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The number of addresses with more than 100 ETH has quietly declined to a 19-month low, but it’s probably not time to hit the panic button yet. Numbers skyrocketed in late June last year, which overlapped with the early wave of the DeFi boom. The sharp downtrend we’re witnessing this time started this January and culminated in a vertical dive during the latest BTC bull run in early March — coincidentally also in tandem with the proliferation of NFTs.