$ETH On-chain Update: Organizations continue to accumulate, supply is being tightened
1. SER + ETF continue to rise
Total SER + ETF Reserve: ~13.0M ETH
Accounts for >10% of total ETH supply
Current ETH price: ~3,118 USD
→ ETH continues to be withdrawn from the spot market and deposited into the organizations' vaults.
2. SER Entities still net accumulating
SER Entities: 6.61M ETH (~5.47% supply)
Equivalent value ~20.6 billion USD
Number of entities: 67
Large organizations such as Bitmine Immersion Tech, Ethereum Foundation, Coinbase, L2 DAO continue to hold ETH in treasury, with no signs of heavy selling.
3. ETF still attracts ETH (but slowing down)
ETF Reserve: 6.38M ETH (~5.27% supply)
Daily Flow: +6.0K ETH/day
→ ETF still net attracting ETH, although at a slower pace than before.
4. 7-day Supply Dynamics remain negative
–49.8K ETH in 7 days
→ Circulating supply continues to decrease, the market is not oversupplied.
5. Recent SER activity
Bitmine Immersion Tech continues to make large deposits (+138.5K ETH, +96.8K ETH)
A few small entities withdrew slightly, but overall still a net accumulation
Conclusion:
ETH is in a state of being accumulated and locked by organizations
Selling pressure from large holders is low
On-chain structure supports the trend of price holding or gradually increasing, correction phases are easily bought up
