Ethereum has become the blockchain with the largest number of holders, outpacing Bitcoin by a wide margin.
On-chain data for non-empty wallets shows Ethereum holds approximately 189.49 million addresses with balances, more than three times Bitcoin’s roughly 59.08 million holders.
Network Growth vs Market Performance
Those figures, shared by Leon Waidmann, head of research at Lisk, highlight Ethereum’s far-reaching user base even as ETH’s market price has lingered in bearish territory. Following Ethereum and Bitcoin, Tether ranks third with about 13.61 million non-empty wallets, followed by XRP with 7.8 million and USDC with roughly 6.76 million.
Despite strong network adoption, Ethereum’s price has softened markedly over the past month, falling more than 30% during that period. At the time of reporting, ETH was trading near $1,620.
Price weakness has also impacted companies that built large Ethereum treasuries. For example, Nasdaq-listed FG Nexus reportedly recorded paper losses exceeding $85 million after selling a significant portion of its ETH holdings below the prices at which they were acquired.
The company had made ETH its primary treasury reserve asset and began accumulating around Ethereum’s 10th anniversary with ambitions to become a large holder. However, the broader market downturn forced it to trim its exposure.
At the same time, crypto analyst Michaël van de Poppe noted that ETH’s daily Relative Strength Index (RSI) dropped to its lowest recorded level. He suggested this extreme oversold condition could signal that the crypto market is approaching the end of the current bear phase and that a turnaround might be near.
ETFs Reverse Outflow Streak
Market pressure also showed in spot Ethereum exchange-traded fund (ETF) activity. After 17 consecutive trading days of outflows, Ethereum ETFs posted net inflows of $19.3 million on June 4. Those inflows were driven entirely by one product, while the other listed funds recorded no net inflows that day.
For the week, however, Ethereum ETFs still registered net outflows totaling $168 million. Analysts at SoSoValue noted that the latest figures could indicate ETF flows are beginning to stabilize, but emphasized that a meaningful recovery will depend on whether sustained inflows return to Ethereum and other major crypto assets.