Large wallets holding more than 1,000 ETH collectively reduced their balances by 1.7 million tokens between May 20 and August 20, representing a decline of approximately 2.9%. However, most of this ETH was not sold on the open market: it was transferred to staking contracts, smart contracts, bridges, and exchanges. Of those 1.7 million ETH, only about 300,000 can be traced to smaller wallets. Centralized exchange balances dropped by 530,000 ETH, indicating holders are not positioning for near-term selling. Medium and smaller wallets continue to accumulate, with those holding between 1 and 10 ETH seeing their share of total supply rise from 4.38% to 4.52%.
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