From the current market perspective, the holding pattern of #etf shows a clear trend of centralization. Some data indicates that 69 major entities collectively hold over 4 million Ethereum, with a total value exceeding 17 billion dollars. Among them, a small number of mining pools and early technology-related addresses occupy the largest share, with a single account holding approximately 1.5 million pieces, calculated at the current price to be about 6.6 billion dollars. Next, the gambling account of Sharlpl Ink ranks second, holding over 740,000 pieces, with a total value of about 3.2 billion dollars. In addition, the Ethereum Foundation and the Digital Asset Treasury each control 231,600 pieces and 345,400 pieces, respectively.
One point we noticed is that the cumulative holdings of #etf in the United States have reached 6.7 million pieces, accounting for about 5.5% of the supply, and the layout trend of institutional investors is becoming increasingly evident. Personally, I feel that the long-term holding by large institutions and foundations can indeed enhance market confidence to some extent, but on the other hand, I am also concerned about the issue of excessive concentration. Once these large whales take large-scale actions, the market may be immediately impacted. I hope to see a more dispersed holding of Ethereum, so that the ecosystem will be healthier and fluctuations can be relatively mitigated. The future value of Ethereum is not just a digital game, but also a contest among technology, ecology, and capital power.
