Data: Giant whale wallets holding more than 1000 ETH were reduced by about 1.7 million in three months or used for staking

Compared to Twitter, data from the on-chain analysis platform Santiment shows that the largest wallets holding more than 1000 ETH decreased by a total of about 1.7 million ETH between May 20 and August 20, accounting for about 2.9% of this tier's holdings. Over the same period, the share of small wallets holding 1 to 10 ETH rose from 4.38% to 4.52%, up 65 trading days and down in 27 trading days.

Santiment notes that only about 300,000 of the leaked ETH can be traced to lower-tier wallets, and most of the rest may have gone to staked or contract addresses. Top wallets include exchanges, cross-chain bridges, and staking contracts. Exchange ETH balances dropped from about 7.07 million to 6.54 million during this period. The giant whale wallet continues to shrink, and the exact whereabouts of the funds are yet to be further observed.