custody wallets were excluded to prevent it skewing the data towards wallets that hold only a certain type of asset. For example, a MetaMask account will increase the number of wallets in the sample and will be 100% ETH/ERC20

Get in touch

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