Ethereum now boasts the largest number of holders among all blockchains, significantly outpacing Bitcoin.
Data tracking non-empty wallets reveals that Ethereum has approximately 189.49 million holders, more than triple Bitcoin’s 59.08 million. These figures, released by Leon Waidmann, head of research at Lisk, highlight Ethereum’s substantial user base, even as its price has remained in a bearish trend.
Following Ethereum and Bitcoin, Tether ranks third with 13.61 million holders, trailed by XRP with 7.8 million and USDC with 6.76 million non-empty wallets.
Despite this strong network adoption, Ether (ETH) has experienced a consistent decline over the past month, shedding more than 30% of its value. At the time of this report, the cryptocurrency was trading near $1,620.
The price weakness has also impacted companies that had established significant treasury holdings in Ether. Nasdaq-listed FG Nexus, for instance, has reportedly incurred losses exceeding $85 million on its Ethereum strategy after selling a considerable portion of its holdings below its acquisition cost. The company had designated ETH as its primary treasury reserve asset and began accumulating its position around Ethereum’s 10th anniversary, with ambitions to become a major holder. However, the broader market downturn compelled it to reduce its exposure.
In related analysis, crypto commentator Michaël van de Poppe observed that Ethereum’s daily Relative Strength Index (RSI) has fallen to its lowest recorded level. He suggests that this extremely oversold condition may signal that the crypto market is nearing the conclusion of its current bear cycle, with a potential turnaround on the horizon.
Market pressures have also been evident in the activity of spot Ethereum Exchange-Traded Funds (ETFs). After 17 consecutive trading days of outflows, these funds recorded net inflows of $19.3 million on June 4. These inflows were solely attributed to ETHA, with the remaining nine ETFs experiencing no activity.
Cumulatively, Ethereum ETFs still registered net outflows of $168 million for the week. Data from SoSoValue indicates that these latest figures might suggest a stabilization of ETF flows, though a significant recovery will hinge on sustained inflows across Ethereum and other major cryptocurrencies.
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