Big, greedy Ethereum whales account for 33 percent of cryptocurrency’s supply

Big, greedy Ethereum whales account for 33 percent of cryptocurrency’s supply

Ethereum ETH whales account for just 7 percent of transaction activity in the market – but they control a third of the cryptocurrency’s entire circulating supply.

That’s according to a new study by Chainanalysis which found that although these whales don’t have a sizeable impact on Ether’s price, their large sell-offs do make the market more volatile on a daily basis.

For context, whales are defined as the top 500 cryptocurrencies excluding services, who keep their coins off exchanges.

As of May 1, 2019, Chainalaysis’ research showed that out of the top 500 holders, 124 were services and the remaining 376 were individual whales, which controlled 33 percent of the circulating supply in 2019. This, however, represented a decrease in comparison to 2016 when they controlled 47 percent of the market.