> For the complete documentation index, see [llms.txt](https://docs.nansen.ai/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.nansen.ai/api/changelog/23-09-2026-smart-money-holdings-fund-filter-deprecation.md).

# 23-09-2026: Smart Money Holdings Fund Filter Deprecation

On September 9, 2026, Fund wallets stopped being part of the upstream Smart Money cohort used by `POST /api/v1/smart-money/holdings`. As a result, current unfiltered holdings totals can be substantially lower than before the cohort change. For Ethereum, the reported comparison changed from 668 tokens, approximately $1.54B in value, and 2,507 holders on September 8 to 384 tokens, approximately $23M, and 936 holders on September 9.

The `Fund` filter value is therefore deprecated for this endpoint. `include_smart_money_labels: ["Fund"]` is still accepted temporarily but returns no rows. `exclude_smart_money_labels: ["Fund"]` is also accepted temporarily but has no effect. Stop using `Fund` in either filter. We may begin rejecting it after December 22, 2026.

This deprecation applies to the current Smart Money holdings endpoint. Historical holdings snapshots from before the cohort change can still contain Fund-labelled wallets. The behavior of `Fund` on other current-data operations is endpoint-specific.

For current Fund holdings, use [`POST /api/v1beta1/funds/holdings`](/api/funds/holdings.md). This serves Funds as a separate cohort. Its holdings-share denominator is total Fund holdings across all chains.

When migrating from `include_smart_money_labels: ["Fund"]`, do not compare `share_of_holdings_percent` directly with historical values from that call: the old denominator included all Smart Money holdings, including Funds and Smart Traders, while the new endpoint divides by Fund holdings only. Both return fractions (`0.05` means 5%) and use an all-chain denominator before output filters, so filtered responses need not sum to 1 (100%).


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