ETH is being stored by institutions: is it a faith deposit or capital hostage?
Seeing 'Ethereum Reserve Companies + ETF has accumulated 10 million ETH', many people's first reaction is: the bull market is coming! But from another perspective -- what is this thing really, a 'faith deposit' or 'capital hostage'?
First, let's look at the optimists: Institutions are hoarding coins like crazy, which indicates that the value logic of Ethereum has been validated by Wall Street. It is no longer the dream of niche geeks but a legitimate asset entering mainstream markets. Just like gold ETFs back in the day, turning bricks of gold into tradable products, instantly attracting countless buyers.
However, pessimists remind us: don't forget, institutions are not philanthropists. The more they buy, the more ability they have to manipulate the market. While small retail investors are excited about 'ETH soaring', they might be discussing in boardrooms: 'Should we crash the market a bit to cash in some liquidity?' From this perspective, 10 million ETH is like a 'hostage' in the market, with institutions holding the knife, able to reap at any time.
That said, the long-term trend is still positive. Because institutional buying itself is a signal: they cannot hold hundreds of billions in chips to gamble on a 'short-lived bubble'. The more realistic logic is: since they are holding their positions, they will inevitably promote compliance, drive applications, and ensure that ETH becomes increasingly 'valuable'.
In summary: Behind the 10 million ETH, there is a clash of power and faith. For ordinary investors, the only strategy is not to be scared away, and not to blindly chase highs, but to patiently follow the 'patience of capital' forward. $ETH