Key Takeaways

• Joseph Lubin, Ethereum co-founder, transferred 110,000 ETH valued at approximately $170 million on June 6, 2026.
• This marked the first significant movement from the originating wallet in over three years.
• The transferred ETH reinforced collateral across three Sky (previously MakerDAO) vaults backing $259 million in DAI loans.
• Blockchain analysts confirmed the transaction was a risk management strategy, not a liquidation event.
• Ethereum dropped under $1,600 and temporarily surrendered its second-place ranking in crypto market capitalization to Tether’s USDT.

A cryptocurrency wallet associated with Ethereum co-founder Joseph Lubin executed a major transfer of 110,000 ETH valued at approximately $170 million on Saturday, June 6. The substantial movement triggered immediate speculation throughout cryptocurrency communities until blockchain experts provided clarity on the transaction’s purpose.

The transfer occurred through three separate blockchain transactions. The initial transaction relocated 40,000 ETH valued at approximately $61.9 million. A second transfer moved an identical 40,000 ETH amount worth roughly $61.7 million. The final transaction shifted 30,000 ETH valued at around $47.1 million.

The originating wallet had remained essentially inactive for approximately three years. This extended dormancy amplified attention to the sudden activity. Blockchain analyst Ted Pillows shared on X: “A wallet related to Ethereum’s co-founder Joseph Lubin moved $170,780,000 in ETH to a new address. This is the first outflow in 3+ years.”

Pillows publicly questioned whether Lubin intended to liquidate his holdings. The inquiry rapidly circulated throughout cryptocurrency social channels, generating widespread concern and speculation.

Transaction Aimed at Safeguarding Loan Collateral

Blockchain analytics firm Onchain Lens provided crucial context explaining the transfer’s true purpose. The ETH was injected as supplementary collateral into three Sky protocol vaults. Sky operates as the rebranded version of MakerDAO.

These vaults collectively maintain 412,430 WETH as collateral supporting $259 million in outstanding DAI loans. The liquidation thresholds for these vaults are positioned at $899, $1,020, and $1,056 per ETH respectively.

With Ethereum’s price hovering around $1,560 during the transfer, the collateral position maintained approximately 33% cushion above the nearest liquidation trigger point. Injecting additional collateral reduced liquidation vulnerability as ETH experienced downward price momentum.

One receiving wallet had previously attracted analytical attention. In February, Onchain Lens documented the identical wallet containing 137,908 ETH with $107.77 million in borrowed DAI. Saturday’s deposit expanded that specific vault’s collateral reserves to 177,908 WETH.

Lubin simultaneously serves as founder and CEO of Consensys, the prominent blockchain technology firm. Neither Lubin nor Consensys issued public statements regarding the wallet transactions. Consensys representatives declined comment when approached for clarification.

Ethereum Drops Under $1,600 Threshold

The collateral transfers occurred during a period of intense downward pressure on Ethereum. During the transaction window, ETH traded near $1,586, representing a nearly 5% decline within 24 hours.

Ethereum temporarily relinquished its second-place position among cryptocurrencies by market capitalization. Tether’s USDT claimed that ranking for a period on Saturday.

ETH has declined approximately 24% during the previous week and roughly 47% year-to-date. The asset experienced $271 million in long position liquidations during the 24-hour period surrounding these events.

Additional Ethereum Stakeholders Adjusting Holdings

Lubin’s collateral management activities coincided with position adjustments from other notable Ethereum stakeholders.

Bankless co-founder David Hoffman publicly disclosed reducing his ETH holdings on May 20. Blockchain transaction data additionally revealed an early Ethereum participant liquidated approximately 55,000 ETH and 9,442 wstETH totaling $136 million at an average execution price of $2,041.

The source wallet retained approximately 133,299 ETH worth roughly $211 million following the transfers, indicating Lubin’s overall position remains substantially intact.

Consensys is currently evaluating potential public market listing options with JPMorgan and Goldman Sachs reportedly providing advisory services.

TLDR:

• ETH’s staking rate reached 32.4% of total supply on June 5, 2026, per CryptoQuant data.
• Daily staking inflows held at 50,476 ETH with no major drop following the June 2 crash.
• The staking rate added 40 basis points over 30 days while ETH spot price fell from $2,359 to $1,583.
• Analyst CW8900 notes ETH is breaking a key sell wall with no resistance up to $2,000.

Ethereum’s ETH staking rate reached 32.4% of total supply amid a sharp price correction in June 2026. Data from CryptoQuant shows 32.4% of ETH is now locked in the Beacon Chain as of June 5.

Daily staking inflows stand at 50,476 ETH during the same period. The spot price fell from $2,359 to $1,583 over the past 30 days, a 33% decline. The opposing moves in price and staking activity have drawn attention from on-chain analysts.

ETH Staking Rate Holds Steady Through June’s Price Decline

Bitcoin’s crash on June 2 sent pressure across the broader crypto market. ETH followed, shedding 33% in less than a month. Yet, the ETH staking rate moved in the opposite direction throughout the correction.

According to CryptoQuant’s ETH 2.0 Staking Rate chart, the staking rate added 40 basis points over the past 30 days.

Source: Cryptoquant

That growth came while the spot price was falling, not rising. Daily staking inflows stayed active with no major drop after June 2.

The Beacon Chain has recorded steady staking growth since Ethereum shifted to proof-of-stake in September 2022.

However, June 2026 stands out due to the divergence between price and staking behavior. Participants continued locking ETH into the network even as market conditions worsened.

Staking is a deliberate, multi-step commitment that reduces liquid supply. Holders who stake during a drawdown are choosing to lock capital rather than move to the exit.

That pattern points to accumulation behavior among long-term ETH holders (LTH) using the correction as an entry window.

On-Chain Data Points to Long-Term Holder Conviction

The staking inflow data carries a caveat worth noting. Some inflows may reflect automated validator strategies or institutional yield programs rather than directional conviction. If daily inflows slow below current levels in coming sessions, the strength of the signal fades.

Still, the current data paints a clear picture. The long-term commitment layer of the ETH market has remained intact through the drawdown. Staking participants have not unwound their positions despite a sustained price decline.

Market observers have also noted potential technical recovery forming in ETH’s spot price. Crypto analyst CW8900 posted on X that ETH is breaking through a key sell wall.

According to the analyst, once that resistance clears, there is no major resistance up to $2,000. The post also noted buy walls forming below current price levels, which could reinforce support.

As of June 7, ETH trades near $1,640. The combination of rising staking inflows, reduced liquid supply, and technical support levels may shape the asset’s next move. On-chain metrics continue to reflect long-term holder behavior that diverges from short-term price action.

Key Takeaways

• XRP has plunged beneath $1.10, marking its lowest point since 2024 with an 18% weekly decline
• Technical analyst ChartNerdTA projects a potential 23% slide toward $0.84 support level
• David Schwartz, Ripple’s CTO emeritus, revealed an updated XRP Ledger strategy emphasizing real-world asset tokenization
• Technical analysts identify critical support at $0.95 with a cup-and-handle pattern suggesting possible rally to $3.65
• Despite spot XRP ETF approvals in late 2025 offering some market stability, selling pressure persists

XRP has crashed to its weakest levels since 2024, currently fluctuating between $1.05 and $1.09 following a nearly 4% decline over 24 hours and a steep 18% weekly plunge, based on CoinGecko market data.

This sharp downturn positions XRP approximately 70% beneath its record peak of roughly $3.65, achieved in July 2025. The selloff mirrors widespread cryptocurrency market weakness, with Bitcoin simultaneously dropping under $60,000.

Technical analyst ChartNerdTA identified a concerning breakdown on monthly timeframes, where XRP breached its upper regression channel at $1.35. Historical patterns suggest such movements typically trigger tests of the middle regression band, currently positioned near $0.84 — representing an additional 23% downside from present values.

“Throughout the past 4 months $XRP remained predominantly above its upper regression band. June brought a shift. Price has now broken below ($1.35), which historical data suggests targets the middle regression band for a probable bottom ($0.84),” ChartNerdTA explained.

Blockchain analytics reveal a substantial number of holders are currently holding losses, nearing levels observed during previous bear market capitulations. The 4-hour RSI indicator has plummeted to approximately 25, signaling deeply oversold conditions.

New XRPL Development Strategy Unveiled by Schwartz

Amid this price volatility, David Schwartz — Ripple’s CTO emeritus and a founding developer of the XRP Ledger — presented an updated strategic vision through his “XRP in a Minute” educational content.

Schwartz emphasized that corporate entities are currently leveraging the XRPL for asset tokenization, forecasting growth into tokenized equities, stocks, money market instruments, repurchase agreements, and lending products. He positioned the XRPL as a connector between Bitcoin’s native asset framework and a comprehensive ecosystem of issued digital assets.

“The XRP Ledger emerged shortly thereafter, delivering both a native digital currency, comparable to Bitcoin, alongside issued assets capable of representing items such as stablecoins or any variety of tokenized assets,” Schwartz explained.

Spot XRP exchange-traded funds, which received regulatory approval in late 2025, have contributed some foundational market support but have proven insufficient to halt the ongoing liquidation cascade.

Technical Pattern Analysis for Long-Term Outlook

Market analyst Celal Kucuker detected a cup-and-handle formation remaining intact on monthly charts, with crucial support zones spanning $1.10 to $1.20. A breakdown below this range could propel XRP toward testing the 0.236 Fibonacci retracement level at $0.95.

CryptoPatel observed that the $0.40–$0.95 range served as XRP’s consolidation base prior to its explosive 800% rally in late 2024. This territory is now considered a possible accumulation zone by market participants. Should support levels maintain, long-term recovery objectives are positioned at $3.65, $5, and $10.

XRP was last exchanging hands around $1.07 as of June 7, 2026.

Key Points

• HTX will remove WLFI’s USD1 stablecoin from its platform on June 7, automatically converting user balances to USDT at parity
• World Liberty Financial blocked certain HTX blockchain addresses, referencing sanctions compliance procedures
• The action follows UK sanctions imposed on Huobi Global S.A. on May 26
• HTX previously halted trading for four pairs involving WLFI and USD1 on June 5
• This marks WLFI’s second use of its freeze mechanism, following a September 2025 blacklist of Justin Sun’s personal wallet

The cryptocurrency exchange HTX, associated with Justin Sun, is removing the USD1 stablecoin from World Liberty Financial (WLFI), a project connected to former President Trump. This decision follows WLFI’s freezing of blockchain addresses linked to the exchange, with sanctions compliance cited as the reason.

On June 6, HTX revealed that USD1 would be officially removed from the platform the following day. The exchange will automatically convert all user-held USD1 to USDT at a 1:1 ratio, with the resulting funds deposited into users’ spot trading accounts.

According to HTX’s statement, the delisting aims “to reduce potential risks, ensure the safety of user assets, and maintain a fair trading environment.”

Prior to announcing the complete removal, HTX had suspended trading operations for four cryptocurrency pairs on June 5: WLFI/USDT, USD1/USDT, BTC/USD1, and ETH/USD1.

WLFI’s Rationale for the Address Freeze

World Liberty Financial stated that it froze the HTX-associated blockchain addresses as part of its sanctions compliance review process. On June 3, the organization issued a general statement emphasizing its maintenance of sanctions controls and warning that transactions involving sanctioned parties could face restrictions.

HTX responded forcefully, asserting that the frozen digital assets “are not assets belonging to any sanctioned entity” but instead represent assets “legally purchased and owned by individual users.”

The exchange criticized WLFI for acting “without sufficient prior communication, adequate contractual or legal grounds, transparent disclosure, or adherence to due process.”

HTX has demanded that WLFI immediately reverse the freeze on the affected blockchain addresses.

UK Sanctions in the Background

The context surrounding this confrontation includes the United Kingdom’s May 26 sanctions designation of Huobi Global S.A. British authorities alleged that this entity facilitated over $1.5 billion in transactions connected to Russian sanctions evasion, with ties to the Garantex exchange and the A7 network.

HTX asserts that Huobi Global S.A. operates as a completely separate entity from the HTX exchange platform, and that the UK’s designation has no impact on its operations or customer assets.

World Liberty Financial has not issued a public statement specifically addressing the HTX address freeze.

Justin Sun’s Legal Action Against WLFI

This incident represents the second instance of WLFI employing its on-chain freeze capability. In September 2025, the organization blacklisted a cryptocurrency wallet belonging to Tron blockchain founder Justin Sun after he transferred approximately $9 million worth of WLFI tokens to various addresses, including HTX.

Justin Sun, who serves on HTX’s Global Advisory Board, initiated legal proceedings against WLFI. His lawsuit alleges that the project’s smart contract contains an undisclosed backdoor mechanism enabling the team to freeze investor tokens without prior notification or approval.

WLFI responded by filing a countersuit, alleging that Sun orchestrated a defamation campaign utilizing social media influencers and automated bot accounts.

Reports indicate that a WLFI investor extended a settlement proposal to Sun, though no formal agreement has been publicly confirmed.

The removal of USD1 from HTX represents another significant development in the escalating public and legal confrontation between the exchange and the Trump-affiliated cryptocurrency venture.

Zcash is facing fresh pressure after a critical Orchard pool bug raised questions about private balances, supply checks, and user safety.

Ripple CTO emeritus David Schwartz said passive holders would not lose access to their funds if the bug was not exploited before the planned recovery process.

Zcash Orchard bug raises supply concerns

The issue centers on Zcash’s Orchard shielded pool, a private transaction pool that hides sender, receiver, and amount details.

Shielded Labs said the bug could have allowed fake ZEC to be created inside Orchard without public detection. That risk created panic because privacy makes full public balance checks harder.

The bug has already been patched through emergency action. Still, the main concern is whether anyone used it before the fix.

Shielded Labs has said it believes past exploitation was unlikely. It also said users should not rely only on that judgment, because there is no cryptographic proof that the bug was never used.

David Schwartz explains “lonely” Zcash coins

David Schwartz entered the debate after users questioned what would happen to coins left in old Orchard addresses.

He said users who do not move funds would not lose ownership if no exploit occurred. Their coins would remain in an old pool that no longer receives normal use.

“Lonely and abandoned” coins would still belong to their owners, Schwartz said while explaining the issue.

His point focused on consensus rules. These rules decide which coins remain valid and who can spend them.

That means migration does not need to punish passive holders. A user who misses the move would not automatically lose coins because the network can still preserve ownership.

Ironwood plan targets Orchard isolation

Shielded Labs and other Zcash contributors are discussing a recovery plan called Ironwood.

The plan would isolate Orchard and limit new outgoing activity from the old pool. It would also use turnstile accounting to track coins that leave Orchard.

A new shielded pool would then support safer private activity. This would let users move funds into a cleaner environment while keeping stronger checks on supply.

The goal is to rebuild confidence without forcing a careless wipeout of older balances. The plan still needs community review and network support before activation.

Zcash Open Development Lab founder Josh Swihart has said a second Orchard-style pool could be considered for the NU7 upgrade window around late July.

ZEC price falls as traders price uncertainty

The market reacted sharply after the disclosure. ZEC dropped hard as traders reacted to the chance that fake coins may have entered the private pool.

The drop did not prove exploitation. It showed that traders were pricing uncertainty around Zcash’s supply assurance.

Privacy is Zcash’s main feature, but it also makes this crisis harder to settle. The same design that protects users also limits what observers can verify from public data.

As of then, the central question remains clear. Zcash must show users that Orchard can be isolated, funds can be tracked during exit, and future private activity can continue with stronger checks.

XRP traded near $1.16 on June 7 after a sharp weekly selloff pushed the token close to the $1.00 area. The move gave traders a short-term rebound, but the wider trend remains weak.

Crypto.news price data showed XRP gained about 6.21% in 24 hours, while it stayed down 12.8% over seven days and 16.16% over the past month. The token held a market cap near $72.19 billion and ranked sixth among crypto assets.

XRP price rebounds, but weekly losses remain heavy

XRP moved between $1.07 and $1.16 in the past 24 hours. The rebound helped price recover from the lower end of its daily range, but it did not erase the latest weekly damage.

The token also remained far below its July 18, 2025 all-time high of $3.65. Its one-year change stood at about minus 46.73%, while the 200-day change was near minus 45.86%.

This shows that XRP’s current bounce is still part of a larger downtrend. Buyers have returned near the $1.00 region, but they have not yet confirmed a trend change.

Crypto.news recently reported that XRP could revisit $1.03 without breaking its long-term structure. That level now acts as a key support zone for traders watching whether the rebound can hold.

Egrag Crypto says the blue path still matters

Egrag Crypto said XRP’s broader path still follows his earlier “blue” scenario. He argued that traders should not focus only on exact numbers, but also on structure, direction, liquidity behavior, and macro alignment.

“Markets are not about predicting exact numbers with perfection,” Egrag Crypto said.

The analyst added that XRP’s movement still respects the blue roadmap “almost perfectly.” His view places the current decline inside a larger technical path rather than treating it as a full breakdown.

Still, that view remains an analyst’s market reading, not a confirmed price outcome. XRP must hold support and recover key resistance levels before traders can treat the rebound as stronger.

The clearest upside level remains around $1.36. A move above that area would show stronger buying pressure and improve XRP’s short-term setup.

RSI and MACD show early recovery signs

XRP’s RSI sits around 44.16, while its moving average stands near 53.46. This shows momentum has improved from weaker levels, but XRP has not yet moved into a stronger buyer zone.

A move above 50 on the RSI would help confirm better momentum. Until then, sellers can still control the short-term trend.

The MACD also remains slightly bearish. The MACD line still sits below the signal line, but the histogram is close to neutral.

That means selling pressure is slowing, but XRP has not confirmed a full recovery signal. A bullish MACD crossover would give traders a stronger reason to watch for a move toward $1.36.

Volume also remains moderate at around 51 million to 52 million XRP. That shows the rebound is active, but not yet backed by a strong breakout in demand.

XRP ETF inflows offer relief during the selloff

XRP’s ETF market gave traders one positive data point during the recent decline. According to SoSoValue data, U.S. spot XRP ETFs ended the week with about $2.62 million in net inflows.

The weekly inflows were small, but they stood out because Bitcoin ETFs saw heavy withdrawals during the same period. XRP funds also recorded only one red day last week.

The funds’ cumulative flows reportedly reached more than $1.43 billion. Bitwise and Canary Capital remained among the leading XRP ETF issuers by assets.

This ETF activity does not remove XRP’s price risk. However, it shows that some institutional demand remained active during a weak week for the broader crypto market.

Crypto.news also reported earlier that U.S. spot XRP ETFs posted $25.8 million in one day in May, their strongest daily inflow in four months.

Dominance breakdown keeps downside risk alive

ChartNerdTA said XRP dominance has broken down after two confirmed contacts with a seven-year resistance trendline. The analyst also noted a loss of triangle support.

“Dominance currently sits at 3.3%,” ChartNerdTA said, adding that historical support sits near 1.1% if underperformance continues.

This dominance chart adds caution to XRP’s price setup. Even if XRP rebounds in dollar terms, it may still lag the wider crypto market if dominance keeps falling.

The main downside level remains $1.03, followed by the $1.00 psychological area. A clean break below both levels could raise pressure toward lower support.

On the upside, XRP needs to reclaim $1.36 with higher volume. That would give buyers a clearer signal that the latest rebound has more strength.

For now, XRP is trying to recover after a heavy drop. The token has ETF support and early momentum repair, but the chart still needs stronger confirmation.

Key Highlights

• BTC plummeted to $59,100, marking its lowest level in 2026, before staging a recovery past $60,000
• Crypto markets experienced a devastating $1.6 billion liquidation cascade, primarily affecting leveraged long positions
• Robust US employment figures diminished expectations for Federal Reserve interest rate reductions, pressuring risk-on assets
• On-chain analyst Ali Charts reports 10.46 million BTC now underwater — a metric historically signaling market capitulation
• Strategy offloaded Bitcoin holdings for the first time in two years, creating additional market anxiety

Bitcoin experienced a sharp decline on Friday, plunging to $59,100 — its weakest level this year — before market participants stepped in to defend the psychological $60,000 threshold. By Saturday, BTC had stabilized around $60,702, representing a modest 1% daily decline.

The catalyst for the downturn came from surprisingly robust US labor market statistics. May’s nonfarm payrolls revealed 172,000 new jobs, substantially exceeding the anticipated 85,000. Additionally, April’s figures received an upward revision of 64,000 positions. This economic resilience diminished market expectations for Federal Reserve monetary easing, triggering a surge in Treasury yields and dollar strength while punishing risk-sensitive assets.

The tech-heavy Nasdaq 100 tumbled approximately 5%, marking its sharpest single-day decline since April 2025. The S&P 500 retreated 2.6%. Digital assets were swept up in the broader risk-off sentiment.

Massive $1.6 Billion Liquidation Cascade

Intense selling pressure throughout cryptocurrency markets resulted in rapid liquidation of overleveraged positions. According to CoinGlass analytics, approximately $1.6 billion worth of positions were forcibly closed within a 24-hour window, with bullish bets absorbing the majority of losses. Bitcoin alone contributed over $500 million to this liquidation total, while Ethereum accounted for more than $400 million.

Altcoins suffered similarly brutal corrections. Ethereum has shed over 20% across the past seven days. Solana, XRP, Dogecoin, and BNB all recorded double-digit percentage losses during the same timeframe.

Market participant Daan Crypto Trades observed on X that Bitcoin had completely retraced its spring rally. “Really was a case of stairs up elevator down,” he commented.

On-chain analyst Ali Charts highlighted a crucial blockchain metric. His analysis reveals that 10.46 million BTC currently sit underwater — a threshold that has historically coincided with significant market troughs.

“Selling pressure often begins to fade as fewer investors are willing to realize losses, increasing the probability of a market bottom forming,” he explained on X.

Strategy Breaks Two-Year Buying Streak

Compounding market anxiety, Strategy revealed it had liquidated a portion of its Bitcoin treasury for the first time since 2022. While the sale represented only a fraction of the company’s substantial holdings, it sparked speculation about potential additional selling from one of cryptocurrency’s most prominent institutional accumulator.

US-based spot Bitcoin exchange-traded funds have registered consecutive weeks of capital outflows, eliminating a crucial demand pillar that had underpinned price action during earlier months.

Market observers are closely monitoring the $60,000 threshold for signs of support or breakdown. Analyst Exitpump observed that funding rates were drifting toward negative territory, interpreting this as “early signs of seller exhaustion.”

As of Saturday afternoon, Bitcoin was trading at $60,702.

TLDR:

• • The Ethereum whale cohort now holds 11.04M ETH, the lowest balance recorded across the full dataset history.
  • Total holdings have fallen roughly 62% from the early-2022 peak of 28.83M ETH to the current level.
  • Balances dropped nearly 50% in 12 months, falling from 22M ETH in mid-2025 to 11.04M ETH today.
  • Data cannot confirm if outflows reflect actual selling or relocation into staking contracts and ETF custodians.

The Ethereum whale cohort tracking addresses holding between 100,000 and 1,000,000 ETH has reached a historic low.

On-chain data shows the cohort now holds just 11.04M ETH. This marks the lowest reading across the entire dataset history.

The figure represents a steep decline from the early-2022 peak of 28.83M ETH. Total reduction stands at approximately 17.8M ETH, or roughly 62% of peak holdings.

A Four-Year Decline Across Multiple Market Cycles

The Ethereum whale cohort’s balance erosion has unfolded gradually over four years. Early 2022 saw the cohort holding a peak of approximately 28.83M ETH.

By mid-2023, that figure had stabilized near 17M ETH for about 12 months. The extended plateau suggested a temporary pause rather than a reversal.

A partial recovery followed when balances climbed back to around 22M ETH in mid-2024. That uptick coincided with ETH prices rallying toward $4,500.

However, the recovery proved short-lived as balances resumed their downward trend shortly after. The cohort never reclaimed its prior peak during that period.

On-chain analytics platform Alphractal noted the trend in a recent post, stating: “The Ethereum 100K–1M ETH balance cohort just printed 11.04M ETH — the lowest reading on the entire chart history.”

The data covers wallet addresses holding institutional-scale positions. These sit below extreme concentration tiers such as exchange reserves and foundation wallets.

What makes the decline notable is its consistency across different market conditions. The cohort reduced holdings during both price rallies and drawdowns alike. This behavior points to sustained distribution rather than panic selling during a single downturn.

Distribution or Relocation — Two Readings of the Data

The steepest portion of the decline has occurred over the past 12 months. Balances dropped from roughly 22M ETH in mid-2025 to 11.04M ETH today.

That represents a 50% reduction within a single year. The sharpest leg down coincided with ETH falling from around $4,500 toward the current $1,780 range.

Two distinct interpretations exist for this data. The first is straightforward distribution, where large wallets have steadily sold or reduced ETH exposure over time. This reading suggests institutional-scale holders have been exiting positions regardless of price direction.

The second reading involves relocation rather than actual selling. Holdings moved into staking contracts, restaking protocols, or ETF custodians would not appear in the cohort balance.

Those assets leave the 100K–1M wallet tier but remain within the Ethereum ecosystem. The cohort metric alone cannot distinguish between these two scenarios.

Tracking the destination of outflows would clarify which dynamic is at play. Without that data, both readings remain valid.

What the on-chain data confirms is that the Ethereum whale cohort holds approximately 62% less ETH today than at the dataset’s recorded peak.