Ethereum Has 3x More Holders Than Bitcoin Despite Price Drop: Analyst

Ethereum now has roughly 189.49 million holders, approximately three times Bitcoin’s holder base, even as ETH endures a punishing price decline, according to an analyst highlighted by on-chain analytics platform Santiment.

Ethereum’s Holder Base Is Reportedly Three Times Larger Than Bitcoin’s

The claim, surfaced by Santiment’s on-chain research, puts Ethereum’s total holder count at 189.49 million addresses. That figure dwarfs Bitcoin’s holder base by a ratio of roughly 3-to-1.

The comparison has drawn attention because it challenges a common assumption that Bitcoin, as the oldest and largest cryptocurrency by market capitalization, would naturally command the widest distribution of holders. Ethereum’s broader holder count likely reflects its role as the foundation for DeFi protocols, NFT marketplaces, and thousands of ERC-20 tokens that require users to hold ETH for gas fees.

Why the Comparison Stands Out During Ethereum’s Price Decline

What makes the data notable is its timing. As crypto.news reported, the holder milestone arrives during what has been described as a brutal price decline for ETH. The divergence between a shrinking price and an expanding holder base creates a tension that has caught analysts’ attention.

The pattern suggests that despite weak price action, users are not abandoning the network. Holders appear to be accumulating or at least staying put rather than exiting positions, a dynamic that some market participants view as a sign of conviction during downturns. Concerns about Ethereum’s price trajectory have intensified in recent weeks, making the holder resilience all the more striking.

This kind of holder-price divergence has historically preceded shifts in market narrative, though it does not guarantee any particular price outcome. The broader crypto market has faced pressure across the board, with recent selloffs hitting Bitcoin, equities, and gold simultaneously.

What the Analyst’s Take Could Mean for Ethereum’s Market Narrative

The analyst framing is important context. The 189.49 million figure represents total addresses that have ever held ETH, and the methodology behind such counts can vary between data providers. Readers should treat the comparison as directional rather than precise.

Still, even with methodological caveats, a 3x holder advantage over Bitcoin underscores Ethereum’s reach as a utility network. As institutional interest in blockchain infrastructure grows, with initiatives like tokenized deposit networks from major U.S. banks, Ethereum’s large user base could factor into adoption decisions.

The takeaway is measured: a large holder base does not automatically translate into price recovery, but it does reinforce Ethereum’s position in the adoption narrative. Whether that narrative shifts sentiment remains an open question the market will answer over time.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.