According to Bloomberg, according to the study of Chainalysis Inc., a total of 376 wallets contain 1/3 of the total volume of ETH.
The information shocked the public for two reasons: it questions the level of decentralization of the coin, as well as what these tokens are used for.
Today, the cryptocurrency market is still relatively small, and therefore manipulative: subject to price fluctuations when funds are transferred between large wallets.
In the case of bitcoin, Chainanalysis found that 448 people own 20 percent of all Bitcoin.
The fact that Ethereum is also under the influence of whales shows that it may have problems with distribution and decentralization.
These 30 percent of Ether, which are located on a small number of wallets, may be able to influence the course if these 376 wallets participate in trades, but research has shown that these wallets are mainly HODL-oriented.
Chainalysis analyzed the effect of ethereal whales on the price and found that when a whale moves air from a wallet to a stock exchange, it has a small but statistically significant effect on market volatility.