On-chain analytics platform Santiment said the largest Ethereum wallets, defined here as addresses holding more than 1,000 ETH, reduced their combined holdings by about 1.7 million ETH between May 20 and Aug. 20. That amount represented roughly 2.9% of the holdings for that wallet tier.
Over the same period, the share held by smaller wallets with 1 to 10 ETH rose from 4.38% to 4.52%. Santiment said that metric moved higher on 65 trading days and declined on 27 trading days during the stretch.
The platform added that only around 300,000 ETH of the outflow can be tracked to smaller wallet tiers. Most of the remaining ETH may have moved into staking or contract addresses. Santiment also noted that top-tier wallets include exchanges, cross-chain bridges, and staking contracts. During the same period, ETH balances on exchanges fell from about 7.07 million to 6.54 million. The exact destination of the capital remains under observation.
On-chain analytics platform Santiment said the largest Ethereum wallets holding more than 1,000 ETH reduced their combined balances by about 1.7 million ETH between May 20 and Aug. 20, equal to roughly 2.9% of the holdings in that cohort.
Smaller wallets increased their share
During the same period, the share of ETH held by wallets with 1 to 10 ETH rose from 4.38% to 4.52%. That measure increased on 65 trading days and fell on 27 trading days.
Only part of the outflow is traceable to smaller holders
Santiment said only about 300,000 ETH of the outflow can be traced to smaller wallet tiers. Most of the rest may have moved into staking or contract addresses.
Exchange ETH balances also declined
According to Santiment, top-tier wallets include exchanges, cross-chain bridges, and staking contracts. Over the same period, ETH balances on exchanges fell from about 7.07 million to 6.54 million.
Santiment said whale wallets have continued to shrink, while the exact destination of the funds still requires more observation.
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