Ethereum has quietly built a massive user base that now dwarfs Bitcoin‘s, even as its price suffers. Data from non-empty wallets shows Ethereum holds around 189.49 million holders, which is more than three times Bitcoin’s 59.08 million. The figures were shared by Leon Waidmann, head of research at Lisk. Tether ranks third with 13.61 million holders, followed by $XRP with 7.8 million, while USDC has 6.76 million non-empty wallets.
Network Growth vs Market Performance
Having a big user base hasn’t protected Ethereum’s price lately. Over the past month, $ETH has dropped more than 30%, trading near $1,620 at the time of writing. This decline has hurt companies that bet heavily on the asset. For instance, Nasdaq-listed FG Nexus made Ethereum its main treasury reserve asset around the blockchain’s 10th anniversary. The company reportedly lost over $85 million on its Ethereum strategy after selling below its purchase price. The broader market downturn forced it to reduce exposure.
Despite the weak price, some analysts see potential. Crypto analyst Michaël van de Poppe noted that $ETH’s daily Relative Strength Index (RSI) has fallen to its lowest level ever. He thinks this extremely oversold condition might mean the crypto bear market is nearing its end. A turnaround, he suggests, could come sooner than many expect.
ETFs Reverse Outflow Streak
Spot Ethereum ETFs have also felt the pressure. After 17 straight trading days of outflows, these funds recorded net inflows of $19.3 million on June 4. The inflows came entirely from ETHA, while the other nine ETFs saw no activity. Still, overall net outflows for the week stood at $168 million. SoSoValue said these latest figures could mean ETF flows are stabilizing. But a meaningful recovery, it noted, will depend on whether inflows continue across Ethereum and other major crypto assets.
Essentially, Ethereum’s network is healthy and growing. Its price action, though, tells a different story—one that’s been rough for investors and companies alike. The next few weeks might clarify whether the RSI signals a real bottom or just another pause before more pain.
