Ethereum continues to lead the cryptocurrency industry in terms of user adoption, with blockchain data showing that it has significantly more holders than Bitcoin despite enduring a prolonged period of price weakness.
According to data highlighted by Lisk’s Head of Research, Leon Waidmann, Ethereum currently has approximately 189.5 million non empty wallets, making it the most widely held blockchain asset. In comparison, Bitcoin has around 59.1 million non empty addresses, meaning Ethereum’s holder base is more than three times larger.
Strong Adoption Amid Market Weakness
The figures underscore Ethereum’s widespread adoption and growing ecosystem, even as the network’s native token has struggled to maintain upward momentum.
Behind Ethereum and Bitcoin, Tether ranks as the third largest digital asset by holder count with roughly 13.6 million wallets. XRP follows with 7.8 million holders, while USD Coin (USDC) has approximately 6.8 million non empty addresses.
Despite its dominant user base, Ethereum’s market performance has remained under pressure. Over the past month, ETH has lost more than 30% of its value and was trading near $1,620 at the time of the report.
The decline has not only impacted retail investors but also institutions and publicly traded companies that built substantial positions in Ethereum.
Corporate Ethereum Bets Face Challenges
One notable example is FG Nexus, a Nasdaq listed company that adopted Ethereum as its primary treasury reserve asset. The firm began accumulating ETH around Ethereum’s tenth anniversary and had ambitions of becoming one of the largest corporate holders of the cryptocurrency.
However, the broader market downturn significantly affected the strategy. Reports indicate that the company realized losses exceeding $85 million after selling a sizable portion of its Ethereum holdings below its average acquisition price.
The situation highlights the challenges organizations face when maintaining large crypto treasury positions during periods of market volatility.
Technical Indicators Suggest a Potential Turning Point
While sentiment around Ethereum remains cautious, some analysts believe the current weakness could signal that the market is approaching an important inflection point.
Crypto analyst Michaël van de Poppe recently pointed out that Ethereum’s daily Relative Strength Index (RSI) has fallen to the lowest level ever recorded. The RSI is a commonly used momentum indicator that helps traders identify oversold and overbought conditions.
According to van de Poppe, such an extreme reading may indicate that selling pressure is nearing exhaustion and that the broader cryptocurrency market could be approaching the final stages of the current bearish cycle.
Ethereum ETFs Show Signs of Stabilization
Investor sentiment may also be improving in the spot Ethereum ETF market.
After experiencing 17 consecutive trading sessions of net outflows, spot Ethereum exchange traded funds recorded net inflows of $19.3 million on June 4. The entire inflow came from ETHA, while the other nine Ethereum ETFs reported no significant activity.
Although the positive day broke the lengthy outflow streak, Ethereum ETF products still ended the week with a combined net outflow of approximately $168 million.
Analysts at SoSoValue noted that the latest data may suggest investor demand is beginning to stabilize. However, they cautioned that a sustained recovery will likely require consistent inflows not only into Ethereum ETFs but also across the broader digital asset market.
For now, Ethereum presents a mixed picture: network adoption continues to expand at a remarkable pace, while price performance remains under pressure. Whether the growing holder base eventually translates into stronger market momentum remains one of the key questions facing investors in the months ahead.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
