Ethereum keeps winning the “who’s using it” contest, even while its price struggles.
Data cited by Leon Waidmann, head of research at Lisk, puts Ethereum at about 189.49 million non-empty wallets. Bitcoin sits at roughly 59.08 million. That’s a gap of more than 3x, and it matters because wallet counts track participation, not sentiment.
Adoption number stays up. Price doesn’t
Waidmann’s figures suggest a mismatch. Ethereum’s user base stays large even as ETH trades in a bearish zone.
The same source snapshot shows Tether in third place with about 13.61 million non-empty wallets. XRP follows with around 7.8 million. USDC has about 6.76 million.
Yet the asset itself has not kept pace. CryptoPotato reports ETH has lost more than 30% over the past month. At the time of writing, it was trading near $1,620.
This is the part most holders can feel. Network participation can rise while market value declines. Those are different dynamics.
When treasuries get burned
Price weakness also hits companies that treated ETH like a strategic reserve.
CryptoPotato points to Nasdaq-listed FG Nexus. The firm reportedly accumulated losses of more than $85 million on an Ethereum strategy after selling a substantial portion of its holdings below its purchase price.
According to the report, FG Nexus made ETH its main treasury reserve asset and began building its position around Ethereum’s 10th anniversary. The plan aimed to turn the company into a major holder. The broader downturn forced it to reduce exposure, and the accounting loss shows what “long-term” can look like when a market regime flips.
RSI hits a record low, analyst flags a possible endgame
On the indicators side, CryptoPotato cites analyst Michaël van de Poppe. He says ETH’s daily Relative Strength Index (RSI) has dropped to the lowest level ever recorded.
Van de Poppe interprets that extreme oversold condition as a sign the bear market could be nearing its end. He adds that a turnaround may not be far away.
That’s not a guarantee. Oversold readings can stay oversold for longer than anyone wants. But it does align with how markets often behave when forced sellers run out of room.
Spot Ethereum ETFs: outflows stop for a day
Flows into spot Ethereum ETFs also show a market trying to find footing.
CryptoPotato reports a reversal at least on June 4. After 17 straight trading days of outflows, Ethereum ETFs recorded net inflows of $19.3 million that day.
The inflows came entirely from ETHA. The other nine spot ETFs reportedly saw no activity.
Still, the larger picture stays heavy. CryptoPotato says Ethereum ETFs posted $168 million in net outflows for the week. SoSoValue suggests the latest figures could mean ETF flows are starting to stabilize. It also frames what would be required for a real recovery, namely continued inflows across Ethereum and other major crypto assets.
Key network and ETF figures
| Metric | Figure | Source in report |
|---|---|---|
| Ethereum non-empty wallets | ~189.49 million | Leon Waidmann, Lisk (via CryptoPotato) |
| Bitcoin non-empty wallets | ~59.08 million | Leon Waidmann, Lisk (via CryptoPotato) |
| Tether non-empty wallets | ~13.61 million | Leon Waidmann, Lisk (via CryptoPotato) |
| XRP non-empty wallets | ~7.8 million | Leon Waidmann, Lisk (via CryptoPotato) |
| USDC non-empty wallets | ~6.76 million | Leon Waidmann, Lisk (via CryptoPotato) |
| ETH price (time of writing) | ~$1,620 | CryptoPotato |
| ETH monthly decline | >30% | CryptoPotato |
| Spot Ethereum ETF net inflow (June 4) | $19.3 million | CryptoPotato |
| Spot Ethereum ETF net outflow streak | 17 trading days | CryptoPotato |
| Spot Ethereum ETF net outflows (week) | $168 million | CryptoPotato |
The takeaway underneath the numbers
Ethereum’s holder lead tells a straightforward story about participation. The bearish ETH price and the reported ETF outflows tell a second story about capital allocation.
Until flows broaden beyond a one-day inflow and treasuries stop taking losses, “more users” won’t automatically translate into “better market conditions.”