One picture to help you understand the #ETH whales 🐳

The total circulation of ETH is approximately 120 million, and the 6 major whales account for 50%, provided that the pledge statistics are not comprehensive.

🔔 Interestingly: Traditional institutions and WEB3 are playing different cards.

① Since January of this year, ETFs alone have increased their holdings by 2 million, and ETH MicroStrategy has increased its holdings by 3 million.

② However, #LIDO staking, #AAVE, and the Ethereum Foundation, these old WEB3 OGs, are losing eth.

③ Most of the on-chain whales monitored recently are also shorting.

🚩 It should be noted that the movements of whales are not necessarily their true intentions.

For example, CME's "coinless" futures have become a hedging tool, and what is the big game behind MicroStrategy's "dealer"? Which absorbs which, coins or stocks?