While everyone’s been focused on Bitcoin’s price rally and institutional ETF inflows, Ethereum has been winning a completely different race. And almost nobody is talking about it.
The Ethereum network has reached 189.49 million non-empty wallet addresses, according to data from Santiment. That’s a new all-time high. More importantly, it’s more than three times the number of Bitcoin wallets, which currently sits at around 59 million.
That’s not a small gap. Ethereum has a 320% lead over Bitcoin in total wallet holders. It also surpasses the holder counts of XRP, Cardano, Dogecoin, Chainlink, and even the two largest stablecoins, USDT and USDC.
For a network that’s been criticised for high fees, slow upgrades, and losing market share to faster competitors like Solana, this is a number worth paying attention to.
What Does This Actually Mean?
First, some important context. Wallet addresses are not the same as individual users. One person can control multiple addresses, and one exchange address can hold crypto belonging to millions of customers. So 189.5 million addresses doesn’t mean 189.5 million people own Ethereum.
That said, the trend matters more than the absolute number. Ethereum’s non-empty address count has been climbing steadily for years, and the pace has accelerated through 2025 and into 2026. Even during market downturns when ETH’s price fell significantly, the number of wallets holding at least some ETH continued to grow.
Bitcoin’s address growth, by comparison, has followed a slower and more gradual trajectory. The gap between the two networks has been widening, not narrowing.
This tells us something important about how each network is being used. Bitcoin is primarily held as a store of value. You buy it, you hold it, and in many cases you don’t interact with the blockchain at all. Ethereum is used. People hold ETH because they need it to do things: interact with DeFi protocols, mint NFTs, deploy smart contracts, pay gas fees on layer-2 networks, and participate in staking.
The sheer number of active wallets reflects Ethereum’s role not just as a digital asset but as a platform that powers an entire ecosystem of applications.
The Numbers Behind Ethereum’s Network Growth
Ethereum’s adoption story goes well beyond wallet counts. Several other metrics paint a picture of a network that’s growing in real-world utility even while its price remains well below its all-time high.
Tokenised real-world assets on Ethereum have surpassed $8 billion for the first time, driven by institutional demand for on-chain Treasuries and bonds. Approximately 66% of all ETH is now locked in the Beacon deposit contract for staking, worth over $169 billion. When you add DeFi protocol locks on top of staking, an estimated 72% of all ETH is effectively illiquid at any given time.
That supply compression matters. With the majority of ETH locked up in staking and DeFi, the amount available for trading on the open market is significantly reduced. In theory, that creates conditions for sharper price moves when demand increases.
Ethereum also continues to lead in total value locked across DeFi at approximately $45.7 billion. While Solana, Base, and other competitors have been growing fast, Ethereum still hosts more DeFi activity than all other chains combined.
Why Isn’t This Reflected in ETH’s Price?
This is the million-dollar question. If Ethereum has three times as many holders as Bitcoin, a thriving DeFi ecosystem, growing tokenisation activity, and the majority of its supply locked up, why is ETH trading 45% below its all-time high while Bitcoin dominance sits at 60%?
The answer comes down to how capital enters the crypto market in 2026.
Bitcoin ETFs have created a massive pipeline for institutional money that flows exclusively into BTC. When a pension fund or wealth manager buys BlackRock’s IBIT, that money stays in Bitcoin. It doesn’t rotate into Ethereum or other altcoins the way retail capital did in previous cycles.
Ethereum ETFs exist, but they’ve attracted a fraction of the inflows. On May 1, Ethereum ETFs saw $101.2 million in net inflows, a solid number but small compared to the billions flowing into Bitcoin funds. And on May 7, ETH ETFs actually recorded $103.5 million in net outflows, showing that institutional sentiment toward Ethereum remains inconsistent.
There’s also the competition factor. In previous cycles, Ethereum had no serious challenger for smart contract activity. Now it competes with Solana, Base, Arbitrum, and a growing list of layer-2 networks. Some of those competitors offer faster and cheaper transactions, which has drawn developers and users away from Ethereum’s main chain.
The result is a network that’s fundamentally stronger than ever by most adoption metrics but hasn’t yet seen that strength translate into price performance. For long-term investors, that disconnect could represent either a buying opportunity or a sign that the market has structurally changed.
What Could Change the Picture for ETH?
Several potential catalysts could shift the narrative in Ethereum’s favour in the coming months.
The upcoming Glamsterdam hard fork, expected mid-2026, promises parallel transaction processing, a gas limit increase from 60 million to 200 million, and a target of 10,000 transactions per second. If delivered successfully, it would be the most significant upgrade since The Merge and could reignite developer and investor excitement around Ethereum.
On the institutional side, BitMine has been accumulating ETH at a pace not seen since Strategy’s Bitcoin buying spree. The company now holds approximately 5.18 million ETH worth $13 billion, representing 4.29% of total supply. Its founder says they’ll reach their 5% target within six weeks before shifting to staking and share buybacks. If other companies follow this treasury model for Ethereum, it could create sustained buying pressure.
And there’s the broader tokenisation trend. JPMorgan, BlackRock, and other major institutions are increasingly using Ethereum-based infrastructure for tokenised assets. As that market grows toward its projected $16 trillion size by 2030, Ethereum’s position as the primary settlement layer could drive significant long-term demand for ETH.
The Bottom Line
Ethereum having 189.5 million wallet holders to Bitcoin’s 59 million is more than a fun statistic. It reflects the fundamental difference between the two networks. Bitcoin is held. Ethereum is used.
That usage-driven adoption hasn’t translated into price outperformance yet, largely because the ETF-driven market structure favours Bitcoin. But adoption metrics tend to lead price over longer timeframes. If Ethereum’s holder base keeps growing while its supply remains locked in staking and DeFi, the conditions for a significant repricing are being quietly assembled.
Whether that repricing happens in 2026 or later depends on catalysts like the Glamsterdam upgrade, institutional ETF inflows, and the continued growth of tokenised assets on Ethereum’s network. For now, the adoption data tells a story that the price hasn’t caught up with yet.
FAQ
How many wallet holders does Ethereum have?
Ethereum has reached 189.49 million non-empty wallet addresses as of late April 2026, according to Santiment data. That’s more than three times Bitcoin’s approximately 59 million non-empty addresses. However, wallet addresses don’t equal individual users since one person can control multiple addresses.
Why is Ethereum’s price not rising despite strong adoption?
The main factor is market structure. Bitcoin ETFs channel the majority of institutional capital exclusively into BTC, while Ethereum ETF inflows have been smaller and inconsistent. Competition from Solana and layer-2 networks has also divided attention and capital that would have previously flowed into Ethereum.
Could Ethereum outperform Bitcoin in 2026?
Several catalysts could shift momentum toward ETH, including the Glamsterdam upgrade targeting 10,000 TPS, growing institutional accumulation from firms like BitMine, and the expansion of tokenised assets on Ethereum. However, Bitcoin’s structural advantages through ETF dominance make a near-term shift uncertain.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making any investment decisions.
