Is Ethereum Adoption Still Growing Despite Market Swings? Here’s All

Key Points:

• Ethereum addresses surpassed 150 million, led by growth in small-balance wallets.
• Holder sentiment hit its lowest point since 2019 despite prices above $4,300.
• Large wallets remain rare, while short-term holders gain market share.

Ethereum continues expanding its user base, with total addresses surpassing 150 million as of September 2025. Most of this growth comes from wallets holding less than 0.01 ETH, reflecting widespread retail adoption.

Wallets with balances between 1 and 100 ETH have grown steadily, yet remain far fewer than those with smaller holdings. Larger wallets above 10,000 ETH have stayed mostly flat, indicating consistent wealth concentration among top holders.

Ethereum Address Count Distribution | Source : Alphractal

The dominant group currently includes 1.23 million addresses holding between 1 and 10 ETH. In comparison, only 3 addresses hold over 1 million ETH, signaling extreme asset concentration.

Ethereum’s total mid-range addresses have risen significantly since 2017, yet the upper tiers remain limited in number. While broader adoption continues, wealth remains controlled by a small number of large holders.

Sentiment Turns Negative as Price Holds Above $4,300

Ethereum trades at $4,309.84, showing slight gains of 0.26% over 24 hours and 0.11% in the past hour. However, the asset is down 3.68% on a weekly basis, suggesting ongoing profit-taking and near-term caution.

Despite the price holding well above $4,000, sentiment among holders has dropped to multi-year lows. This shift marks the most negative reading since 2019, raising concerns of upcoming market turbulence.

Ethereum Holder Sentiment | Source : Alphractal

The drop in sentiment comes as short-term holders increase their share, while long-term holders reduce their positions. Historically, such conditions have preceded periods of price volatility and sharp market movements.

One address holding over 1 million ETH recently exited the ecosystem, reducing the number of ultra-large wallets to just three. Meanwhile, addresses holding more than $1 in value have also begun to decline.

Ethereum Address Count Distribution | Source : Alphractal 

Although price trends remain stable, the divergence in sentiment suggests hesitation among long-term investors. Address data supports steady growth, but shifting holder behavior hints at potential short-term instability.

Ethereum adoption continues to rise, but key indicators now reflect mixed outlooks across market segments. As usage expands, investor sentiment and holder behavior remain critical factors in upcoming price actions.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source: https://coincu.com/analysis/is-ethereum-adoption-still-growing/