According to the latest on-chain data monitoring report disclosed by EntropyAdvisors, I have identified a noteworthy dynamic—Arbitrum DAO has recently become an important participant in Ethereum's Strategic Reserve Program. Data shows that this Layer 2 solution's governance organization has been continuously increasing its ETH holdings over the past month, with a significant growth trend in its treasury reserves.

Specifically, the weekly report from EntropyAdvisors indicates that Arbitrum DAO's Ethereum holdings have increased by as much as 36% in a single month, which is quite remarkable compared to similar projects. As of the reporting period, its treasury balance has reached 22,500 ETH, which, at current market prices, is valued at approximately $98 million. It is worth noting that this scale accounts for about 0.02% of Ethereum's current circulating supply; although this proportion is small, considering it represents the holdings of a single DAO organization, this figure is already quite considerable.

From the analysis of on-chain behavior, the accumulation operations of Arbitrum DAO exhibit regular characteristics. They primarily acquire assets in the secondary market through a regular fixed-amount approach, which demonstrates their intention for long-term holding. Notably, this is one of the first well-known DAO organizations to publicly join Ethereum's Strategic Reserve Program, and this move may encourage other governance organizations to follow suit.

In the current cryptocurrency market environment, such large-scale asset allocation behavior deserves in-depth study. On one hand, it reflects the project's confidence in the underlying asset, Ethereum; on the other hand, it also indicates that the maturity of the DAO governance model in asset management is improving. I will continue to monitor the development of this trend.