Crypto
Ethereum Whales Shed $5 Billion in Coin Since May
Ethereum wallets holding over 1,000 ETH have reduced their balances by about 1.7 million ETH from May to August, a 2.9% drop.
This reduction in large holder balances has shifted the distribution of total ETH supply, with smaller and mid-tier holders increasing their share.
The decrease in large holder balances is primarily due to transfers to staking contracts, smart contracts, bridges, and exchanges rather than selling on the open market.