Whales now hold nearly 33% of Total ETH Supply

Blockchain data analytics firm Santiment has sounded the alarm on the Ethereum (ETH) landscape, revealing a pronounced surge in accumulation by crypto whales.

Notably, these large-scale holders, with addresses owning at least one million ETH, have now tightened their grip, controlling over 32% of the total ETH supply. It’s a level not witnessed since 2016, raising questions about the concentration of wealth within the Ethereum ecosystem.

Within this realm, a particular focus is on billionaire-tier addresses, defined by those boasting a minimum of one million ETH. These elite holders currently possess 32.3% of the available ETH supply, marking a significant milestone, last seen in the early days of Ethereum.

Furthermore, this select group is facilitating a flurry of substantial transactions, with daily volumes surpassing $1 million achieving their second-highest peak in the past five weeks.

ETH is trading for $1,616 at time of writing.

This stable valuation is amidst the backdrop of increased concentration in the hands of Ethereum’s largest stakeholders, bringing an element of intrigue to the overall market dynamics.

In a crypto landscape marked by accumulating wealth, these developments raise a compelling question:

What are the potential ramifications of such a significant amount of Ethereum controlled by a select few?

As Ethereum’s distribution becomes increasingly polarised, it prompts reflection on the implications for the broader ecosystem and the dynamics of wealth and influence within it.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.

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