The real top you’ve never seen before: List of Ethereum rich people by combined USD holdings

This is the first part of a two-part analysis.
Here we focus on where capital resides on Ethereum. In Part Two, we examine how it moves.

About this report

This report is used Bulk ranking of Ethereum addresses based on totalBalanceUsdwhich includes ETH, ERC-20 tokens, and USD-denominated stablecoins. This arrangement departs from the current approachby which titles were traditionally sorted ethBalanceUsd.
The Beacon deposit contract is excluded because it is a technical ledger and not a wallet. Below is an explanation of why this decision was made.
Token contracts are also excluded to focus on economically significant holders.

The main thing that the new classification showed

If you only look at ETH balances, you are effectively blind to most of Ethereum’s true wealth.
Once the rich list was rebuilt by Total USD value (ETH + all ERC-20 tokens + stablecoins)the whole picture is flipped:

• $342 billion compared to $116.5 billion – The same top 10k addresses show almost 3x capitalization once tokens and stablecoins are counted
• Among Top 1000a little more than Half the titles Interference (507). Only 493 exist In ETH-Top, while 493 show only At the top bundled

• And most importantly: 66% From the capital of the highest holder lies outside ETH.
• Stablecoins Make up softly ≈ 26% Of the main balances – a quarter of the real economy
• in ETH-Top About a third of wallets are more than five years old old. in Combined ranking Nearly 60% of them are under two years old.

It is important to note that Beacon necklace (0x000…705Fa), which contains about 81.2 million ETH, It is excluded from these calculations.
In traditional classifications, it often appears as a larger title, which represents… 67.3% (!) Of the total supply of ETH – but this distortion!

In fact, this contract is technical Deposit history with no withdrawal function. It serves as a record of accumulated deposits, rather than a balance controlled by a single entity. “Held” ETH cannot be withdrawn from this address.
The number reflects the larger number (≈81.2 million ETH). Cumulative deposits in the Lighthouse contract over time.

For reference, Active staking is ≈37.5 million ETH (~$71.7 billion) – The consensus layer total represents the current net amount of ETH participating in staking after accounting for withdrawals.
At the combined peak, Lighthouse’s share occupies less than 10% of the entire Ethereum market.

the Binance Vault (0xF977…aceC) – Rank the first In the combined ranking (and 11th place in ETH alone) – it clearly shows how big the difference between the two approaches is.

Holds approx $0.68 billion in Ethereum, but Over $23 billion worth of stablecoins and ERC-20 tokens.

The token portion almost exceeds the ETH balance 34 to 1.

In the ETH-based classification, this address appears as a large holder of ETH.

But the combined view reveals it as The largest concentration of dollar-denominated liquidity In Ethereum.

More obvious examples of “new whales”:
Rank 1: +10 positions, +$23 billion (+3400%) — Binance Vault (0xf977…acec)
Rank 2: +4 positions, +$9.5 billion (+820%) — Binance Vault (0x47ac…d503)
Rank 4: New (+24,150 jobs), +$4.5 billion — Proxy Contract (0x6c96…1dee) With USDT0

around 96.4% of titles In the top 1000 Convert more than 50 jobs When moving from ETH-based to pooled listing.
Even at a glance, it is clear that we are looking Two completely different worlds.
Traditional ETH-based tokens are missing about 60-70% of the valuewhich are concentrated in stablecoins and DeFi tokens.

A comparison of the top 10,000 titles reveals a clear generational shift.
in ETH-Top About a third of wallets are more than five years old old. in Combined rankingOnly 17% are over this age, while Nearly 60% of them are under two years old.

Average first transaction dates confirm the shift: September 2024 (pool) vs. April 2023 (ETH) ~17 months younger.

Stablecoins are now at the heart of Ethereum trading.
By category, stablecoins dominate CEX portfolios (34%)remain moderate in Other (20%) and Bridges (6%)And she is It is negligible in DeFi.
The most active addresses are also more likely to hold stablecoins (Correlation ≈ +0.4).
In general, they constitute ≈ 26% From large wallets.

Stablecoins act as working capital for Ethereum – promoting settlement and liquidity, not long-term storage.

Data on the Ethereum chain no longer supports analysis based on ETH balances alone.
Once capital is looked at in terms of total US dollar value, a different market structure emerges – one that fundamentally changes how dominance and risk are interpreted:

• $342 billion compared to $116.5 billion – The same top 10k addresses show almost 3x capitalization once tokens and stablecoins are counted
• Stablecoins are now represented ~26% From key balances and determine day-to-day liquidity
• The upper average combined address is approx 1.5 years younger than its ETH-Top counterpart, showing that new capital is mainly entering through token ecosystems and decentralized finance.
• 66% From the capital of the highest holder lies outside ETH
• What appears to be two-thirds of the supply of Ethereum is actually a cumulative deposit history – in aggregate classification, Beacon’s stake represents less than 10% of the Ethereum network’s capital.

In Part Two, we move from where capital is located to how it moves – and why the next stage of analysis is no longer about volume, but about structure and behavior…