Recently, there has been a rumor in the circle about whether Ethereum has changed hands?

Some speculate that large funds are pulling strings behind the scenes, preparing to pump and dump. I think this is a bit of a conspiracy theory.

Let's look at the data. First, regarding ETFs, currently, global ETFs have locked 3.45 million ETH, accounting for 2.86% of the total supply (120 million ETH).

Among them, U.S. institutions account for 99.42%, while Hong Kong institutions account for a minority. This seems like a lot, but compared to the total supply of ETH, it's actually just a drop in the bucket.

Next, regarding staking, under the PoS mechanism, 34.19 million ETH has been staked, accounting for 28.3% of the total supply, which is not a low proportion.

Moreover, even if the ETH price drops to the bottom, the staking volume hasn't decreased much; in fact, it’s even slowly increasing. Especially the 16 million ETH staked at a cost below $1500, which accounts for half of the total staked amount. Additionally, 23 million ETH is locked in smart contracts, adding up to over half of all ETH being locked up. Thinking about relying on changing hands to pump and let a few million ETH profit and escape? I think that’s a bit difficult.

Not to mention that in the past week, 32,000 ETH has flowed out of Ethereum spot ETFs, which is completely not in line with the rhythm of pump and dump.