Traders made outsized returns from AI tokens more than any other narratives (LSD, App-chains) in January 2023.
Traders who made the most profits in terms of percentage change tend to have smaller capital holdings, lesser trades, and caught the narrative earlier than the rest of the market participants.
In general, wallets are largely still active in trading the market, having most of their funds held in their wallet rather than looking for yield in protocols.
Most wallets are still not fully risk-on given that a significant portion of their funds are still held in stablecoins or ETH. However, some traders have been moving their realized profits into different tokens - mainly lower cap tokens.
Some wallets are still holding