According to CoinMeta, Joao Wedson points out that an interesting divergence has emerged between Bitcoin and Ethereum. The network distribution factor (NDF) measures the proportion of supply held by addresses that control at least 0.01% of the total supply. A higher NDF indicates that more supply is concentrated in larger addresses, while a lower one suggests that the supply is more dispersed among smaller addresses. Historically, both the BTC and ETH of $NDF have declined, indicating an increase in supply distribution over time. However, recently, their trends have begun to diverge. Bitcoin’s NDF has seen a slight rise in the past few months, indicating that larger addresses have once again increased their share of the total supply. Ethereum, on the other hand, has shown the opposite trend; its NDF has dropped sharply in recent weeks, suggesting that the relative share of supply held by large holders is decreasing, while ETH has become more dispersed among smaller addresses. This change reflects an interesting shift in the holding structure of these two major cryptocurrencies.