According to cryptocurrency consultancy Chainalaysis, just 376 people hold a third of all Ether, the cryptocurrency behind the Ethereum blockchain, making it even more concentrated that bitcoin. By comparison, 448 people own 20% of all Bitcoin, Kim Grauer, a senior economist at the company, told Bloomberg in an interview. Such “whales” hold their assets in digital wallets and not on an exchange.

As Bloomberg reports, Chainalysis also looked at how Ether whales impact price, and found that such large, long-term holders – predictably – don’t move their cryptocurrency often. “The majority of whales aren’t traders. They’re mostly holding”, she said.

And, as one would also expect, when a whale moves Ether from a wallet to an exchange, “there is a small but statistically significant effect on market volatility.”

This also means that price for cryptocurrencies is largely set on the margin by a relatively small number of traders, which in turn are dependent…

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