By Grace Parker
Ethereum’s 120.7 million ETH supply is highly concentrated. As of October 15, 2025, the top 10 addresses hold about 60%, including staking contracts, exchanges, and institutions. With ETH at $4,005, down from August’s $4,951, this shapes market trends. Who owns Ethereum? It’s a mix of tech infrastructure and big players betting on utility.
The Beacon Deposit Contract leads with 59.75 million ETH, nearly 50% of supply, locked for proof-of-stake validators. Centralized exchanges like Coinbase, with 5.16 million ETH (4.2%), and Binance, with 3.52 million across wallets, manage retail billions.
Institutions are surging. ETFs and corporates like BlackRock and SharpLink hold millions, signaling Ethereum’s shift from speculative coin to reserve asset. This tightens supply but fuels centralization debates.
ETFs dominate ownership. BlackRock’s iShares Ethereum Trust (ETHA) holds 3.8 million ETH, fueled by $4.9 billion Q1 inflows. Grayscale’s ETHE has 1.2 million ETH, Fidelity’s FETH 817,500. Total ETF holdings exceed 6.5 million ETH, offering exposure without custody risks.
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Public companies stack aggressively. BitMine Immersion Technologies, pivoting from Bitcoin, amassed 2.4 million ETH ($10.13 billion) for staking nodes. SharpLink Gaming, now Web3-focused, holds 839,000 ETH ($3.93 billion), its stock up 1,000% on unrealized gains nearing $900 million. Bit Digital (100,603 ETH) chases 4-5% yields.
Over 5.25 million ETH in treasuries, 4.3% of supply, shows corporate confidence. These players reduce circulating supply via EIP-1559 burns, driving deflationary pressure.
Exchanges are custodial giants. Coinbase’s 5.16 million ETH splits between user funds and operations. Binance totals 3.52 million, Kraken 1.6 million, Upbit 1.35 million. These manage retail liquidity but risk shocks if one fails, a crypto vulnerability.
Smart contracts form the backbone. The Beacon Deposit locks 59.75 million ETH for staking, securing proof-of-stake. Wrapped ETH (WETH) handles millions for DeFi swaps. Layer-2 bridges like Base, with 1.7 million ETH, support cross-chain moves.
The US government holds 60,000 ETH from seizures, a small stake. These aren’t owners but ecosystem gears, with staking cutting sell pressure.
Individuals shape sentiment. Rain Lohmus, a pre-sale buyer, tops with 250,000 ETH ($1.07 billion), lost to forgotten keys, a crypto cautionary tale. Vitalik Buterin follows at 240,000 ETH ($1.03 billion), signaling long-term faith.
Unidentified whales, with 1,000-10,000 ETH wallets, scooped $2.5 billion in September, adding 871,000 ETH in one day, 2025’s peak. Ten wallets withdrew 210,452 ETH ($862.85 million) from Kraken. This correlates 73% with 30-day upticks.
A dormant wallet moved 58,938 ETH ($254 million) to Bitfinex in August, sparking speculation. These whales anticipate rallies, not chase hype.
Whale holdings signal bullishness. September’s 871,000 ETH inflow amid a 12% drop reflects faith in Pectra upgrades and staking yields. Institutions doubled to 6.5 million ETH since April, lifting ETH/BTC by 55%.
Corporate treasuries tighten supply, fueling deflation. Yet, $62 million dumped to Binance in October caused $178 million liquidations, hinting at hedging. With 22% supply in large holders, liquidity squeezes favor rallies.
This landscape shows Ethereum maturing, less frenzy, more strategy. Staking at 49% lowers pressure, but unrealized profits risk sales. For investors, whale buys signal $5,800-$7,500 if $4,200 holds.
[NG-FA]
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