Journalist
Posted:
- The top two Ethereum addresses currently hold over $10 billion worth of ETH.
- The recent price trend of ETH has fallen from the upward trend at the beginning of the year.
A recent report from Arkham Intelligence identified the addresses that hold the most Ethereum worldwide. Given this new information, how do these holdings compare to ETH’s market cap?
How much is 1,10,100 ETHs worth today?
Top Ethereum addresses identified
On September 9, Arkham Intelligence published a post revealing the top Ethereum addresses associated with exchanges, active large-scale investors, and even permanently unusable addresses. According to the report, Binance and Grayscale were the two largest entities with the largest ETH holdings. Arkham reported that Binance owned approximately $5.7 billion worth of ETH, safely stored in two cold wallets.
In contrast, Grayscale’s ETH holdings were spread across more than 650 different addresses, with a total value of approximately $5 billion. Each address contained up to $30 million worth of ETH. The data also showed that the exchanges owned the largest share of ETH among the top holders.
Current market capitalization of Ethereum
From CoinMarketCapEthereum currently has a circulating supply of over 120 million tokens, with a total supply to match. At the time of writing, Ethereum’s market capitalization exceeded $195 billion.
Notably, the ETH market cap shows that the combined value of the two leading addresses was significantly smaller in comparison. This observation suggested that any transactions or movements originating from these top addresses were unlikely to have a substantial impact on Ethereum’s overall price movement.
ETH price trend
Ethereum’s price has shown several trends throughout the year, with the most recent development being a decline to the lowest level since its upward move in January. At the time of writing, ETH was experiencing a daily loss and trading at around $1,600, which represents a decline of less than 1%.
Within the current trend, Ethereum notably struggled to cross the $1,700 price threshold, and conversely managed to remain above $1,600 despite the recent decline.
Source: TradingView
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Moreover, a notable observation is that the chart shows a downward trajectory over the past three days.
In light of this decline, Ethereum’s Relative Strength Index (RSI) line has fallen below 40. This particular RSI reading implies that the prevailing bearish trend in the asset has gained strength.