ETH Hodlers - The Daily Gwei #141
ETH Hodlers - The Daily Gwei #141
Diving into ETH hodler metrics.
An interesting chart from IntoTheBlock was posted yesterday that shows that the total number of addresses with a balance of ETH surpassed 50 million for the first time. That means that there are 50 million Ethereum addresses with a non-zero balance of ETH!
Now, itâs probably obvious to most of you but I think the main reason that there are so many addresses that hold a non-zero amount of ETH is because you need to use ETH for gas fees so that you can do things like transfer assets or participate in DeFi. There are also probably a bunch of addresses that just have a âdustâ amount of ETH in them - that is, it costs more in gas fees to move the ETH than the ETH is worth. For these reasons, I like to dig a bit deeper into this data and track the amount of addresses holding higher denominations of ETH. The data Iâll be using below comes from here and only includes normal Ethereum addresses (not smart contracts).
If we look at how many Ethereum addresses own at least 0.1 ETH ($65) then that number is currently at 3.6 million. If we go a step further and look at how many own 1 ETH ($665) it comes down to 1.17 million. If we account for people having multiple addresses and split the number in half, we get to 585,000 addresses. Taking this one step further and looking at how many addresses own 10 ETH or more (something I consider an âinvestment amountâ of ETH), we see that it comes to 288,000. I think there is going to be much less single users having multiple addresses with 10 ETH or more in them so taking that into account we can very roughly estimate that there are around 288,000 unique ETH holders.
So, what about the whales? Well addresses holding 10,000 ETH ($6.65 million) or more currently sits at 1,060 and we can be rather confident that most of these addresses are either individuals or custody solutions (including exchanges). You can see from the chart that this number hasnât changed much since late 2017 and has basically gone sideways - ranging mostly between 1,000 and 1,100. Though during that time the price of ETH has changed dramatically so itâs interesting to see that most of these larger holders have âstrong handsâ.
Itâs always difficult to tie Ethereum address metrics back to actual humans because of the simple fact that most people have more than 1 address. Though, I think looking at addresses holding more than 10 ETH ($6,650) can give a pretty good indication as I outlined above. There are other metrics we can look at too of course but the only people who can accurately estimate how many unique ETH holders there are are those who have access to centralized exchange data (as these exchanges have to do KYC). In the end though it doesnât really matter that much as ETHâs holder base is growing regardless.
Have a great day everyone,
Anthony Sassano
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All information presented above is for educational purposes only and should not be taken as investment advice.