Ethereum Supply Held by Top 1% Addresses Surges to 97.6% as Market Remains Restrained

According to Glassnode data cited by COINOTAG News, Ether held by the top 1% of addresses rose to 97.6% as of Wednesday, up from 96.1% a year earlier. This concentration highlights a structural dynamic in Ethereum supply, with implications for liquidity, price sensitivity, and on-chain risk concentration.

Analyst Iliya Kalchev of Nexo observes a restrained market reaction, noting that participants are not pursuing broad reallocation. The combination of steady fund inflows and rising derivative trading activity suggests a selective portfolio rebuild, rather than an indiscriminate rotation across the crypto ecosystem.

From a market-structure perspective, the ETH concentration trend can influence risk management and staking dynamics. As stable fund inflows persist, investors should monitor portfolio allocation shifts and liquidity conditions to gauge whether this on-chain concentration translates into durable price support and sustainable demand.