During the Ethereum market research, the Chainalysis team found that only 7% of all transactions with ETH were whales. In addition, these whales do not have a significant impact on the price of the coin.
According to the report, 30% of all ETHs are stored on the wallets of 376 people. It is worth noting that Chainalysis did not take into account exchanges. In fact, up to 60% of the capital in ETH is held outside of them.
It was found that these 376 whales control 33% of the circulating supply in 2019, compared with 47% in 2016.
Holders carry out a relatively small amount of transactions and do not have a strong influence on the price of the cryptocurrency. However, the Chainalysis team noted that their deals make the market more volatile.
But despite the fact that the whales do not have a significant impact on the price of the cryptocurrency, we should not exclude the possibility of a short-term collapse or an unfair growth of Ethereum.
We want to remind you:
Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/