Ethereum Whales Holding 32% of ETH Supply

According to Santiment, a cryptocurrency analytics company, addresses categorized as “Ethereum whales,” individuals or entities holding at least 1 million ETH, now collectively command a staggering 32.3% of the total Ethereum supply. This is the first time such a consolidation of power has occurred since 2016.

Santiment’s findings emphasize not only the growing influence of these Ethereum “billionaires” but also the surge in transactions valued at over $1 million. These transactions had their second-highest daily volume in the past five weeks, indicative of a substantial uptick in high-value Ethereum movements. It’s a momentous chapter in Ethereum’s history.

Source: Santiment

Furthermore, IntoTheBlock, another blockchain analytics firm, reports that at present, 45% of Ethereum holders are individuals with substantial cryptocurrency assets. It’s unclear whether these large transactions are connected to Ethereum’s market momentum, but it’s worth noting that the cryptocurrency has seen a 0.9% increase in the past week, despite a slight dip of 0.8% in the last 24 hours. Data from IntoTheBlock also indicates that 48% of ETH holders are currently at a loss, 49% are in profit, and 3% are breaking even.

However, amidst these fascinating developments, the Ethereum ecosystem is witnessing a promising new chapter with the launch of the Scroll mainnet. Scroll is a protocol that offers layer-2 compatibility for contracts written in Ethereum’s Virtual Machine (EVM). The project has been in development for over two years and is a significant step towards broader Ethereum adoption.

Notably, more than 100 projects have already been deployed on Scroll’s testnet, covering various domains, including DeFi and Web3 gaming. With 2,030 ETH already sent to Scroll, the protocol is gaining traction, especially following its mainnet launch.

The Scroll mainnet opens doors for Ethereum to become more scalable and efficient, as it aims to alleviate some of the network’s congestion and high transaction costs. By allowing developers to build on top of Ethereum with reduced gas fees and faster transaction confirmation times, Scroll is expected to contribute to the broader adoption and use of Ethereum.

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