Data: The whale wallets holding over 1000 ETH have reduced by about 1.7 million coins or used for staking in three months

On-chain analysis platform Santiment data shows that the largest wallets holding over 1000 ETH collectively reduced their holdings by approximately 1.7 million ETH from May 20 to August 20, accounting for about 2.9% of the holdings at that level. During the same period, the proportion of small wallets holding 1 to 10 ETH increased from 4.38% to 4.52%, with 65 trading days of increase and 27 trading days of decrease.

Santiment pointed out that only about 300,000 ETH of the outflow can be traced back to smaller tier wallets, while the majority has likely entered staking or contract addresses. The top wallets include exchanges, cross-chain bridges, and staking contracts, during which the ETH balance of exchanges decreased from approximately 7.07 million to 6.54 million. The giant whale wallets continue to shrink, and the specific direction of the funds remains to be further observed.