[thelean12]

> Crypto data includes the “institutional” addresses such as exchanges. For example, the top Ethereum address is one of Binance’s, meaning that it isn’t all owned by one entity (although some might argue about that.)

So doesn't that make this analysis useless?

[jstanley]

Yes, they might equally claim that almost all cash is owned by banks.

[docmarionum1]

Taking Ethereum as an example, if I exclude the known institutional addresses (taken from etherscan's tags), the results change very little. The top 1% has about 92.5% of the ETH. Obviously many of the untagged ones could also be institutions, so in that respect, yes, it's "useless" because we can't know exactly who controls every address.