Using Token Holder Overlap to Analyze ENA Wallet Portfolios
Summary
The article describes an on-chain method for examining which other tokens are held by wallets that own ENA. It starts with a list of ENA holders, retrieves their other token balances, filters likely spam tokens, and transforms the data into a wallet-by-token view. Counting wallets with a balance reveals assets commonly shared across the holder set; counting token amounts instead can show concentrations.
The example reports overlap across DeFi tokens, stablecoins, and NFT-related tokens or memecoins, but gives no numerical results in the text. The author suggests using the method to identify areas for further research or inform portfolio weighting and index construction. These observations depend on address and token filtering: the article acknowledges that its spam filtering is preliminary and says that interpreting wallet identities, such as exchanges, whales, multisigs, and contracts, requires additional context. Shared holdings alone therefore do not establish investor sophistication or trading intent.
Key ideas
- Start with token holders and collect their balances in other assets to measure portfolio overlap.
- Filter likely spam tokens before summarizing wallet holdings.
- A binary wallet-by-token table can count how many holders own each asset.
- Token quantities can be analyzed alongside holder counts to examine concentration.
- Address identity and filtering choices limit how confidently shared balances can be interpreted.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.