The Rise of Ethereum Whales
Data from blockchain analysis firm IntoTheBlock indicates that Ethereum whales have been gradually increasing their holdings since 2019. This trend accelerated notably after the Shanghai upgrade in early 2023, which allowed users to withdraw staked Ether. As a result, these large investors now control a substantial portion of Ethereum’s total supply, with figures showing they are approaching the 48% threshold controlled by retail investors.·
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