Ethereum Sees a Surge in New Wallets Despite Price Dip
Ethereum has recorded a significant spike in new wallets, with nearly 267,000 new addresses created on April 28 and 29, marking the highest two-day increase since October 2022. This surge comes despite the recent dip in Ethereum’s price, indicating a strong interest in the network even amid broader market uncertainty.
A Record Increase in Ethereum Wallets
The latest data from Santiment, a blockchain analytics firm, revealed that Ethereum experienced a remarkable expansion with 267,000 new wallets set up in late April. This notable increase in new addresses suggests a growing interest in Ethereum, even as the crypto market faces economic uncertainties and price fluctuations.
One potential reason for this growth could be Ethereum’s ongoing developments, such as upgrades to improve scalability and security. These advancements may be attracting a more diverse array of users, contributing to the spike in new wallets.
Ethereum Address Distribution and Whale Activity
An analysis by CoinMarketCap provides additional insights into Ethereum’s address distribution. The vast majority of Ethereum addresses—approximately 97.49%—hold between $0 and $1,000 worth of the cryptocurrency. In contrast, only a small fraction of addresses hold larger amounts, with 2.40% holding between $1,000 and $100,000, and the remaining 0.10% holding over $100,000 in Ethereum.
Despite the small proportion of high-value addresses, Ethereum whales—large holders of the cryptocurrency—control a substantial portion of the total circulating supply. Data from Clank, a whale tracking platform, indicates that Ethereum whales hold about 40.75% of the total supply. These whales can significantly influence market dynamics and price movements.
Clank’s data shows that the average holdings of these whales amount to 9,839,698 ETH, valued at about $3.66 million. This level of influence is further demonstrated by the “Whale of the Day” transaction on Binance, which involved an internal transfer of over $45 million worth of Ethereum.
Ethereum Investors’ Holding Patterns
Ethereum investors exhibit a wide range of holding patterns. According to the latest data, a large majority—74.43%—are long-term holders, indicating a strong confidence in Ethereum’s potential future value. Medium-term holders, or “cruisers,” make up 21.31%, while only a small percentage—4.26%—are classified as “traders” who hold their positions for shorter durations.
Despite a recent price decline of 3.80% over the last week, Ethereum is still performing relatively well compared to the broader cryptocurrency market, which experienced an average decline of 8.80%. As of now, Ethereum’s price stands at $2,992, with a total market capitalization of $355.6 billion.
Ethereum’s record increase in new wallets, coupled with a diverse range of holders and continued interest from whales, suggests a resilient and evolving network. While price fluctuations and broader market trends may impact short-term performance, the surge in new wallets indicates a positive outlook for Ethereum’s future.
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