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The proportion of Ethereum top holders' holdings has risen year-on-year, and the market response remains "restrained".

On November 28, according to data from glassnode, as of Wednesday, the share of Ether supply held by the top 1% of addresses rose to 97.6%, up from 96.1% a year ago. However, Iliya Kalchev, a scheduling analyst at the digital asset platform Nexo, stated that the market reaction remains “restrained.” Stable inflows of funds and increasing derivatives trading activity suggest that investors are selectively rebuilding their portfolios rather than actively rotating throughout the financial system.

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