Beyond price: Bitcoin's record number of institutional wallets coexists with Ethereum's massive presence

The crypto ecosystem shows an expansion that is progressing at different rates: Ethereum has more than three times as many users as Bitcoin, while institutional BTC wallets are reaching record levels.

Data from the firm Santiment reveals that the network of Ethereum registers 182,74 million active addresses with a balanceEthereum has more than three times the number of non-empty wallets in Bitcoin, which stands at 58,51 million. This difference in users demonstrates how Ethereum has become one of the most widely used platforms for interacting with decentralized applications, smart contracts, and digital financial projects.

However, even with a smaller user base, Bitcoin maintains a strong presence among funds and institutional players. Its recent price, above $70.000 and still far from the all-time high of $126.000 reached in October 2025, keeps the leading cryptocurrency by market capitalization as a central pillar of the market. 

For the market, the contrast between the breadth of Ethereum and the concentration of Bitcoin reveals a scenario where the two main networks evolve under different, but complementary, logics within the digital ecosystem.

Two paths to growth in the crypto market

Analysis of the firm's on-chain data reveals a steady growth trend in both blockchain networks, albeit at different rates. 

According to Santiment analysts, Ethereum surpassed Bitcoin in total number of holders in February 2019, and the gap has been steadily widening ever since. Currently, the ratio of 182,74 million non-empty ETH wallets to 58,51 million BTC wallets indicates that the Ethereum network has successfully attracted a broader user base, which is attributed to the diverse features enabled by its protocol.

Meanwhile, Bitcoin's growth, although smaller in absolute number of wallets, is characterized by a higher density of capital per address in certain segments. 20.031 wallets that store more than 100 BTC They represent a pillar of financial stability, while the 57,6 million wallets with less than 1 BTC reflect a solid retail savings base. This data is crucial because it indicates that, despite BTC's price volatility, large investors are increasing their exposure to the cryptocurrency. The chart shows that while the price corrected, the number of wallets with more than 100 BTC continued to rise, suggesting an accumulation phase.

According to the firm's analysts, this difference in the total number of Bitcoin and Ethereum holders does not suggest a hierarchy of value, but rather a specialization of each network in different use cases within the digital economy.

The strength of Bitcoin and the expansion of Ethereum

The distribution of wealth within the networks also reveals interesting patterns. While Ethereum leads in terms of total wallet volume, Bitcoin excels in the creation of high-value wallets. Data indicates that, in parallel with the growth of Ethereum addresses, the number of wallets holding more than $1.000.000 in BTC has increased, solidifying the asset as a preferred reserve instrument for large players.

According to the network activity report, this coexistence of data—the record 20.031 whales on Bitcoin and the triple of users on Ethereum—confirms that the market is diversifying. 

Analysts point out that the current context, with Bitcoin holding above $70.000, has encouraged more than 954.000 wallets to hold between 1 and 100 BTC. In comparison, the Ethereum network exhibits greater fragmentation of capital, which is typically associated with a network with higher daily transaction activity and a younger user base in terms of longevity within the ecosystem.

Maturity and expansion: the 2026 of the crypto ecosystem

In 2026, the crypto ecosystem shows clear signs of maturity following the bull market that marked the end of 2025. This strength is reflected in user retention and the way major networks maintain their relevance despite price adjustments. Ethereum continues to lead in terms of the number of holders, with a significantly higher proportion compared to other projects like XRP or Dogecoin, while Bitcoin retains its role as the market benchmark for measuring value and trust.

Industry analysts point out that both Bitcoin and Ethereum managed to maintain and even expand their user base during periods of low volatility, a behavior that confirms the strength of the crypto segment and its growing global adoption.

Ethereum's reach continues to expand thanks to the widespread use of smart contracts and decentralized finance, which attract a more diverse community worldwide. Even so, Bitcoin maintains a more concentrated ownership structure and a capital flow that continues to attract the interest of large funds. Together, both networks are advancing as complementary pillars of an expanding digital financial system, where user growth and institutional participation go hand in hand, solidifying the next phase of digital asset evolution.