Ethereum Large Wallets Decrease by 1.7 Million ETH, Small Wallets Gain Share

The balance of large Ethereum (ETH) holding wallets has decreased by approximately 1.7 million ETH over the past three months. Wallets holding more than 1,000 ETH reduced their holdings by about 1.7 million ETH from May 20 to August 20, which corresponds to a decrease of about 2.9%. During the same period, the supply share of wallets holding between 1 and 10 ETH increased from 4.38% to 4.52%. It has been observed that approximately 300,000 ETH of the 1.7 million ETH that decreased from large wallets moved to small wallets. The amount of ETH held on exchanges also decreased from 7.07 million ETH to 6.54 million ETH. This can be interpreted as a reduction in sell-side pressure; however, there are various pathways for movement, such as staking and smart contracts, which broadens the interpretation. While the decrease in large wallet balances can be seen as sell pressure, the movement outside exchanges and the increase in small wallet shares can be viewed as a supply reallocation. The impact of this trend on the ETH market will depend on the subsequent pathways of movement.

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