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Ethereum Whale Dollar Wealth Rose Over Summer While Native Holdings Fell

A new analysis reveals that top Ethereum wallets gained $13.9 billion in dollar terms between June and September while their actual ETH balances dropped.

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An analysis of Ethereum wallet distributions shows that the top 10,000 addresses by combined dollar balance saw their aggregate wealth rise by $13.9 billion between June 1 and September 1, 2026. The total value of these portfolios moved from $339.3 billion in June to a trough of $293.7 billion on July 1, before climbing back to $353.2 billion by September.

Despite the dollar valuation gain, the physical amount of native ETH held by these addresses declined by roughly 900,000 ETH, falling 1.7 percent from 54.1 million to 53.1 million ETH. In August, the dollar value of the group's ETH holdings jumped 32.8 percent from $98.6 billion to $131.0 billion, but approximately 99 percent of that rise was driven by asset price appreciation rather than whale accumulation. Concurrently, the wider network added 3.6 million ETH to staking contracts over the summer.

Portfolio compositions across top addresses shifted over the period. Stablecoin holdings fell by 8.3 percent across the summer, while non-stable ERC-20 token balances rose roughly 1.6 percent compared to June levels, reflecting internal capital reallocation rather than simply new inflows.

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