The biggest holders of Ethereum have been steadily accumulating more ETH since 2019, and this trend intensified in 2023 during the Ethereum Shanghai upgrade. These large holders now control 43% of the circulating supply. The Shanghai upgrade boosted their confidence in the long-term value of Ethereum, and their concentration of ETH is reaching 48%. This concentration reflects a shift in the distribution of Ethereum across the network and has implications for the future development and growth of the ecosystem. The accumulation of ETH by these top holders highlights their confidence in the network's evolution and scaling, as well as institutional adoption, DeFi protocols, and Layer 2 solutions. However, it also emphasizes the need for a power balance within the network while these whales continue to exert influence.



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