From the current market, the holding pattern of #etf shows a clear trend of concentration. Some data indicates that 69 major entities collectively hold over 4 million Ethereum, with a total value exceeding 17 billion US dollars. Among them, a small number of mining pools and early technology-related addresses occupy the largest share, with a single account holding about 1.5 million Ethereum, valued at approximately 6.6 billion US dollars at current prices. Next, the account for Sharlpl Ink Gambling ranks second, holding over 740,000 Ethereum, with a total value of about 3.2 billion US dollars. In addition, the Ethereum Foundation and the digital asset treasury respectively control 231,600 and 345,400 Ethereum.
One point we noticed is that the cumulative holdings of #etf in the United States have reached 6.7 million Ethereum, accounting for about 5.5% of the supply, and the trend of institutional investors' layout is becoming increasingly obvious. Personally, I feel that the long-term holdings of large institutions and foundations can indeed enhance market confidence to a certain extent, but on the other hand, it also makes me worry about the issue of excessive concentration. Once these whales take large-scale actions, the market may be immediately impacted. I would prefer to see a more dispersed holding of Ethereum, as this would make the ecosystem healthier and the volatility relatively milder. The future value of Ethereum is not just a digital game, but also a game among technology, ecology, and capital power.