Santiment data reveals that billionaire Ethereum wallets and top tier addresses now hold 32.3% of ETH supply, marking a 7-year record.
The preeminent market intelligence platform renowned for its on-chain and social metrics has shared significant updates about the top-tier investors holding Ethereum (ETH) tokens.
Large Ethereum Wallets Break 7-Year Record
In a recent tweet, Santiment disclosed that the billionaire Ethereum wallets, investors holding a minimum of one million ETH, now make up a critical percentage of the token’s overall circulating supply. Specifically, Santiment noted that these billionaire ETH addresses currently hold 32.3% of the token’s available supply.
According to Santiment, the percentage marks the first time such a concentration of wealth has been observed since 2016. Besides, the market tracker unveiled that the Ethereum network recently experienced its second-highest day of transactions exceeding $1 million in the past five weeks.
? #Ethereum's whale addresses in the #billionaire tier (holding at least 1M $ETH) now hold 32.3% of the available supply for the first time since 2016. Yesterday's transactions valued at $1M+ also had its 2nd highest day in 5 weeks. History is being made. https://t.co/sywdtn14k5 pic.twitter.com/SdbSrChJCf
— Santiment (@santimentfeed) October 17, 2023
Notably, Santiment’s tweet included a detailed market chart. It emphasized the weight of the current token composition of the billionaire Ethereum wallets, arguing they are picking up steam, holding nearly a third of ETH’s supply.
Moreover, the chart visually illustrates the shift in Ethereum’s wealth distribution. It depicted the steady rise in the dominance of the “Uber Whales” addresses until it coincided with the levels last witnessed in July 2016.
Furthermore, the chart captured the recent ETH transaction surge exceeding $1 million. It indicated that 409 of such Ethereum whale transactions occurred On October 16, which is the second-highest number of such transactions in a single day over the past month.
Who Are the Billionaire Ethereum Whales?
Notably, the market tracker did not pinpoint the exact entities it described as the billionaire Ethereum wallers. It merely categorized them as wallets holding any amount of tokens above one million units.
Also, contrary to popular assumptions, the Ethereum prominent whales are not primarily the project’s founders, like Vitalik Buterin and Joseph Lubin.
Data from Etherscan suggests that among the top ten Ethereum addresses are exchanges. Nonetheless, one may rightly guess that these wallets are institutional investors or other prominent entities.
Meanwhile, at the time of reporting, ETH trades at $1,560.25 with a circulating supply of 120,263,584 ETH.
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