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At #ParisBlockchainWeek, @Ethplorer presented its new Aggregated Ethereum Rich List to the crypto community - and it triggered intense discussions around how Ethereum’s capital should actually be measured.
Following these debates, @BeInCrypto
interviewed Ethplorer’s BD Aleksandr Vat on some of the most controversial questions:
- Why do ETH-only rich lists distort reality?
- Who really controls Ethereum’s liquidity today?
- Has altseason already happened structurally?
- Why can self-issued tokens create hidden systemic risk?
Full interview:
https://t.co/vvgVJaeI5m
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So in the Aggregated Ranking, staking accounts for only about 10% of Ethereum's capital - not the apparent ~60%.
And this article explains in more detail why ETH-only rankings distort the picture:
https://t.co/BOTZJV8LUH
For example, the Beacon deposit contract shows ~82M ETH, but the economically relevant staking balance is closer to ~39M ETH.
Because Beacon is not a wallet - it is only a technical registry of deposits.
Colleagues, very interesting article - thank you.
But the real picture starts when you look beyond ETH alone.
If Ethereum addresses are ranked by total capital held - ETH + ERC-20 + stablecoins (the Aggregated Ranking) - the ranking changes dramatically.
You can see the aggregated ranking here:
https://t.co/v5UVcschCG
Day 1 at Paris Blockchain Week 2026 - done.
Key themes from the stage:
• Europe is positioning itself as a global hub for digital assets. The message from France was clear: “Choose France” - a signal of long-term institutional support.
• Regulation is evolving fast, with expectations of MiCA 2 already emerging.
• Tokenization is no longer a narrative - it’s becoming financial infrastructure. The view from the European Commission is clear: distributed ledger technology is on track to become the operating system of financial markets.
At Ethplorer, we see the same in the data:
capital is shifting from static balances to active, token-driven liquidity.
15+ meetings today with analytics, infrastructure teams, and potential partners.
Day 2 ahead.
#PBW2026 #Ethplorer
Ethplorer will be at Paris Blockchain Week 2026 (April 15–16)!
Heading to Paris to dive deeper into:
✅ On-chain data and blockchain analytics
✅ Aggregated portfolio tracking (ETH + ERC-20 + stablecoins)
✅ Market structure, capital flows, and risk analysis
At Ethplorer, we focus on rebuilding how blockchain data is interpreted - moving beyond ETH-only views to a full picture of where capital actually sits and how it moves.
If you’re attending #PBW2026 and working with data, infrastructure, or analytics - drop a comment and we’ll reach out - let’s connect.
#Ethplorer #PBW2026
Most Ethereum Rich Lists rank addresses by ETH balance only.
But that misses most of the real capital sitting in wallets.
We rebuilt the Ranking by Total USD holdings - ETH + ERC-20 tokens + stablecoins.
Result:
- the same Top-10,000 addresses show $342B instead of $116.5B
- 66% of top-holder capital sits outside ETH
- only about half of the Top-1000 overlaps
Read the article with insights "Where Ethereum’s capital actually sits":
https://t.co/i9gmOKPk6x
Top 3 Ethereum Explorers for Everyday Users published by @bitget
Ethplorer ranks 2nd: Ethplorer is a great alternative, focusing on visual reports and historical balances.
What makes it stand out is the ability to view the full historical portfolio of any address - aggregated across all tokens and reflected in USD over time. No signup, no waiting.
https://t.co/FUueNv8xLC
Everyone talks about $ETH dominance.
But the data tells another story.
According to @ethplorer:
• ETH-only whale holdings → $189B
• Including ERC-20s + stables → $426B
That means 58% of capital is outside $ETH.
Altseason isn’t speculation, it’s already in whale portfolios.
Top wallets breakdown 👇
https://t.co/DuRY3EmLOc
Interesting to see how the community keeps picking up on the Aggregated Ethereum Rich List.
Looks like the idea of looking at
ETH + tokens + stablecoins together
really resonates.
Interesting data from @ethplorer after publishing an Aggregated Ranking of Ethereum addresses.
Looking only at ETH holdings, the largest wallets control about $189B.
But once ERC-20 tokens and stablecoins are included, that number jumps to roughly $426B.
One detail stands out: around 58% of the capital held by top addresses isn’t in ETH itself.
Even more surprising: when comparing the lists, the Top-1,000 wallets change significantly, with barely half of the addresses overlapping.
Which suggests something important:
The effects of altseason aren’t just visible on price charts, they’re reflected directly in how capital is distributed across Ethereum wallets.
The crypto community is actively discussing the new Aggregated Ethereum Rich List.
https://t.co/v5UVcschCG
And the research article based on it:
https://t.co/NpCIFHnuS7
Most rankings look only at ETH balances.
But when you include tokens and stablecoins, the picture of Ethereum’s capital changes dramatically.
This research shows where the real capital actually sits.
Research from @ethplorer, based on a recently published Aggregated Ranking of Ethereum Addresses based on totalBalanceUsd, which includes ETH, ERC-20 tokens, and stablecoins valued in USD, completely changes how we view Ethereum dominance and concentration.
Most rankings only measure ETH balances, under that view, top addresses hold about $116.5B.
But when you include ERC-20 tokens and stablecoins, the number jumps to $342B, that’s almost 3× more than visible capital.
Even more important: 70% of top-holder capital sits outside ETH.
This isn’t just a small adjustment in measurement, more than half of the Top-1,000 addresses change once tokens are included.
Only 493 wallets overlap between ETH-only and aggregated rankings.
That means many of the largest economic players on Ethereum don’t even show up if you only track ETH balances.
On top of that, smart contracts now control close to 28% of top-holder capital.
The system has shifted from individual whales holding ETH to protocol-controlled structures managing diversified token balances.
Altseason didn’t necessarily play out through explosive price charts, it happened quietly, through balance-sheet expansion and capital redistribution across tokens.
Partnered up with the team to spread the word!
What’s the point of an ETH-only chart?
If a someone swaps ETH into tokens, ETH drops, while total capital may stay the same.
An ETH-only chart can make a wallet look empty, while it’s actually positioning for altseason.
That’s why we show the full aggregated USD portfolio:
ETH + ERC-20 tokens + stablecoins
Explore this example👉https://t.co/Wku7Skjk9r
Tired of portfolio trackers requiring registration, adding addresses, waiting for indexing?
On Ethplorer, just open any address and instantly see its historical USD portfolio:
ETH + ERC-20 tokens + stablecoins.
No login. No setup.
Transparency should not require registration.
👇 https://t.co/uEhOkjsWLi