The number of Ethereum addresses holding some ETH has now surpassed 100 million, mirroring Bitcoin’s growth in addresses. Ethereum’s dormant supply from several years ago has also reached a new peak, and a significant portion of Bitcoin has remained untouched for several years.
According to Glassnode, an on-chain analytics firm, the number of Ethereum addresses holding even the smallest fraction of ETH (wei) has hit an all-time high of 104,076,868. This rise is similar to Bitcoin, where non-zero addresses peaked at nearly 48 million in July.
Despite Ethereum’s price stabilizing around $1,830 recently, the count of Ethereum addresses with nonzero balances has been rapidly expanding. This number was around 20 million in 2019 and had grown to 50 million at the outset of 2021, just before the bull market that propelled Ethereum’s price to almost $4,900.
Moreover, Glassnode reported that over 4.3 million ETH that has remained dormant for seven to ten years has reached a record high. The total circulating supply of Ethereum currently stands at around 120 million. Glassnode also revealed that approximately 5.67 million BTC (Bitcoin) has remained untouched since 2017 or even earlier, constituting almost 30% of the total Bitcoin supply, which amounts to 19.45 million.
In addition, Ethereum exhibits a higher concentration of supply among large holders (39%) compared to Bitcoin (11%). This could potentially impact price dynamics and decentralization. Ethereum’s larger holders are associated with staking and development, although some concerns exist regarding market manipulation.
Data also indicates that the top 10 Ethereum whales possess 20% of the supply, while the top 100 hold 65%. In contrast, Bitcoin’s top 10 hold 4.6%, and the top 100 hold 14%. This situation may lead to volatility if whales decide to sell, raising centralization apprehensions. Notably, Ethereum’s relatively lower cost enables the accumulation of larger holdings.
Meanwhile, the previous report by Todayq News on May 31, 2023, points to challenges for the Ethereum market, as the number of addresses holding over 1,000 Ethereum coins has dropped to a 10-month low of 6,268. Currently, Ethereum is trading around $1840, and the price is moving above the 200-day Exponential Moving Average (EMA).