From a16z to Wintermute, analyze the current position status of each VC

Veteran KOL The DeFi Edge has compiled the holdings and trading activities of several mainstream crypto VC firms, mainly observing that VCs mostly hold legacy DeFi tokens, and that Non-Fungible Token (NFT) and GameFi have waned, with institutions shifting towards AI, infrastructure, and even meme coins.

Top Crypto VC Holdings

The DeFi Edge points out that many people may think that looking at VC holdings is meaningless, especially since VCs have a much larger information advantage and participate in projects at an early stage, but he is still curious about what VCs have been up to recently? Are they still enthusiastic about shit coins? Do they still hold those old projects that have stopped rising?

However, he also reminds a few points:

• Do not blindly imitate the investment strategies of VCs. They have better trading opportunities and more diversified targets.

• Unable to grasp all wallets.

The DeFi Edge used tools like DeBank, Arkham, and Etherscan to compile the holdings value, major and secondary assets, and recent operations of each VC.

https://t.co/DjKTMxFnTx

— Edgy – The DeFi Edge 🗡️ (@thedefiedge) October 14, 2024

1. a16z (482 million USD)

• Major assets: UNI (436 million USD), OP, COMP

• a16z is one of the major UNI holders, with enough weight to influence UNI ecosystem decisions (4% supply reaches the quorum).

• Recent changes: Started receiving OP token vesting.

2. Galaxy Digital (365 million USD)

• Major assets: BTC, ETH, AVAX

• Galaxy Digital has been conducting a large number of stablecoin and BTC transactions, possibly executing an arbitrage strategy.

• Recent changes: Withdrew 3.3 million USD worth of AVAX from Binance.

3. Jump Trading (286 million USD)

• Major assets: USDC, USDT, stETH, ETH, WETH, SHIB, SNX

• The portfolio is relatively conservative, mainly holding ETH and stablecoins, but also has some competitor tokens like Threshold Network, SHIB, and SNX.

• Recent changes: Started depositing ETH into LMAX.

4. Wintermute (160 million USD)

• Major assets: USDC, WBTC, PEPE, ETH, USDT, TKO, CBBTC, MATIC

• Is a heavy investor (market maker) in meme coins, holding large amounts of PEPE, MOG, NEIRO, etc.

• Recent changes: Increased holdings of CBBTC and BTC, sold a large amount of SHIB.

5. Pantera Capital (161 million USD)

• Major assets: ONDO, ETHX, SD, ECOX, LDO, PERC, NOTE

• Transferred a large amount of MATIC to Coinbase, and transferred LDO to Anchorage.

• Recent changes: The investment value of ONDO has decreased by 56%.

6. Blockchain Capital (67.10 million USD)

• Major assets: AAVE, UNI, ETH, UMA, SAFE, 1INCH, COW, FORT, USDC

• Heavily weighted in AAVE and has held it for many years.

• Recent changes: Transferred a large amount of ETH to Anchorage.

7. Spartan Group (35.38 million USD)

• Major assets: PENDLE, GAL, MNT, OP, IMX, WILD, GRT, AEVO, USDC, PTU, RBN, 1INCH

• Heavily weighted in PENDLE and mostly engaged in arbitrage trading.

• Recent changes: Transferred all BEAM to the upcoming new chain Sophon to obtain an airdrop.

8. DeFiance Capital (33.60 million USD)

• Major assets: PYUSD, LDO, BEAM, USDC, TBILL

• DeFiance Capital has invested in some gaming tokens.

• Recent changes: Conducted multiple transactions with the shooter game Shrapnel.

DeFi Edge's Observations

• Common points: a16z, Jump, Wintermute, and Blockchain Capital all hold legacy DeFi tokens like UNI and AAVE, as well as stablecoins.

• Long-term holding: a16z and Blockchain Capital have been holding the aforementioned DeFi tokens for years, demonstrating diamond hands.

• Arbitrage trading: Multiple VC firms have conducted large-scale stablecoin arbitrage trades.

• L2 investment: BTC L2 projects are receiving more and more investment.

• Early investment still dominant: VC's early investments account for about 13% of market transactions.

• AI, infrastructure, and meme coins are the new trends: Non-Fungible Token (NFT) and GameFi have waned, shifting towards AI, infrastructure, and even meme coins.

DeFi Edge points out that the total investment amount has declined significantly compared to the same period in 2021-2022, and the investment scale is not highly correlated with the price of Bitcoin. He finally emphasized that the key to this analysis is to scan the behavior of VCs, in order to identify potential trends and understand how they operate, and not to follow VCs blindly, but to use them as a research resource.