Analytics firm Santiment reported a decline of 251,350 non-empty USDT wallet addresses on the Ethereum network over an 11-day period. Within this timeframe, a 48-hour window saw a reduction of 72,841 addresses, representing a 0.54% drop in the total count.
Despite the contraction, Ethereum currently hosts approximately 13.46 million USDT holders with a market capitalization of around $96.1 billion. Santiment analysts suggest this trend may indicate retail capitulation, noting a similar pattern occurred between December 19 and December 31, 2024.
The decline may also be attributed to address consolidation, where users merge balances into fewer wallets, or migration of activity to other blockchains like Tron. Additionally, Tether burned $2.5 billion in USDT on the Ethereum network on July 7, 2026, marking its largest single-day reduction in six months.
