Which Countries Hold the Most Ether?
As investors panic over the recent price crash in Ether, the currency on the Ethereum network, we thought it was a good time to ask: Which exchanges hold the most Ether?
To find out, we obtained known exchange addresses from Etherscan and used a simple diffusion algorithm to roughly calculate the wallet pool of these exchanges. We found that American and Chinese exchanges hold the most ETH.
Of the American exchanges we looked at, the largest we found was Bitfinex, with over 1.9 million ETH, with Poloniex coming in not far behind. Third was Kraken, with over 1.5 million ETH.
China banned cryptocurrency exchanges last year, leading China-based exchanges to move overseas. Still, exchanges that originated in China hold an impressive amount of ETH. Binance is in the lead with ETH holdings of over 1.6 million, about three times that of Okex. It’s worth noting that this algorithm provides a rough estimate only. Our analysis was also limited to Etherscan data, which may help explain why Japanese exchanges, for example, do not appear on this chart. But our goal is not to show the amount of ETH held by exchanges in every country, but to present the results of known exchange addresses on Etherscan, as well as the estimated amount of ETH held by those exchanges.
It does seem clear, however, that US and China exchanges are main players in the ETH market. So if you when trying to understand ETH price movements, you better pay attention to these two countries.