New analysis from Flipside reveals that fewer than 5% of wallets sometimes deal with nearly all of on-chain switch quantity.
A new report from blockchain analytics agency Flipside reveals {that a} very small cohort of blockchain customers is chargeable for a lot of the worth being transferred throughout 24 main networks.
The agency tracked greater than 400 million addresses and located that wallets with excessive engagement scores — what it calls “high-quality customers” — constantly transfer probably the most funds. These customers comprise solely a small portion of whole addresses however are chargeable for the majority of switch quantity.
“The overwhelming majority of addresses on every blockchain fall into the low-value vary, with solely a small share reaching medium or high-value standing,” Flipside mentioned.
The blockchain analytics agency — backed by $50 million in funding from Republic Capital, Galaxy, Dapper Labs, and others — makes use of a 0-15 scoring system to rank wallets primarily based on a “rolling 90-day window of exercise throughout key engagement areas.”
Most wallets land within the “low-value” class with a rating between 0 and three. However customers who rating 8 or larger — lower than a couple of p.c on most chains — have a tendency to point out robust and regular switch conduct, per the report.
Flipside notes that the upper a pockets’s rating, the extra worth it normally strikes, and this sample seems throughout all blockchains studied, together with Ethereum, Solana, Arbitrum, Aptos, and Base.
High quality Over Amount
The report reveals that even wallets with medium scores — between 4 and seven — are inclined to contribute much more quantity than the lowest-scoring group. When evaluating the variety of high quality customers scoring 4 and above to the overall quantity moved, the distinction is clear, as almost all chains present that this group handles a lot of the exercise.
The important thing takeaway, Flipside notes, is that the true drivers of worth in blockchain ecosystems are “high-quality customers,” who interact “deeply, transact commonly, and contribute meaningfully to the community.”
The agency added that this quality-centric mindset “might show to be a crucial differentiator” in an more and more aggressive blockchain panorama.
Different research additionally reveal that even when analyzing particular tokens, centralization amongst a small variety of wallets persists. For instance, Bitquery’s 2023 evaluation discovered that the highest 10 holders of USDT managed about 24% of its provide, whereas the highest 10 USDC holders held over 12%, although it’s unclear how a lot of that belonged to centralized exchanges.
In 2025, these figures have climbed. In line with IntoTheBlock knowledge, whales now maintain 61% of the USDT provide, whereas 56% of USDC can be concentrated in giant wallets, indicating elevated centralization regardless of increasing utilization.
