Here is the percentage amount of the total circulating supply for the 10 largest Ethereum whales, according to on-chain data.
The top 10 Ethereum titles have continued to increase their holdings lately
In a new post on X, the on-chain analytics company saint It revealed how much percentage of the total supply is held by the ten largest Ethereum wallets at the moment.
Here’s a graph showing that metric, as well as how it’s changed over the past few years:
Looks like the value of the metric has been going up in recent months | Source: Santiment on X
As shown in the chart above, the percentage of total circulating supply these whales owned was only 11.2% about five years ago. Since then, they have continually expanded their holdings and now own 34.6% of the show.
Currently, 34.6% of the supply means it holds 27.86 million ETH, which equals about $51.6 billion. Five years ago, the supply of ETH seemed to be more spread out among investors, but now it seems to be steadily increasing in focus on the top ten players in the sector.
From the chart, it’s clear that much of that backlog has come this year alone, as these owners have ramped up their purchases. In terms of numbers, they’ve bought 11% of supply over the past year.
A few days ago, the market information platform IntoTheBlock Reveal how the distribution of wealth differs between Bitcoin, Dogecoin and Ethereum. For BTC, about 80% of the supply is held by 0.32% of addresses (which includes Satoshi’s idle wallets).
On the other hand, for ETH and DOGE, a similar proportion of supply is controlled by only 0.01% and only 0.014% of the addresses, respectively. All three cryptocurrencies seem unbalanced in how they distribute their wealth, but BTC still fares better than these two.
IntoTheBlock also broke down the Bitcoin supply data for different wallet ranges in another recent post on X:
The amount of BTC that each cohort holds in the sector | Source: IntoTheBlock on X
From the table, it is evident that the largest group with investors holding over 100,000 BTC has four wallets and these addresses control 3.39% of the supply. The next largest group, the 10,000-100,000 BTC range, has 103 investors who own 11.66% of the supply.
The top 10 BTC addresses will include the four largest wallets, as well as the top six from the next group. But even if all 103 addresses in the next block were included in the top four, the total supply held by these investors would still be just 15.05%, which once again shows how much more decentralized Bitcoin supply is than Ethereum.
In general, a supply that is focused on a few stockholders is not ideal for market stability, as it means that only a few hands can move their coins to induce price volatility.
ETH price
At the time of writing, Ethereum is trading around $1,800, up 1% in the past week.
ETH has been moving sideways in the last couple of days | Source: ETHUSD on TradingView
Featured image by Jievani Weerasinghe on Unsplash.com, charts from TradingView.com, Santiment.net
