Source: Biteye
From spot ETFs, to the Foundation and V God, to listed companies, exchanges. The distribution of ETH holdings has changed dramatically from a few years ago. This overview will help you quickly understand: Why study holdings? What is the current ETH holding situation?
First of all, why is studying the holding structure important? Everyone knows that the crypto market narrative often changes quickly, so: Who is buying? How much have they bought? Who is selling? Where is the selling pressure concentrated? Which funds are locked up long-term, and which funds could be withdrawn at any time?
These questions determine ETH's price elasticity and the up/down space of the next cycle. Taking Bitcoin as an example, the incremental buying pressure from ETFs has already made Wall Street capital part of the price floor. Ethereum is now following the same path.
Over the past year, the most important funding channel for Ethereum has been spot ETFs.
As of August 28, nine U.S. spot ETFs collectively hold about 6.9 million ETH, accounting for 5.75% of the total supply (ETH's total supply is approximately 120.71 million). The significance of this fund not only lies in its scale but also in:
They are "compliant funds" backed by pension funds, investment banks, and brokerage clients' funds. Once in the market, the liquidity is relatively stable and is unlikely to chase highs and lows like retail traders.
Among them:
· BlackRock iShares ETHA: Approximately 3.32 million ETH.
· Grayscale (ETHE & ETH Mini): Total of about 2 million ETH.
· Fidelity, Bitwise, VanEck, etc.: Total of about 1.58 million ETH.
As of now, a total of 17 listed companies collectively hold 3.5 million ETH, accounting for 2.9% of the total Ethereum supply. The top ten companies collectively hold about 3.8 million ETH, including:
- Bitmine Immersion: 1.8 million ETH, +186.8% change in the past 30 days, currently the largest single holding institution.
- SharpLink Gaming: 797,000 Tokens, +82.0% Change in the Last 30 Days
- The Ether Machine: 345,000 Tokens, +3.2% Change in the Last 30 Days. Other projects like ETHZilla and FG Nexus are also gradually increasing their holdings.
In general, Bitmine and SharpLink have been the most aggressive in increasing their holdings, representing the emerging "coin-stock" power, while Coinbase, Bit Digital, and others have maintained a relatively stable position.
Currently, the Ethereum Foundation holds approximately 231,600 ETH, accounting for about 0.19% of the total supply. Although not a large amount, these funds serve as a long-term strategic reserve. The Foundation periodically sells a small amount of ETH to support research, community grants, and operations, which can be considered "healthy sell pressure."
Currently, there are approximately 36,137,000 ETH staked, close to 30.1% of the current total supply, with the staking amount reaching new highs. These locked ETH effectively reduce the circulating supply, thereby reducing selling pressure from a supply-demand perspective.
Staking implies reduced liquidity but has also spurred new derivative products like LST and re-staking. This is the key difference between ETH and BTC, as ETH is a productive asset that can earn interest.
· Exchange Reserves: Currently, there are approximately 178,450,000 ETH held in exchange reserves, accounting for 14.8%, nearing a multi-year low. This indicates that more people are choosing to stake or hold ETH long-term, leading to a decrease in ETH available for sale on exchanges.
· Whales: There are still a few whales holding hundreds of thousands of ETH on-chain, capable of causing significant market fluctuations at any time. For example, Rain Lohmus, the founder of LHV Bank, holds 250,000 ETH, approximately 0.2% of the total supply, with no transactions from the wallet since 2015. The value now exceeds $1 billion, but it is speculated that the private keys may have been lost. Another example is the "7 Siblings" (a mysterious on-chain whale group) holding over 1.2 million ETH. By 2025, whale addresses (holding 10,000-100,000 ETH) collectively controlled about 22% of the ETH supply.
Recently, on-chain data also tracked a mysterious institutional whale quietly accumulating over 200,000 ETH in mid-August, with funds coming from FalconX, Galaxy Digital, and BitGo.
This kind of large fund "rotation" often amplifies market volatility.
Currently, about 41.35% of ETH has been locked in staking, DeFi, and other contracts, almost half of the circulating supply. About 13.5 million ETH (approximately 11.25% of the total supply) is locked in various DeFi protocols and cross-chain bridges and other smart contracts, reflecting that ETH is widely used for ecosystem applications rather than idle.
According to Arkham data, Vitalik Buterin personally holds about 240,000 ETH, accounting for about 0.2%. In the total supply of 120 million ETH, this ratio is not high, but the significance of Vitalik Buterin's holdings lies more in the "signaling effect": if he sells coins, the market will speculate whether it is a donation or simply a divestment. If he hoards coins, it represents confidence in the long-term value of ETH.
Therefore, the market may even take Vitalik Buterin's transfers as a "short-term indicator." This level of attention, in turn, is also a special narrative for ETH.
According to disclosed data, governments worldwide collectively hold about 64,500 ETH, accounting for around 0.05% of the total supply, although smaller in scale compared to ETFs and publicly traded companies, it signifies a stronger "legitimization signal."
- U.S. government: about 60,000 ETH, valued at approximately $270 million
- Government of the U.S. state of Michigan: about 4,000 ETH, valued at $8 million
- Government of the Kingdom of Bhutan: about 495 ETH, valued at $2.2 million.
In addition to discussing fund structures, this article also casually mentions recent celebrity price predictions for ETH.
· EthHub Co-founder @sassal0x: Half a year ago, he proposed that the ETH price is expected to surpass $15k USD by 2025 and has recently remained optimistic about the bullish view.
· BitMEX Co-founder @CryptoHayes: Once again reiterated his view that ETH could reach $10k–$20k in the near future.
· Bitmine CEO Tom Lee @fundstrat: Believes that we could see $15k ETH within this year.
· LD Capital Founder @Jackyi_ld: Expects ETH to surpass the BTC exchange rate to a new high, with a target of over $10k, while ushering in a bull market for mainstream coins.
In addition to staking, ETFs, exchanges, and foundations, over 55 million ETH is classified as "other," mainly composed of various sources including:
1. Retail holders: Large in number but individually holding small amounts, collectively forming the market's base.
2. Early dormant wallets: Including early accounts with lost private keys, such as Rain Lohmus, the founder of LHV Bank, who still holds around 250k ETH untouched.
3. Undisclosed institutional holdings: Some venture capital and unlisted companies hold ETH but may not be disclosed in public reports.
Considering these channels together, the ETH holdings have formed a tiered funding network. Following the Bitcoin ETF bringing in incremental billions, the ETH "holdings reallocation" is just beginning. If the valuation logic of ETH in the past was "technology + narrative," then the future will be more about "funds + liquidity." This kind of scenario implies that ETH may be closer to being an "institutionalized asset" than ever before.
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