Data from Santiment indicates that billionaire Ethereum wallets and top-tier addresses currently control 32.3% of the ETH supply, setting a seven-year record. This information comes from the leading market intelligence platform celebrated for its comprehensive on-chain and social metrics, offering valuable insights into the high-tier investors who possess Ethereum (ETH) tokens.
Significant Ethereum Wallets Shatter a Seven-Year Record.
Santiment recently shared on Twitter that Ethereum’s billionaire wallets, comprising investors with a minimum of one million ETH, now represent a significant portion of the cryptocurrency’s total circulating supply. To be precise, these billionaire ETH addresses currently control 32.3% of the available supply.
Santiment highlighted that this level of wealth concentration hasn’t been seen since 2016, making it a noteworthy occurrence. Additionally, the market analytics firm revealed that the Ethereum network recently recorded its second-highest day of transactions exceeding $1 million within the last five weeks.
Santiment’s tweet was accompanied by an insightful market chart, highlighting the substantial impact of billionaire Ethereum wallets in the cryptocurrency ecosystem. The chart underlined their growing influence, as they now control almost one-third of ETH’s total supply.
The visual representation of the chart also demonstrated a shift in the distribution of wealth within the Ethereum network. It depicted a consistent upward trajectory in the dominance of the “Uber Whales” addresses, coinciding with levels last observed in July 2016.
Additionally, the chart captured the recent surge in ETH transactions exceeding $1 million, with October 16 seeing 409 of these significant Ethereum whale transactions. This figure marked the second-highest daily total of such transactions over the past month.
Who Comprises the Ethereum Billionaire Whales?
Significantly, the market analytics firm refrained from identifying the specific entities it referred to as billionaire Ethereum wallet holders. Instead, it simply categorized them as wallets possessing a token quantity exceeding one million units.
Contrary to common assumptions, these Ethereum high-value holders are not primarily associated with the project’s founders, such as Vitalik Buterin and Joseph Lubin.
Data sourced from Etherscan indicates that among Ethereum’s top ten addresses, some belong to exchanges. Nonetheless, it’s reasonable to speculate that these wallets may belong to institutional investors or other influential entities.
As of the time of this report, ETH is trading at $1,560.25, with a circulating supply of 120,263,584 ETH.