ETH Record Addresses While Bitcoin Remains Flat
Ethereum (ETH) has reached its 189.5 million holder addresses based on the on-chain analytics of Santiment Intelligence, while Bitcoin (BTC) remains flat with 59.1 million holder addresses far from half of ETH addresses.
Santiment defined the metrics for the number of holders as the distinct count of addresses within the predefined balance intervals holding token which aids visualization of ownership distribution, analysis of decentralization levels, and variation of holders in the system. These metrics were used to identify the real-time count of crypto addresses which is currently dominated by ETH. MEXC also tracked down the 10-year dataset of Santiment which shows the widening gap between ETH and BTC non-empty wallet holder count despite its huge difference digital asset price.
ETH’s Functional Utility as Edge
Holder addresses domination of Ethereum over Bitcoin can be tracked down to its functional utility and ecosystem necessity. Binance reposted the claim of TradeNovaX that these two cryptocurrencies act as digital versions of commodities where ETH is comparable to the oil for network activity and BTC as a gold for long term assets. This has been circulating even in Yahoo Finance that BTC moves less frequently than ETH. In addition, BTC is largely hoarded and low turnover while ETH is mobilized faster for utility-driven behavior. One key contributor to faster mobilization of ETH is its active ecosystem that requires interaction with Decentralized Finance (DeFi) platforms, and Non-Fungible Token (NFT).
Long-Term Holders Attracted By Native Rewards
Meanwhile, Ethereum has been notable for its increase in staking, and the staked volume has multiplied from its initiation in 2023 as stated in Cryptal. The shift to Proof of Stake (PoS) created opportunities to earn more native staking rewards, which attracted more long-term holders. Investopedia highlighted that ETH tends to be more volatile than BTC, which can be more rewarding but with risks just like staking and smart contracts as part of ETH functionality. BitTimes spotted the structural difference between ETH and BTC as BTC’s network is specialized for its adoption as value storage and payment purposes. This makes BTC left behind from ETH but still ahead from other digital assets with Tether having 13.6 million, Dogecoin with 8.3 million, XRP with 7.8 million, USDC with 6.8 million, ADA with 4.6 million, and Chainlink with almost a million based on Phemex News.
