#BinanceHODLerTree 🧠 Key Observations

A small number of whales (~0.3% of addresses) hold nearly 95% of ETH supply, reinforcing the high concentration at the top. However, the distribution has softened slightly over time as staking and DeFi usage grows.

Binance remains one of the largest single custodial holders due to user deposits for spot trading, lending, and staking. Existing wallet data suggests roughly 1.65% of supply under Binance control.

Representation in the HODLer Tree reflects staking activity, exchange custody, and DeFi interactions—not purely user-held ETH.