The Ethereum network is approaching a historic milestone of 200 million wallets using Ether (ETH), the ecosystem’s native cryptocurrency. Currently, there are approximately 195 million non-empty wallets containing ETH.
The following chart, provided by analytics firm Santiment, shows how that metric has evolved over time. Right there you will see the price of ETH, which at the time of publication of this article is close to $1.6000.
Additionally, Santiment highlights that Ethereum has the following characteristics: There are currently about 230% more addresses with balances than Bitcoin.with nearly 59 million registered users.
The graph above shows two distinct trends. The yellow line corresponding to Ethereum maintains sustainable growth from 2021 to nowBitcoin’s red line is progressing at a more gradual pace.
Santiment attributes much of this growth to Ethereum’s leadership in areas such as decentralized finance (DeFi), staking, and on-chain activity.
“Despite facing the most negative market sentiment, the Ethereum network continues to grow by leaps and bounds compared to other large networks,” the company noted.
Similarly, Santiment analysts added, “While social networks continue to focus on the poor performance of ETH price, user adoption continues to trend in the opposite direction.”
Still, metrics based on social media comments should be taken with a certain amount of weight. In an environment where bots, automated accounts, and artificial intelligence (AI) tools can amplify certain narratives; Social sentiment does not necessarily reflect the opinions of real traders and usersdescribed by CriptoNoticias.
Wallet growth does not guarantee price recovery
While the number of wallets with balances is often used as an adoption metric, this metric has limitations. A wallet does not necessarily equate to a single user, as the same person, company, or protocol can control multiple addresses.
Another issue to highlight is that this number contrasts with Ether’s performance in 2026. At the time of publishing this article, ETH is trading around $1,660, 66.4% below its all-time high (ATH) of $4,946 reached on August 24, 2025.
For this reason, wallet growth must be analyzed in conjunction with other variables. Economic activity within the network, transaction volume, use of decentralized applications, institutional demand, etc.
Regarding the last point, US Spot Ether exchange traded funds (ETFs) are not showing very positive signs. Since May 7, more than $1.1 billion in outflows have been recorded from these financial instruments.
Still, Santiment believes that the sustained increase in addresses with balances reflects positive fundamental trends in Ethereum.
Meanwhile, market sentiment surrounding ETH continues to deteriorate. But Santiment said the evolution of wallets suggests that “long-term adoption continues to accelerate behind the scenes.” Even unfavorable conditions due to an unfavorable geopolitical environment (Middle East wars) for assets considered to be at risk.
(Tag translation) Altcoin
