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:
- Fiat currencies (e.g. USD, EUR) were excluded from this data. Both USD and EUR are top 20 holdings when included
- (*) 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
- 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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