Immy Dorse 
Most Blockchain Activity Comes From a Tiny Group of Users, Report Finds
Turns out, the vast majority of blockchain transactions aren’t coming from the average user. According to a new report from Flipside, a blockchain analytics company, just a small fraction of wallets are moving most of the money across major networks.
The study looked at over 400 million addresses and found something interesting—what they call “high-quality users” (basically, wallets with high engagement scores) are doing the heavy lifting. These users make up a tiny slice of the total but handle the bulk of transfer volume.
Flipside put it bluntly: “Most addresses fall into the low-value range.” Only a handful hit medium or high-value status.
How They Measured It
The firm uses a 0-15 scoring system, tracking wallet activity over a 90-day window. Most wallets? They’re in the 0-3 range—barely active. But the ones scoring 8 or higher? Less than a few percent on most chains, yet they’re the ones consistently moving big amounts.
This wasn’t just true for one blockchain. Ethereum, Solana, Arbitrum, Aptos, Base—all showed the same trend. The higher the score, the more value a wallet tends to move.
And it’s not just the top tier. Even wallets in the middle (scores between 4 and 7) contribute way more than the lowest group. Flipside’s data suggests that once you hit a score of 4 or above, you’re probably handling a decent chunk of the network’s volume.
Why It Matters
The report’s big takeaway is that blockchain ecosystems aren’t really driven by mass adoption—at least not yet. Instead, they’re powered by a small group of deeply engaged users who transact regularly.
Flipside thinks this focus on quality over quantity could be a “critical differentiator” as blockchains compete for users. But it also raises questions. If most activity comes from a concentrated group, how decentralized are these networks really?
Other studies back this up. Bitquery found in 2023 that a small number of wallets controlled large portions of stablecoins like USDT and USDC. Fast forward to 2025, and the numbers have gotten worse. IntoTheBlock’s data shows whales now hold 61% of USDT and 56% of USDC.
So, more people might be using crypto, but the money? It’s still in the hands of a few. Whether that’s a problem depends on who you ask—but it’s definitely something to watch.