April 19, 2022

🥛 What are crypto whales holding in their wallets?

GM. This is the Milk Road where we pound the crypto pavement, so you don’t have to.

Let's get into it:

  • 💰 What are the crypto whales holding in their wallet?

  • ⚖️ Andre Cronje says we need crypto regulation

  • 📝 Quick Nuggets

  • 💸 A ton of BTC was pulled out of the market last week


We came across a great thread on Twitter that broke down 10 big crypto wallets and what they're holding right now. Every wallet is worth between 7-9 figures.

Blockchain is a public record. So you can see this kinda stuff.

There were five key trends that stood out:

  1. Stablecoins: Almost all of the wallets have an allocation in stablecoins (examples are USDC, FRAX, USDT). Typically, these are used to rotate in and out of different assets.

  2. Fantom: Fantom is recently trading ~70% lower than all-time highs and it appears whales are getting in on it. (Milk Road take: interesting. Did not expect this. Will do more research!)

  3. Putting their ETH to work: All of the top wallets are staking their ETH and have big positions in protocols like Convex, Curve & Aave to earn low risk yield while staking.

  4. NFTs: Most of the wallets are in blue chip NFTs but they also have some larger positions in projects that are still ~1ETH ($3k) and under. This wallet had ~50% of their portfolio in NFTs if you want to check it out.

  5. Ethereum: 6 of the top 10 wallets hold most of their assets on the Ethereum blockchain

If you wanna go deeper on their wallets, check them out here:


Andre Cronje is often referred to as a “godfather” of defi. He’s famous for helping build a few big projects like Fantom and Yearn Finance.

Last month, he called it quits and announced he’s leaving crypto.

Yesterday, he came back from the woods to release a new blog post on his Medium, called “The rise and fall of crypto culture”.

I’ll save you a click, here are the main points:

  • Says that crypto has a lot of people who read a wikipedia page about how monetary policy works and naively thinks “we can do it better”

  • Says we need regulation now, more than ever – to protect. “It’s like a child sticking their finger into an electric outlet” You tell them no. “One day they will understand, but not today”.

  • He says “crypto culture has strangled crypto ethos”. Crypto culture is things like wealth, entitlement, enrichment, and ego. Crypto ethos is stuff like self custody, self empowerment, self-sovereign rights.

Crypto Twitter responded strongly:

  • "Andre Cronje's blog is insufferable. "Crypto is dead. Long live crypto" and then calls for regulation? You don't hate on the people who believed in you and made you a billionaire just cause ~10% of them would ask wen moon." – AC The Collector

  • "Andre Cronje with the gigagrift walking away with over *1 billion dollars* generated from crypto and then exits the space, rails against “get rich quick mentalities” and advocates for strict regulations and then founds an investment banking company. Incredible." – 0xCana

Today's Milk Road is brought to you by FTX US

I’m sure you’ve heard of FTX US by now, whether it’s because of all of the new products they've launched (we talked about their white label product here), their Super Bowl commercial with Larry David, or their Founder, SBF, on Twitter.

FTX US is a safe, regulated way to buy Bitcoin and other cryptocurrencies, plus you can trade crypto with up to 85% lower fees than any other exchange on the market. You can even buy NFTs on the FTX app from top ETH and Solana collections without getting hit with fees.

Simply put, FTX gets it and makes crypto exposure accessible, easy, and secure.

Download the FTX app on your phone today, use code MILKROAD for free crypto on every trade over $10, and start building your portfolio in less than 3 minutes. It’s that easy.

Sign up here!


UST is now the third-largest stablecoin on the market. Do Kwon and the Terra ecosystem continue to grow. UST had a market cap of ~$180M at the start of 2021, now it has a $17.5B market cap. 100X growth spurt in a year.

MetaMask releases a warning that iCloud backups could lead to stolen funds in a new phishing scam. To disable iCould backups follow the steps MetaMask outlined in the tweet here. You might have it on without even knowing!

WonderFi buys Coinberry, a crypto exchange, for $38.5M. This will be the second Canadian crypto exchange WonderFi has bought this year and now own 33% of all exchanges in Canada.

Remember that $625M hack on Axie Infinity last month? Well the FBI has confirmed that Lazarus, a North Korean hacker group, was behind the hack. This isn’t Lazarus’ first rodeo either – in 2017 they stole ~$571M in crypto assets.

Vanguard announces that they will no longer accept purchases and transfers for OTC securities. This includes purchases of Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).


This could be one of two things:

1/ People getting ready to pay their big tax bills (they were due yesterday)


2/ People are scared of what’s about to happen next


LOL. An NFT project bought one of those airplane flying message thingies and flew it over Coachella.

See ya tomorrow!

Shaan "Chocolate Milk" Puri and Ben "2% Milk" Levy

A Review from the Road…

What'd you think of today's email?