Most new tokenized-commodity wallets land on chains holding 5% of the sector's value

Ethereum's $4.92 billion, spread over its holders, comes to about $26,800 a wallet ^[10][14]. BNB Chain's $85.1 million over its holders comes to about $900 ^[15]. Add up every chain outside Ethereum and there are 269,155 holders, 59% of the total, sharing roughly $240 million, or about $890 each ^[17].

Cryptopolitan's analysis of the rwa.xyz figures says most of the new wallets are arriving on those other chains ^[13]. If the 200,000 added since early August look like the average non-Ethereum holder, they brought in about $178 million, roughly 3.5% of the sector's $5.16 billion ^[21]. The published data do not include a year-ago market cap, so they cannot show whether value grew anywhere near the 3.6x pace of holders ^[2].

The new wallets came mostly from two places. Tokenized ETFs and stocks added about 84,000 holders since August, roughly 42% of the sector's gain ^[18]. Tether Gold added 69,429, about 35% ^[19]. ParaFi estimated that holders of PAXG and XAUT grew 65% across all of 2025, according to Cryptopolitan ^[4]; the wider sector grew 79% in the past nine weeks alone ^[3].

I think the 3.6x measures distribution. The capital is still large, long-held gold positions on Ethereum, and Cryptopolitan's own conclusion is that holder counts are growing much faster than capital is moving off that chain ^[1]. The counter-case is in the same tables. Arbitrum carries $83.5 million, almost level with BNB Chain, on only a few thousand holders ^[10][12], so large balances do sit off Ethereum when someone wants them there. Gold xStock went from 780 holders to 41,569 in a year ^[8].

The small wallets may stay small, leaving a gold-on-Ethereum business with a long tail of retail addresses. Balances on BNB Chain, Solana and Robinhood's chain could instead grow as those accounts age. Or the August burst proves to be a listing effect tied to the ETF tokens, and fades once the products are no longer new. I'd expect the first. The view is wrong if Ethereum's share of value falls well below 95% while holder counts keep climbing, since that would mean the new wallets are bringing money along with addresses ^[10].