Research from
@ethplorer, based on a recently published Aggregated Ranking of Ethereum Addresses based on totalBalanceUsd, which includes ETH, ERC-20 tokens, and stablecoins valued in USD, completely changes how we view Ethereum dominance and concentration.
Most rankings only measure ETH balances, under that view, top addresses hold about $116.5B.
But when you include ERC-20 tokens and stablecoins, the number jumps to $342B, that’s almost 3× more than visible capital.
Even more important: 70% of top-holder capital sits outside ETH.
This isn’t just a small adjustment in measurement, more than half of the Top-1,000 addresses change once tokens are included.
Only 493 wallets overlap between ETH-only and aggregated rankings.
That means many of the largest economic players on Ethereum don’t even show up if you only track ETH balances.
On top of that, smart contracts now control close to 28% of top-holder capital.
The system has shifted from individual whales holding ETH to protocol-controlled structures managing diversified token balances.
Altseason didn’t necessarily play out through explosive price charts, it happened quietly, through balance-sheet expansion and capital redistribution across tokens.
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