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Whales vs Retail: Tracking ETH Holdings Across the Market
Jake Kennis
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Key Takeaways
5 min read
  • Retail has been hit the hardest since 2022, seeing an average decrease of 37.35% in number of addresses below 100 ETH as of March 20th. Whale segments with 100 ETH or more, also saw a decrease in address count. They were hit less hard, but saw an average decrease of 26.5% in address count.
  • Retail addresses with less than 1 ETH, have seen an 18.86% increase YTD, showing retail has picked up alongside the increased price action. However, the 30 day net change for this segment has seen a decrease of 17,000 addresses as of March 20th. Although a lagging indicator, this shows potential sign of exhaustion from retail entering the market.
  • This analysis only examines EOAs. All contracts, exchanges, MEV bots, NFT wash traders and any wallets belonging to any entity as labelled by Nansen were removed. The analysis then identifies real users, so we only included addresses who were either a DEX trader, a liquidity provider or an OpenSea user.

Introduction

This report examines ETH holders in various cohorts, defined by their native ETH holdings throughout the years. We provide dashboards to actively navigate the market, particularly, questions such as, “are whales buying?” or is “retail entering the market?” can be monitored daily. We do this by looking at address counts and ETH balances over time. Additionally, we add a 30 day net change for both addresses and balances against ETH price.

Methodology

For this analysis, we strictly look at EOAs, no other wallets are considered. To do this, we filtered out all contracts, exchanges, MEV bots, NFT wash traders and any wallets belonging to any entity as labelled by Nansen’s attribution. Next, we narrowed down our search to...