Source: Biteye

From spot ETFs, to the Ethereum Foundation and Vitalik, to publicly traded companies, exchanges. The ETH ownership landscape is now completely different from a few years ago. This overview takes you through quickly understanding: Why research ownership? What is the ETH ownership situation really like?

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First of all, let's talk about why researching ownership structure is important. Everyone knows that the crypto market narrative is often fast-paced, so: Who is buying? How much is being 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 Which funds are locked up long-term, and which funds could be withdrawn at any time?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-and-down space of the next cycle. Taking Bitcoin as an example, the incremental buying pressure from ETFs has made Wall Street capital part of the price floor. And Ethereum is on the same path.

2/12 Spot ETFs

Over the past year, the most important capital channel for Ethereum has been spot ETFs.

As of August 28, nine U.S. spot ETFs collectively held 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 funding is not only in scale, but also in:

They are "compliant funds," backed by pension funds, investment banks, and brokerage client funds. Once they enter the market, the liquidity is relatively stable and it is difficult to chase highs and lows like retail investors.

Among them:

· BlackRock iShares ETHA: about 3.32 million ETH.

· Grayscale (Grayscale) ETHE & ETH Mini: a total of about 2 million.

· Fidelity, Bitwise, VanEck, etc.: a total of about 1.58 million.

3/12 Publicly Traded Companies

As of now, a total of 17 publicly traded companies collectively hold 3.5 million ETH, accounting for 2.9% of Ethereum's total supply. The top ten companies collectively hold about 3.8 million ETH, including:

- Bitmine Immersion: 1.8 million, +186.8% change in the last 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. Others like ETHZilla, 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, among others, have relatively stable holdings.

4/12 Foundation

Currently, the Ethereum Foundation holds about 231,600 ETH, approximately 0.19% of the total supply. Although not a large amount, this fund serves as a long-term strategic reserve. The Foundation regularly sells a small amount of ETH to support research, community grants, and operations, essentially creating "healthy selling pressure."

5/12 Staking

Currently, there are approximately 36,137,000 ETH staked, nearly 30.1% of the current total supply, with the staking scale repeatedly reaching new highs. These locked ETH tokens effectively reduce the circulating supply, reducing selling pressure from a supply-demand perspective.

Staking means decreased liquidity but has also given rise to new derivative tracks like LST and re-staking. This is also the biggest difference between ETH and BTC; ETH is a productive asset that can generate income.

6/12 Exchanges, Whales

· Exchange Reserves: Currently around 178,450,000 ETH, accounting for 14.8%, is at a recent 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, founder of LHV Bank, holds 250,000 ETH, approximately 0.2% of the total supply, with no wallet activity since 2015, currently valued at over $1 billion, but it is rumored that the private key might be lost. For example, the "7 Siblings" (an on-chain mysterious whale group) holds over 1.2 million ETH. By 2025, whale addresses (holding 10,000-100,000 ETH) collectively control about 22% of the ETH supply.

Recently, on-chain data also identified 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-scale fund movement often amplifies market volatility.

7/12 DeFi Protocol

Currently, about 41.35% of ETH has been locked in staking, DeFi, and other contracts, accounting for almost half of the circulating supply. Around 13.5 million ETH (about 11.25% of total supply) is locked in various DeFi protocols, cross-chain bridges, and other smart contracts, reflecting that ETH is widely used in ecosystem applications rather than being idle.

8/12 Vitalik Buterin

According to Arkham data, Vitalik Buterin personally holds about 240,000 ETH, accounting for approximately 0.2%. In the total supply of 120 million ETH, this proportion is not high, but the significance of Vitalik's holdings lies more in its "signaling effect": if he sells, the market will speculate whether it's for donation or simply divestment. If he holds, it represents confidence in the long-term value of ETH.

Therefore, the market even considers Vitalik's transfers as a "short-term indicator." This level of attention, in turn, contributes to the unique narrative of ETH.

9/12 Government Holdings

According to disclosed data, various governments collectively hold about 64,500 ETH, representing around 0.05% of the total supply. Although smaller in scale compared to ETFs and publicly traded companies, this signifies a stronger "legitimization signal."

- U.S. Government: about 60,000 ETH, valued at around $270 million

- Michigan State Government: about 4,000 ETH, valued at $8 million

- Kingdom of Bhutan Government: about 495 ETH, valued at $2.2 million

10/12 Celebrity Price Calls

Aside from discussing fund structures, this article also casually mentions recent celebrity price calls for ETH.

· EthHub Co-founder @sassal0x: Predicted six months ago that ETH price could surpass $15k by 2025 and has recently maintained a bullish outlook.

· BitMEX Co-founder @CryptoHayes: Once again mentioned recently that ETH could reach $10k–$20k.

· Bitmine CEO Tom Lee @fundstrat: Believes we could see $15k ETH within this year.

· LD Capital Founder @Jackyi_ld: Foresees ETH breaking its BTC exchange rate all-time high, aiming for above $10k and ushering in an altcoin bull market.

11/12 Other Holdings

In addition to staking, ETFs, exchanges, and foundations, over 55 million ETH are categorized under "Other," primarily composed of various sources including:

1. Retail investors: Large in number but individually holding small amounts, collectively forming a significant base of the market.

2. Early dormant wallets: Including early accounts with lost private keys, such as Rain Lohmus, founder of LHV Bank, who still holds around 250,000 ETH untouched.

3. Undisclosed institutional holdings: Some VC firms and private unlisted companies hold ETH but may not disclose it in public reports.

12/12 Summary

Considering these channels collectively, ETH holdings have formed a layered capital network. With the influx of hundreds of billions from a Bitcoin ETF, the "re-allocation of holdings" for ETH has just begun. If the valuation logic for ETH in the past was "technology + narrative," then in the future, it will be more about "capital + liquidity." This landscape implies that ETH may be closer to becoming an "institutionalized asset" than ever before.

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