55% of Ethereum (ETH) exchange holdings are held on Coinbase and Binance crypto exchanges

55% of Ethereum (ETH) exchange holdings, according to Nansen, are on the cryptocurrency exchanges Coinbase and Binance. Coinbase Exchange accounts for 35% of all Ethereum exchange holdings, while Binance holds 20% of all Ethereum exchange balances.

55% of Ethereum (ETH) Holdings Now on These Two Exchanges

55% of the Ethereum balances stored on exchanges are spread across the two exchanges. On Kraken’s cryptocurrency exchange, Ethereum made up 7.89% of the total balance, while Bitfinex had 7.31%. 5.02% and 4.66% of the total are owned on the OKX and Gemini exchanges, respectively.

24.9 million ETH are held on exchanges overall. This suggests that Coinbase and Binance own 55% of the overall assets for ETH exchanges.

The top five ETH balances are broken down by Nansen as follows: Coinbase holds 8.72 million ETH; Binance’s crypto exchange holds 4.94 million ETH; Kraken, Bitfinex, and OKX each have 1.97 million, 1.82 million, and 1.25 million ETH in their accounts.

The number of small-sized Ethereum holders has surged since the mid-September Merge update, which changed the ETH network from proof of work to proof of stake. Over-one-ETH addresses increased from 1.57 million to 1.73 million in Q4 2022, a 10.4% QoQ rise.

Optimism following Ethereum’s successful Merge in September and anticipation for its forthcoming Shanghai upgrade may be the cause of the considerably higher percentage growth for addresses owning more than one Ethereum.

In preparation for the network’s anticipated Shanghai update, which is slated for around March, Ethereum engineers disclosed on Tuesday that they had made substantial progress. After the Shanghai update, shareholders can withdraw their ETH and earn prizes.

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