Original Author: Michael Nadeau, Founder of The DeFi Report

Original Translation: Azuma, Odaily

Editor's Note: The frenzy of the ETH Treasury Companies' buying spree has become the hottest topic in the recent market, and it has also constituted the most potent "buying pressure impact" on the ETH price. The Strategic ETH Reserve data shows that as of August 14th Beijing time, the total holdings of major ETH Treasury Companies have reached 3.57 million ETH, worth approximately $16.92 billion. Among them, BitMine (BMNR), Sharplink Gaming (SBET), and The Ether Machine (DYNX) hold positions of 1.2 million, 598,000, and 345,000 ETH respectively, ranking in the top three.

This morning, Michael Nadeau, the founder of The DeFi Report, who has long been following the ETH situation, took stock of the ETF chip distribution outside the Treasury Companies and the trend of changes (Note: There is some overlap between the Treasury Companies' holdings and the categorization in the following text), which may help you assess the future source of ETH's momentum.

The following is the original text by Michael Nadeau, translated by Odaily Planet Daily.

People are always discussing the price trend of ETH, but the real key lies in its distribution pattern. Once you see the actual distribution of ETH—existing in ETFs, staking contracts, Layer 2, wrapped tokens, exchanges, and various other areas—you can grasp:

· Who truly holds the control;

· The flow of funds and the actual liquidity size;

· Where the next round of "buying pressure impact" may come from;

ETF Holdings

Various types of Ethereum ETFs currently control approximately 5% of the ETH supply.

Over the past 3 months, the asset under management of ETH ETFs has grown by 80%, with BlackRock and Fidelity ETFs accounting for 73% of the AUM.

Staking

Currently, about 29.7% of ETH is in a staking state.

Over the past three months, the staking scale of ETH has grown by 5%. During the same period, the market share of the staking leader Lido has decreased by 3.5%, while Binance's staking share has increased by 23%, currently ranking second in market share.

With more and more ETH treasury companies staking ETH, we expect this number to continue to rise in the coming months.

Layer2 (Including LST)

The ETH in Layer2 currently accounts for only 5% of the circulating supply.

Over a year ago, Blast held 52% of the Layer2 ETH supply, now almost 0%—the incentive program was just a waste of money. Currently, 41% of ETH is on Arbitrum, and 33% of ETH is on Base above Layer2.

Centralized Exchanges (CEX)

Currently, the total amount of ETH in major CEXs accounts for 14% of the circulating supply.

Since the third quarter, this number has decreased by 6.7% and is currently at its lowest level since July 2016.

Where did this ETH go? Most of it entered staking contracts and cold wallets.

Wrapped ETH

Wrapped ETH currently accounts for only 1.8% of the circulating supply.

Since the beginning of 2022, this number has dropped by 70% from its peak, a decline trend that aligns with the rising trend of ETH in staking contracts.

Other Large Holding Entities and Individuals

In addition to the above categories, the total ETH holdings of other large holding entities and individuals account for approximately 1.7%.

Within this 1.7%, Binance's Binance Peg Tokens Fund accounts for about 25%, with Polygon Bridge, Tornado Cash, the Ethereum Foundation, and Vitalik himself being the main holders.

In summary, the six charts above cover approximately 55% of the ETH supply. Furthermore, the remaining ETH is mostly held in external owned accounts (EOAs) and cold wallet storage.

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