A recent update on Ethereum wallet distribution revealed an average balance of 2.93 ETH per account. On paper, this might suggest that most users hold a few thousand dollars’ worth of ETH, depending on market price.
Yet, averages can be deceptive—especially in crypto ecosystems where wealth distribution is heavily top-loaded.
The analysis covered more than 110 million unique ETH addresses, representing a total supply of roughly over 120 million ETH.
👉 Concentration Among Large Holders
The upper tier of holders explains why the average appears inflated.
Just 10 wallets each hold over 1 million ETH, accounting for more than 16 million ETH combined.
Meanwhile, 120 addresses with balances between 100,000 and 1 million ETH collectively control over 22 million ETH.
These few addresses—mainly exchanges, staking pools, and institutional wallets—skew the overall distribution dramatically.
Mid-level holders (between 10,000 and 100,000 ETH) remain powerful in aggregate, controlling roughly 19 million ETH across about 4,000 addresses.
But beyond that layer, the numbers thin out quickly.
👉 The Reality for Most Wallets
At the opposite end, the vast majority of Ethereum wallets hold far smaller balances.
Over 90 million addresses contain less than 0.1 ETH, with a combined balance of under 3 million ETH.
Another 15 million wallets sit between 0.1 and 1 ETH, together accounting for roughly 5.5 million ETH.
Taken together, these smaller holders—over 95% of all addresses—collectively own less than 7% of the circulating supply, far below what the average figure suggests.
👉 Median Perspective and Statistical Context
Analysts often highlight the median balance as a clearer indicator of typical ownership.
While precise medians require individual wallet data, available distributions point to a midpoint within the 0.05–0.1 ETH range—around 0.07 ETH on average.
This sharp contrast between the 2.93 ETH average and the 0.07 ETH median illustrates how a small cluster of large holders can distort perceived norms.
Ultimately, this dataset underscores a key principle for anyone analyzing on-chain dynamics: averages amplify concentration, while medians reveal the ground truth of how most users actually participate in the network.