Market Segmentation - Treasury strategies are dividing into two main groups: those focused on holding ETH directly and those seeking yield [1] - One group, labeled "straight eth stackers," holds approximately 449,000 ETH, representing $386 million in unrealized gains [1] - Another group, "yield hunters," manages around $200 million in ETH through platforms like Nexus for active yield generation [1] Industry Dynamics - The ETH management landscape is becoming increasingly complex [1]