Two Exchanges Own 55% Of All Ethereum (ETH) Holdings

Key Points:

• 55% of Ethereum (ETH) exchange assets are reported to be on the cryptocurrency exchanges Coinbase and Binance, according to blockchain analytics company Nansen.
• 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.
• ETH holders has surged since the mid-September Merge update, which changed the ETH network from proof of work to proof of stake.

55% of Ethereum (ETH) exchange assets are reported to be on the cryptocurrency exchanges Coinbase and Binance, according to blockchain analytics company Nansen.

A graph published by the blockchain analytics company shows that 35% of Ethereum exchange balances are maintained on Coinbase Exchange, while 20% are held on Binance. 55% of the ETH 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.

Increase in Ethereum’s tiny addresses

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 have made substantial progress. After the Shanghai update, shareholders will be able to withdraw their ETH and earned prizes.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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