In a new post on X, the on-chain analytics firm Santiment has discussed how the ETH supply held by the different segments of the user base has looked recently.
The holdings of the most massive Ethereum whales continue to grow, with their collective stash now amounting to over 57% of all tokens in existence. This marks a new all-time high for the mega whales, who have been steadily increasing their holdings over the past couple of years.
Meanwhile, the holdings of smaller wallet ranges, such as the sharks and whales, have decreased. This centralization of supply is concerning, especially for Ethereum, which runs on a Proof-of-Stake consensus mechanism.
However, it’s important to note that many mega whales are likely wallets belonging to staking pools and other platforms, which hold coins in one place on behalf of many investors. This means that the mega whales' collective holdings may be分散化 than they appear.
Despite the recent pullback, the price of Ethereum is still up over 30% year-to-date.
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