35% of ETH in Circulation Now Held by Just 10 Wallets, Here's What Triggered It

A recent tweet of Santiment on-chain data vendor shows that the Ethereum holdings of 10 largest wallets have been increasing recently as they have now laid hands on one-third of all the circulating ETH supply.

Top 10 wallets holding 1/3 of all ETH in market

In its recent tweet, Santiment revealed that the largest ETH whales have been taking advantage of smaller holders, who have been hit by the recent crypto FUD, dumping their ETH coins en mass.

Thus, as smaller investors have been selling their ETH holdings for fear of a further price drop, 10 largest wallets have picked up that Ethereum, and now they overall hold 35% of all ETH available in circulation.

🐳 The 10 largest addresses on the #Ethereum network are now holding over 35% of the available supply. By no means does this mean the #2 asset in #crypto is suddenly #centralized, but it shows the capitulation of smaller traders showing #FUD from this dip. https://t.co/G3wIeBzelb pic.twitter.com/TXkKjSwwmn

— Santiment (@santimentfeed) August 25, 2023

Ethereum wallet activity surges

In an earlier tweet, Santiment spread the word about the network activity on the Ethereum chain surging as the number of ETH-holding wallets began rising quickly. This was the time when ETH briefly slumped below the $1,650 price line, showing highly volatile price conditions.

Now, per that tweet of the data vendor, the number of addresses that hold 10 to 10,000 ETH rose back up to 335,000 units, showing weekly network activity of transactions worth more than $100,000.

🐳 #Ethereum's network has picked up in large address activity during this drop below $1,650 and its highly volatile price conditions. The amount of wallets holding between 10 and 10,000 $ETH has risen back up to 355K, and $100K+ transactions have surged. https://t.co/X137U93ZYu pic.twitter.com/J9lyMoeBmf

— Santiment (@santimentfeed) August 24, 2023

Prominent crypto analyst Bejamin Cowen expects the ETH price to continue falling this summer. According to his recent tweet, he believes the second-largest crypto has been following the same pattern in the summer for several years. According to the chart he shared, for the past few years in the summer the ETH price would first take a big dip and then reverse to surge after that.

It seems that he expects the same to happen this year as well.