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55% of Ethereum (ETH) Holdings Now on These Two Exchanges: Details

Sun, 01/29/2023 - 14:07
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Tomiwabold Olajide
Cumulatively, 24.9 million ETH are held on exchanges
55% of Ethereum (ETH) Holdings Now on These Two Exchanges: Details
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According to the blockchain analytics platform Nansen, 55% of Ethereum (ETH) exchange holdings are held on Coinbase and Binance crypto exchanges.

According to a chart provided by the blockchain analytics platform, 35% of Ethereum balances on exchanges are held on Coinbase Exchange, while those held on Binance accounted for 20%. Together, both exchanges account for 55% of the Ethereum balances held on exchanges.

The Ethereum balance on Kraken's crypto exchange accounted for 7.89%, while Bitfinex accounted for 7.31%. That held on the OKX and Gemini exchanges accounts for 5.02% and 4.66% of the total, respectively.

Cumulatively, 24.9 million ETH are held on exchanges. This implies that 55% of the total ETH exchange holdings are on Coinbase and Binance.

Nansen gives a breakdown of the top five ETH balances: 8.72 million ETH are held on Coinbase; Binance's crypto exchange retains a holding of 4.94 million ETH; Kraken, Bitfinex and OKX account for balances of 1.97 million, 1.82 million and 1.25 million, respectively.

Ethereum small addresses increase

Following the mid-September Merge update, which transitioned the ETH network from proof of work to proof of stake, the number of small-sized Ethereum holders has increased.

In Q4, 2022, the number of over-one-ETH addresses climbed from 1.57 million to 1.73 million, an increase of 10.4% QoQ.

The comparatively greater percentage growth for addresses holding more than one ETH could be attributed to optimism following Ethereum's successful Merge in September and anticipation for its planned Shanghai upgrade.

On Tuesday, Ethereum engineers revealed that they had made significant advancements toward the network's expected Shanghai update, which is scheduled for around March. Stakeholders will be able to withdraw their ETH and accrued rewards after the Shanghai update.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.