Top 104 Ethereum Whales Control 57% of ETH Supply, Signaling Record Whale Dominance
Key Highlights:
- The top 104 Ethereum wallets, each holding over 100,000 ETH, now collectively control 57% of the total Ether supply, valued at approximately $333 billion.
- Mid-sized holders (10-100,000 ETH) have dropped to an all-time low, holding only 33.5% of the supply.
- Smaller wallets (<100 ETH) account for just 9.19%, marking their lowest share in nearly four years.
Rising Whale Dominance
Data from blockchain analytics platform Santiment reveals that Ethereum’s largest whale wallets have reached a new all-time high in dominance. This accumulation trend among major holders signals growing confidence in Ethereum’s long-term potential, particularly as its price recovery continues.
Decline in Mid-Sized and Small Holders
While whale wallets expand their control, mid-sized holders’ share has dropped to a record low of 33.5%. Similarly, smaller wallets with less than 100 ETH now hold 9.19% of the total supply, their lowest level in four years.
Santiment noted that while Ethereum’s concentration of wealth could raise concerns about centralization, it generally reflects bullish sentiment when significant stakeholders are accumulating.
“It is still a bullish long-term signal when a coin’s largest key holders continue accumulating, especially when it’s a 9-year-old asset like Ethereum,” Santiment reported.
Surge in User Activity and Price Movement
Ethereum’s network activity has surged, with the average number of new wallet addresses hitting 130,200 in December—the highest in eight months. This coincides with Ether’s price reclaiming the $4,000 level on December 7, its first time above this mark since March.
Currently trading around $4,007, ETH remains 17% below its all-time high of $4,891 reached in November 2021. Analysts believe Ethereum could surpass this peak in early 2025, driven by broader market recovery and renewed bullish sentiment.
Ethereum Reclaims Lead for Tether (USDT)
In another significant milestone, Ethereum reclaimed its position as the top blockchain for Tether (USDT), surpassing Tron. As of November, Ethereum held a supply of $60.3 billion USDT, marking its return to dominance since August 2022.
The gap widened further when $2 billion USDT was minted on Ethereum compared to $1 billion on Tron. Other leading blockchains for Tether include:
- BNB Chain: $4.58 billion
- Arbitrum: $3.09 billion
- Avalanche: $1.31 billion
Tether remains the largest stablecoin globally, with a market cap of $132.3 billion, followed by Circle’s USDC at $39 billion. Notably, Ethereum dominates USDC’s supply, holding 67.5%, equivalent to $26.3 billion.
Conclusion
While the rising concentration of ETH among whale wallets raises concerns about market centralization, it also highlights strong confidence among major holders. Coupled with Ethereum’s price recovery, rising user activity, and dominance in stablecoin circulation, these trends position ETH for a promising outlook heading into 2025.
