Ethereum Wallets Triple Bitcoin’s as Price Slides; ETH RSI Hits Record Oversold
On-chain wallet data suggests **Ethereum (ETH)** has far more users than **Bitcoin (BTC)**. Analyst Leon Waidmann (Lisk) cited non-empty wallets showing about **189.49M ETH holders**, versus **59.08M BTC holders**—more than a 3x gap.
Despite this strong holder base, **Ethereum** has been in a bearish stretch. Over the past month, **Ethereum** fell more than **30%**, trading near **$1,620**.
The weakness has also hurt crypto-treasury strategies. Nasdaq-listed **FG Nexus** reportedly booked losses of **over $85M** on its **Ethereum** allocation after selling a large portion below its entry price, even though it had planned to build ETH as a key treasury reserve.
Market indicators are flashing “capitulation.” Analyst Michaël van de Poppe said **Ethereum’s daily RSI** has dropped to the **lowest level ever recorded**, arguing the market may be nearing the end of the current bear phase.
Spot **Ethereum ETFs** show early signs of stabilization after prolonged selling. After **17 straight trading days of outflows**, ETFs recorded **net inflows of $19.3M on June 4**, driven mainly by **ETHA**. Still, the week ended with **$168M net outflows** overall, implying recovery likely depends on continued inflows across ETH and other major assets.
Overall, the story is adoption vs. drawdown: **Ethereum** leads on holders, while price action and ETF flows remain the near-term battleground.
Neutral
The article is mixed for traders. Fundamentally, it’s bullish that **Ethereum** has ~189.49M non-empty wallet holders versus ~59.08M for **Bitcoin**—strong adoption and network stickiness. However, the near-term signals are still bearish: **Ethereum** price is down >30% in a month, and ETF flows recently stayed negative (still **$168M net outflows** for the week).
What balances the stance is the oversold-style setup. An all-time-low daily RSI for **Ethereum** often appears near late-stage selloffs; historically, this can precede ranging/chop or eventual rebound once selling pressure exhausts. The June 4 ETF **$19.3M inflow** after 17 days of outflows also hints at stabilization, but it’s not yet a confirmed trend reversal.
Short-term (days–weeks): expect volatility and potential dead-cat bounce attempts, with traders watching whether ETF inflows extend and whether ETH holds key support zones.
Long-term (months): the holder-count outperformance supports resilience, but sustained price recovery likely requires broader risk-on conditions and continued capital rotation into ETH rather than just oversold indicators.