Ethereum Wallets Explode Beyond 175.5M: Is Staking Quietly Triggering a Supply Crisis?
Ever wonder how Ethereum manages to keep its steam going, even when the market feels like a rollercoaster with all the ups, downs, and those jittery geopolitical jitters? Well, here’s a kicker: Ethereum wallets just broke past the staggering 175.5 million mark, and staking is still the belle of the ball, enticing users despite all the hoopla. It’s like watching a digital gold rush where the vaults on exchanges are getting lighter, signaling that folks aren’t just holding—they’re locking their ETH in for the long haul. Meanwhile, corporate whales like BitMine Immersion Technologies are making waves, stacking millions of ETH and doubling down on staking, turning hefty chunks of their stash into yield machines. So, are we looking at a nervous market or the quiet hum of a foundation being laid? Dive in and see why Ethereum’s network fundamentals might just have a few tricks up their sleeve in these uncertain times. LEARN MORE.
Ethereum wallet growth surged past 175.5 million as staking remains attractive even during market uncertainty.
Ethereum (ETH) slid to nearly $2,800 over the weekend as rising geopolitical tensions pressured risk assets. The pullback, however, was followed by a modest rebound, which lifted the crypto asset back above $3,000 by Wednesday.
Despite this volatility, the network keeps growing, with record wallet numbers and a shrinking exchange-held supply.
Exchange ETH Supply Shrinks
Ethereum’s number of non-empty wallets has surpassed 175.5 million, which, according to the latest findings by Santiment, is the highest among all cryptocurrencies. In fact, 5.16 million wallets were recorded in 2026 alone. The data indicates steady user participation, even amid sideways market conditions.
The analytics firm added that continued interest in staking is contributing to a steady decline in ETH held on centralized exchanges. Such trends can reduce selling pressure and support prices over time, even if short-term movements remain muted.
Against this backdrop, the network’s fundamentals suggest strong underlying support. Glassnode analyst Chris Beamish found that Ethereum is currently trading around a dense cost basis cluster. This means that many holders are near their breakeven levels. He explained that holding this zone would indicate absorption and base-building, while a breakdown could push ETH into weaker support areas where holders may look to reduce exposure.
Largest Corporate ETH Holder Staking Millions
On the corporate treasury side of things, BitMine Immersion Technologies, which happens to be the largest corporate holder of ETH, expanded its Ethereum treasury by 40,302 ETH on Monday, worth about $117 million. Its total holdings are now more than 4.24 million ETH, and account for 3.52% of all ETH in circulation.
The firm also revealed staking over 2 million ETH, almost half of its Ethereum holdings, and turning a significant share of its treasury into yield-earning assets. BitMine’s fast staking pace has added pressure to the Ethereum network, pushing the waiting period to become a new validator to 54 days as the popularity of staking on the blockchain grows.
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Corporate interest in Ethereum, in general, has been on an uptrend. Bitwise observed that companies purchased over 1 million ETH, which is valued at approximately $3.5 billion. The number of publicly disclosed firms holding ETH rose by 40%, and together, these corporate holdings now account for roughly 5% of all Ethereum in circulation.
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