Ethereum has three times more holders than Bitcoin despite brutal price drop: Analyst

Wallet data shows that the number of Ethereum holders is more than three times the number of Bitcoin holders.

Ethereum has emerged as the blockchain with the largest number of holders, far ahead of Bitcoin.

Data on non-empty wallets shows that Ethereum has about 189.49 million holders, which is more than three times the number of Bitcoin holders of 59.08 million.

Network growth versus market performance

numbers, subscriber by Lisk’s head of research, analyst Leon Wideman, points to Ethereum’s significantly large user base even as the asset’s price remains in bearish territory. After Ethereum and Bitcoin, Tether ranks third with 13.61 million holders, followed by XRP with 7.8 million and USDC with 6.76 million non-empty wallets.

Even with this strong adoption of the network, Ethereum has seen a steady decline over the past month, losing more than 30% during this period. The cryptocurrency asset is trading near $1,620 at the time of writing.

The weakness in its price also affected companies that had already built large treasury positions. One example is the Nasdaq-listed FG Nexus, which has reportedly been… Accumulated Losses of more than $85 million on its Ethereum strategy after selling a large portion of its holdings for less than the purchase price.

The company made ETH its main treasury reserve asset and began building its position on Ethereum’s 10th anniversary, with plans to become a major holder. However, the broader market downturn forced it to reduce its exposure.

Meanwhile, cryptocurrency analyst Michael van de Poppe male The daily Relative Strength Index (RSI) for ETH has fallen to the lowest level ever recorded. He believes that this oversold condition could mean that the cryptocurrency market is nearing the end of the current bear market and that a turnaround may not be far away.

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ETFs reverse outflow line

Market pressure was also evident in spot ETF activity. However, after 17 consecutive trading days of outflows, these funds recorded net inflows of $19.3 million on June 4. The inflows were entirely driven by ETHA, while the remaining nine ETFs saw no activity.

Overall, Ethereum ETFs still recorded net outflows of $168 million during the week. SoSoValue He said The latest numbers may mean that ETF inflows are starting to stabilize, although a meaningful recovery will depend on whether inflows via Ethereum and other major crypto assets continue.