Ethereum addresses with over 32 ETH hit ATH while participation rate drops

Hull Invest

Glassnode data examined by crypto slate Analysts have revealed that the number of Ethereum (ETH) wallets above 32 ETH hit an all-time high (ATH) despite a lagging participation rate.

number of addresses

The graph below shows the change in the number of ETH addresses holding more than 32 ETH since early 2018.

ETH addresses with 32+ ETH
ETH addresses with 32+ ETH

This data shows that the number of ETH addresses with more than 32 ETHs has steadily increased between January 2018 and January 2021. That number only decreased for a short period from January 2021 to July 2021.

From July 2021 to December 2022, the number of addresses recorded an increase, reaching 129,707 ATH. The previous ATH was recorded in late July 2020 at a level close to the current ATH.

Crypto Slate”A recent analysis also revealed that the number of all ETH addresses reached 1.4 million and recorded a new ATH.


Participation rate is a metric that reflects the ratio between the number of successfully generated blocks and the total available slots.

Data show that participation rates have lagged since the merger took place on Sept. 15. Due to the merger, the ETH network moved from a Proof of Work (POW) to a Proof of Stake (POS) network) that it had previously used.

ETH participation rate
ETH participation rate

The graph below reflects the change in ETH participation rate since early 2021. The lowest record for this metric was recorded in December 2020, and the second lowest in late October 2021.

Participation rates have remained more or less stable since then, but the chart’s recent drop marked the lowest point for this metric since the merge took place.


Despite the low participation rate, the number of active validators is steadily increasing. The chart below shows the increase since January 2021.

According to the numbers, there are currently 487,775 active validators on the ETH network. This number also marks his ATH for this metric.

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