Ethereum hits highest number of new wallets in nearly two years, exceeding 267K

Despite its continued price decline, Ethereum set a record of 267,000 new addresses on April 28 and 29, the highest number since October 2022.

Amid an overall market decline, Ethereum has seen a notable increase in the number of new wallets, indicating a clear resurgence in interest in Ethereum.

According to data shared by blockchain analytics firm Santiment, nearly 267,000 new Ethereum wallets were set up on April 28 and 29. This is the largest two-day increase observed since early October 2022, indicating that the Ethereum network is expanding rapidly. This growth comes against the backdrop of Ethereum’s recent price drop.

Despite economic uncertainty and market volatility, Ethereum continues to attract a diverse range of users. This surge in new wallets may be related to ongoing developments, such as improving scalability and security through continued upgrades.

Another analysis from CoinMarketCap shows that Ethereum is unevenly distributed among different addresses. The majority of Ethereum addresses (about 97.49%) hold between $0 and $1,000 worth of the cryptocurrency.

Only a small portion (2.40%) holds between $1,000 and $100,000 in Ethereum, with the remaining 0.10% addresses holding more than $100,000 in Ethereum. This data suggests that while a small number of people hold large amounts of Ethereum, most users hold relatively small balances.

Despite the limited amount, Ethereum whales control a large portion of holdings. According to data from whale tracking platform Clank, whales hold approximately 40.751 TP3T of Ethereum’s total circulating supply. These large holders play an important role in Ethereum’s market dynamics and can have a significant impact on price movements.

Clank’s data further revealed that the average holdings of these whales were 9,839,698 ETH, worth $3.66 million. This massive influence is also reflected in Binance’s “daily whale” transactions, which internally transferred over $45 million worth of Ethereum.

The holding time of Ethereum varies greatly between different addresses. According to the latest data, the vast majority (74.43%) are long-term holders, reflecting a strong belief in the potential future value of Ethereum.

Medium-term holders (or “Cruisers”) account for 21.31%, while only a small portion (4.26%) are classified as “Traders” who hold for a shorter period of time.

Despite a price drop of 3.80% over the past week, Ethereum has still performed relatively well within the broader cryptocurrency market, which has seen an average drop of 8.80%. As of today, the price of ETH is $2,992 and the total market cap is $355.6 billion.

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