On-chain analytics firm Santiment reports that Ethereum (ETH) now counts more than 182.7 million non-empty wallets, compared to roughly 58.5 million for Bitcoin (BTC) — giving ETH a holder base more than three times larger than Bitcoin’s.
Holder Gap Widens Since 2019
The data reveals Ethereum first overtook Bitcoin in total addresses with a balance back in February 2019, and the lead has only grown since. The divergence reflects Ethereum’s role as the backbone for decentralized finance, NFTs, stablecoins, and other blockchain applications, which often require multiple wallet interactions per user. Bitcoin, by contrast, functions primarily as a store of value, resulting in fewer active addresses relative to its market cap.
Despite the strong adoption metrics, ETH’s price has shown recent weakness. At writing, ETH trades near $2,023, down roughly 1.1% in the past 24 hours, mirroring the broader crypto consolidation.
$2,000 Becomes the Key Level to Watch
Some traders view the current price zone as a critical accumulation area. Crypto analyst Merlijn The Trader suggests Ethereum is entering a “discount zone” similar to the structure seen before its 2023 rally. He points to $2,000 as the pivotal threshold: holding above it could ignite the next bullish wave for ETH, while a breakdown below risks extending the ongoing correction.
The disconnect between rising wallet counts and falling prices is drawing attention. Many market participants are now focusing on the $2,000 support level to gauge whether bulls can defend the line and trigger a turnaround.