SHORT ANSWER: The Beacon Deposit Contract has emerged as the dominant force, holding a staggering 38% of all ETH.
Ethereum, the world's second-largest cryptocurrency by market cap, continues to power decentralized applications and fuel innovation. But who are the whales holding the vast majority of Ethereum? In 2024, the landscape of major ethereum holders might have shifted. This guide dives into the latest data, revealing the key players — from individual investors to institutional giants — who control the most ETH. Join us as we unveil the hidden forces shaping the ethereum ecosystem and explore the potential implications for the future of this dynamic cryptocurrency.
Who Owns the Most Ethereum?
With the recent ethereum merge transitioning the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS), a new player has emerged as the biggest ethereum (ETH) holder: the Beacon Chain Deposit Contract. This contract allows users to stake their ETH on the Beacon Chain, the foundation of Ethereum 2.0. This shift to PoS likely explains the Beacon Deposit Contract's significant holding, currently sitting at over 46 million ETH, representing a whopping 38% of all ether. This translates to a staggering value of approximately $165 billion at the time of writing. Essentially, users have locked their ETH in the contract to contribute to the security and validation of transactions on the Ethereum network.
Top 10 Ethereum Holders
Let’s explore the top 10 Ethereum holder of current times:
1. Beacon Deposit Contract
The Ethereum Merge to Proof-of-Stake (PoS) created a powerful new dynamic with the Beacon Deposit Contract. This contract lets users stake their ETH on the Beacon Chain, the core of Ethereum 2.0. This explains the Beacon Deposit Contract's massive holding — over 46 million ETH, a huge 30% of all Ethereum! Worth roughly $165 billion, users essentially locked their ETH to secure and validate ethereum transactions.
2. Wrapped Ether Contract
Wrapped ether (WETH) plays a key role in Decentralized Finance (DeFi) applications. Since regular ETH isn't compatible with these platforms, WETH acts as a “wrapped” version that functions as an ERC-20 token. This allows users to seamlessly use their ETH on DeFi apps like Uniswap. Notably, the value of WETH remains identical to regular ETH, offering increased functionality without impacting price. Interestingly, the WETH contract holds a significant amount of ether, currently sitting at over 2.84 million ETH, making it the second-largest holder in the network.
3. Binance 7
Binance, the world's leading cryptocurrency exchange by trading volume, is also a major Ethereum (ETH) holder. Surprisingly, just three of its main ETH addresses (Binance 7, 8, and 28) collectively hold over 3.2 million ETH, making them the network's third-largest holder. These addresses manage exchange functions and bridge ETH between Binance Smart Chain (BSC) and Ethereum. The bridged ETH resides in the “Peg Tokens” address until it's withdrawn back to the Ethereum network.
4. Arbitrum: Bridge
Arbitrum, a popular ethereum scaling solution, is emerging as a significant ETH holder. This technology allows users to interact with decentralized applications (dApps) and deploy smart contracts on a faster and cheaper network compared to Ethereum's mainnet. At the heart of Arbitrum lies its bridge contract, currently holding over 1.8 million ETH. This positions the bridge as the network's fourth-largest ETH holder. As Arbitrum gains traction due to its cost efficiency, this holding will likely increase further.
5. Robinhood
Robinhood, the popular trading app known for its commission-free stock trading, also holds a surprising amount of Ethereum. Despite some past controversies, Robinhood is the 5th largest individual holder of Ethereum, with nearly 1.4 million ETH under a single wallet address. This means Robinhood is a major player in the ethereum world, holding a large amount of this cryptocurrency.
6. Kraken
Despite facing SEC charges related to staking options, cryptocurrency exchange Kraken ranks as a major Ethereum holder. Their “Kraken 13" wallet alone holds over 850,000 ETH, making it the 6th largest individual holder. Given Kraken's high trading volume, they likely hold even more ETH in smaller amounts across other wallets, though these wouldn't be on the top 100 individual address lists.
7. Base: Base Portal
Newcomer Base Portal is making waves in the Ethereum world. This project acts as a bridge, allowing users to move their ethereum (ETH) between different blockchains easily. Interestingly, Base Portal holds a significant amount of ETH, currently ranking as the 7th largest individual holder with over 504,000 ETH. This substantial holding suggests Base Portal might play a vital role in the Ethereum ecosystem, but it's still too early to say for certain.
8. Bitfinex 19
Another major exchange by volume, Bitfinex, stands at 8th position and holds a significant amount of ETH scattered across five top 100 addresses: Bitfinex 19, MultiSig 3, 20, 15, and 5. These collectively hold around 2 million ETH. Two addresses likely serve trading and exchange functions, while the “MultiSig 3" address might be their secure cold storage wallet due to its multi-signature nature.
9. Gemini
The Gemini exchange, founded by the Winklevoss twins, is a major ethereum player. Their single wallet address ranks 9th largest holder, containing over 369,000 ETH. This positions Gemini as one of the top exchanges for holding ether, showcasing their confidence in this cryptocurrency.
10. EthDev
The nonprofit ethereum Foundation oversees Ethereum's development. ETHDEV, a separate group of developers in cities like London and Berlin, acts as the project's development arm. As Ethereum matured, other organizations like ConsenSys joined the ecosystem to tackle specific areas. This division of labor allows focused development and benefits the entire ethereum network. Interestingly, ETHDEV holds over 309,000 ETH, ranking 10th among the largest ether holders.
The Largest Holders are Contracts, Not People
The landscape of major ETH holders has shifted significantly in 2024. The Beacon Deposit Contract, a product of the ethereum merge, has emerged as the dominant force, holding a staggering 38% of all ETH. This reflects users' commitment to securing the network by staking their ETH. Wrapped ethereum (WETH), crucial for DeFi applications, sits at number two with over 2.8 million ETH. Major cryptocurrency exchanges like Binance and Kraken are also major players, holding significant amounts across multiple wallets. Interestingly, newcomer Base Portal and the Winklevoss twins' Gemini exchange showcase the growing involvement of diverse players in the ethereum ecosystem. While the distribution of ETH ownership highlights its decentralized nature, the Beacon Deposit Contract's dominance underscores the critical role users play in securing the ethereum network.
Frequently Asked Questions
How many ethereum holders are there?
According to ycharts.com, as of 16th of June, 2024, there are 272,997,469 unique ethereum wallets.
Who is ethereum owned by?
Ethereum is built and maintained by a global community of developers. It depicts that Ethereum is not solely owned by a single entity.
How many people own 1 Ether?
It is not easy to find the number of wallets that own 1 Ether. However, according to ycharts.com, as of June 16, 2024, there are 272,997,469 unique ethereum wallets. Some reputed sources indicate that around 1% of them hold at least one ETH.
Who is ethereum controlled by?
Unlike some centralized systems, Ethereum’s development is driven by a collaborative effort from a global community of users and developers. This decentralized approach means Ethereum isn’t owned by any single entity but rather thrives on the contributions of its collective users.
About Ishan Jain
Ishan Jain is a technical enthusiast with a knack for financial analytics and trading. Ishan primarily works on AI algorithms, business development, and software engineering for his ventures and side projects, and he produces Web3 content for Benzinga. Ishan has been involved in DeFi in a variety of ways, including heading a project at a crypto asset investment firm along with leading a blockchain security research project.