Non-Exchange Ethereum Supply Surpasses 25M After 7 Years Despite Drop In Whale Holdings

Ethereum ETH/USD experienced a major milestone over the weekend when for the first time in 7 years, the top 10 non-exchange addresses alone collectively held over 25 million ETH. 

What Happened: According to Santiment on-chain data analytics, this is the highest amount held in non-exchange addresses since 2016.

Screenshot from Santiment

The yellow area on the chart above displays the ETH supply held in non-exchange wallets. On Feb.25, this supply saw a significant peak, pushing it as close to 26 million ETH. As of Feb.26, the total supply stored in non-exchange wallets stood at 24.73 million ETH. 

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Santiment noted that the number of whales holding 100,000 or more Ethereum is at its lowest point in over a year. Currently, only 124 wallets hold that amount of Ethereum, down from a peak of 176 wallets in July 2019, a difference of 34%.

“Finally, ETH appears to be dominant for... well, Ethereum. This is typically the case, but it looks like it's been expanding the lead over Wrapped ETH, USD Coin, and Tether as of late,” Santiment insights said.

Price Action: At the time of writing, ETH was trading at $1,651 up 2% in the last 24 hours, according to Benzinga Pro. 

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