Data: Wallets Holding Over 1,000 ETH Drop by ~1.7 Million in Three Months, Possibly Staked

On-chain analytics platform Santiment data shows that the largest wallets holding over 1,000 ETH saw a combined decrease of approximately 1.7 million ETH between May 20 and August 20, accounting for about 2.9% of that tier's holdings. During the same period, the share of small wallets holding 1 to 10 ETH rose from 4.38% to 4.52%, increasing on 65 trading days and decreasing on 27. Santiment noted that only about 300,000 of the outflowing ETH can be traced to smaller-tier wallets, with the rest likely moved into staking or contract addresses. Top wallets include exchanges, cross-chain bridges, and staking contracts; exchange ETH balances fell from approximately 7.07 million to 6.54 million over the period. Whale wallets continue to shrink, and the specific destination of funds remains to be further observed.