Ethereum Price Surge Results In Wallets Exceeding $1B: A Look At Top 5 ETH Holders

Ethereum ETH/USD, the second-largest crypto token, has gone up by 73% over the past year, climbing 26% in the past month alone. The anticipation of a spot Bitcoin ETF approval has driven the surge. Leveraging the boom, ETH investors have been increasing their holdings, with several wallets now exceeding the $1 billion mark.

What Happened: Santiment data as of mid-October reveals a significant milestone not seen since 2016: ETH billionaires, each holding a minimum of 1 million ETH, now possess 32.3% of the entire available supply. Additionally, IntoTheBlock data indicates that 45% of Ethereum (ETH) holders are large wallet owners, with the current breakdown showing 48% of ETH holders at a loss, 49% in profit, and 3% breaking even.

Read More: Ethereum's 'Billionaire Tier' Accounts For Over 32% Of Its Total Available Supply

A glance at the Ethereum block explorer, EtherScan, shows the top holders of ETH are exchanges rather than individual entities. According to EtherScan, the top ten holders of ETH are associated with various cryptocurrency exchanges, such as Binance, Kraken, and Gemini.

The Top Five: Beacon Deposit Contract is noted as the top holder with 27.5% holdings of the total ETH circulating supply. The holding stands at 33 million coins worth $66.8 billion, based on EtherScan data updated Nov. 20, 2023.  

TechoPedia states that the reason why Beacon Deposit Contract is the largest ETH holder is that it enables users to transfer their funds from the Proof-of-Work (PoW) mainnet to the Beacon Chain, linked to Ethereum 2.0’s Proof-of-Stake (PoS).

Following the list is Wrapped Ether holding 2.6% of the total circulating supply with 3.1 million coins (worth $6.3 billion). Next is a wallet address linked to Binance 7 with 1.6% (worth $4 billion) of the supply. Kraken 13 (1.3%) and Robinhood (1.2%) follow the list of top ETH holders with holdings worth $3.2 billion and $3 billion respectively.

As Ethereum is deeply linked to the NFT ecosystem, many celebrities are also part of the large ETH holders. DappRadar data published by Techopedia in mid-October indicates that Snoop Dogg, Zach Hyman, Mark Cuban, and Gary Vaynerchuk are among the top celebrities holding ETH.

Top Ethereum Wallet: A crypto wallet is a tool, either a physical device or a software program, designed for the secure storage and management of cryptocurrencies. According to TechoPedia, MetaMask is considered the top non-custodial wallet for holding Ethereum in 2023. It boasts over 30 million users worldwide and offers compatibility across various device types.

Additionally, MetaMask is recognized for its quick performance, attributed to its user-friendly interface, making it a highly recommended choice for Ethereum storage.

Ledger is another popular wallet for storing Ether. Contrasting with the free MetaMask wallet, Ledger comes at a price but offers added security through a chip designed to safeguard ETH assets from cyber theft.

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