Original source: Biteye
From spot ETFs to foundations and Vitalik Buterin, to listed companies and exchanges, the holding pattern of ETH has completely changed compared to a few years ago. This article will help you quickly understand: why study holdings? What is the current situation of ETH holdings?
1/12
First, let's discuss why studying the holding structure is important. Everyone knows that narratives in the crypto market often change quickly, so: who is buying? How much are they buying? Who is selling? Where is the selling pressure concentrated? Which funds are locked up long-term, and which funds might flow out at any time?
These questions determine the price elasticity of ETH and the potential rise and fall in the next cycle. Taking Bitcoin as an example, the incremental buying from ETFs has made Wall Street capital part of the price floor. Ethereum is following the same path.
2/12 Spot ETF
In the past year, the most important funding channel for Ethereum has been the spot ETF.
As of August 28, the nine spot ETFs in the U.S. collectively hold about 6.9 million ETH, accounting for 5.75% of the total supply (approximately 120.71 million ETH). The significance of this funding goes beyond its scale; it is:
It represents "compliant funds," backed by client funds from pension funds, investment banks, and brokerages. Once these funds enter the market, their liquidity is relatively stable and is less likely to chase highs and lows like retail investors.
Among them:
· BlackRock iShares ETHA: approximately 3.32 million ETH.
· Grayscale ETHE & ETH Mini: a total of about 2 million ETH.
· Fidelity, Bitwise, VanEck, etc.: a total of about 1.58 million ETH.
3/12 Listed Companies
As of now, a total of 17 listed companies hold a combined 3.5 million ETH, accounting for 2.9% of Ethereum's total supply. The top ten hold approximately 3.8 million ETH, including:
- Bitmine Immersion: 1.8 million ETH, with a 30-day change of +186.8%, currently the largest single holding institution.
- SharpLink Gaming: 797,000 ETH, with a 30-day change of +82.0%
- The Ether Machine: 345,000 ETH, with a 30-day change of +3.2%. Others like ETHZilla and FG Nexus are also gradually increasing their holdings.
Overall, Bitmine and SharpLink are the most aggressive in increasing their holdings, representing the emerging "coin-stock" force; while Coinbase, Bit Digital, and others have more stable increases.
4/12 Foundation
Currently, the Ethereum Foundation holds approximately 231,600 ETH, accounting for about 0.19% of the total supply. Although the scale is not large, this portion of funds serves as a long-term strategic reserve. The foundation generally sells a small amount of ETH periodically to support research and development, community grants, and operations, which essentially constitutes "healthy selling pressure."
5/12 Staking
Currently, about 36.137 million ETH are staked, close to 30.1% of the current total supply, with staking scale reaching new highs. These locked ETH effectively reduce the circulating supply, thereby decreasing selling pressure from a supply-demand perspective.
Staking means reduced liquidity, but it has also given rise to new derivative tracks such as 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 and Whales
· Exchange reserves: Currently about 17.845 million ETH, accounting for 14.8%, which is a recent low. This indicates that more people are choosing to stake or hold ETH long-term, resulting in a decrease in ETH available for sale on exchanges.
· Whales: There are still a few whales on-chain holding hundreds of thousands of ETH, which could create significant market volatility at any time. For example, Rain Lohmus, the founder of LHV Bank, holds 250,000 ETH, accounting for about 0.2% of the total supply, and his wallet has not made any transactions since 2015, now valued at over $1 billion, but it is said that he may have lost the private key. Another example is the "7 Siblings" (a mysterious group of whales on-chain) holding over 1.2 million ETH. By 2025, whale addresses (holding 10,000-100,000 ETH) are expected to control about 22% of the ETH supply.
Recently, on-chain tracking has identified a mysterious institutional whale that quietly accumulated over 200,000 ETH in mid-August, with funding sources including FalconX, Galaxy Digital, and BitGo.
This rotation of large funds often amplifies market volatility.
7/12 DeFi Protocols
Currently, about 41.35% of ETH has been locked in staking, DeFi, and other contracts, accounting for nearly half of the circulating supply. Approximately 13.5 million ETH (about 11.25% of the total supply) is locked in various DeFi protocols and cross-chain bridges, reflecting that ETH is widely used for ecological applications rather than being idle.
8/12 Vitalik Buterin
According to Arkham data, Vitalik Buterin personally holds about 240,000 ETH, accounting for about 0.2%. In the total of 12 million ETH, this proportion is not high, but the significance of Vitalik's holdings lies more in its "signal effect": when he sells coins, the market speculates whether it is for donations or simply for reducing his holdings. When he accumulates coins, it represents confidence in the long-term value of ETH.
Therefore, the market even considers Vitalik's transfers as "short-term indicators." This level of attention, in turn, is also a special narrative for ETH.
9/12 Government Holdings
According to disclosed data, governments around the world hold a total of about 64,500 ETH, accounting for about 0.05% of the total supply. Although the scale is smaller than that of ETFs and listed companies, it signifies a stronger "legalization signal."
- U.S. government: approximately 60,000 ETH, valued at about $27 million
- Michigan state government: approximately 4,000 ETH, valued at $800,000
- Government of Bhutan: approximately 495 ETH, valued at $2.2 million.
10/12 Celebrity Endorsements
In addition to discussing the funding structure, this article also briefly mentions recent celebrity endorsements for ETH.
· EthHub co-founder @sassal0x: proposed six months ago that ETH price is expected to break $15k in 2025, and has recently maintained an optimistic outlook.
· BitMEX co-founder @CryptoHayes: recently reiterated that ETH is expected to reach $10k–$20k.
· Bitmine CEO Tom Lee @fundstrat: believes that ETH will reach $15k within this year.
· LD Capital founder @Jackyi_ld: expects ETH to break new highs against BTC, targeting above $10k, while also anticipating a rally in mainstream coins.
11/12 Other Holdings
In addition to staking, ETFs, exchanges, and foundations, over 55 million ETH are categorized as "other," mainly composed of the following sources:
Retail investors: a large but dispersed number, with individual addresses holding small amounts, but collectively forming the market's base.
Early dormant wallets: including accounts that lost private keys early on, such as Rain Lohmus, who still holds about 250,000 ETH untouched.
Unreported institutional holdings: some venture capital and unlisted companies hold ETH but may not appear in public reports.
12/12 Summary
Looking at these channels together, the holdings of ETH have formed a layered funding network. After Bitcoin ETFs brought in hundreds of billions in incremental funds, the "redistribution of ETH holdings" has just begun. If the past valuation logic of ETH was "technology + narrative," then the future will be more about "funds + liquidity." This pattern suggests that ETH may be closer to being an "institutional asset" than ever before.
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