Core Insights - As of August 2025, the top 10 Ethereum (ETH) holders control approximately 61% of the circulating supply, indicating a significant concentration of ownership among a few entities [2][5][9] - The distribution of ETH holdings is largely attributed to staking contracts, exchanges, and institutional funds rather than individual whales, highlighting the shift in ownership dynamics [5][9][10] Group 1: Ethereum Holdings Distribution - By mid-2025, the total circulating supply of ETH is approximately 120.71 million, with the Beacon deposit contract holding about 65.88 million ETH, accounting for approximately 54.58% of the total supply [4][5] - The top 200 addresses hold over 52% of the total supply, with a combined holding of 62.76 million ETH, primarily linked to staking contracts, exchange liquidity, and custodial funds [3][5] - The Beacon contract serves as the largest ETH holder, emphasizing the role of the network rather than individual ownership, as validators must deposit at least 32 ETH to participate [8][9] Group 2: Institutional and Exchange Holdings - BlackRock's iShares Ethereum Trust (ETHA) has significantly influenced institutional ETH holdings, with net inflows reaching $9.74 billion, holding over 3 million ETH (approximately 2.5% of total supply) as of August 2025 [9][10] - Major exchanges hold substantial amounts of ETH, with Coinbase holding 4.93 million ETH (4.09%), Binance 4.23 million ETH (3.51%), and Bitfinex 3.28 million ETH (2.72%) [10] - Increasingly, publicly traded companies are adopting ETH as treasury assets, with examples including BTCS holding approximately 70,028 ETH, funded by convertible notes [13] Group 3: Notable Individual Holders - Vitalik Buterin, co-founder of Ethereum, is estimated to hold between 250,000 to 280,000 ETH (approximately $950 million), primarily in non-custodial wallets [13][14] - Other notable individual holders include the Winklevoss twins, with personal holdings of 150,000 to 200,000 ETH, and Joseph Lubin, estimated to hold around 500,000 ETH (approximately $1.2 billion) [14] - The analysis of ETH holdings relies on tools like Nansen's Token God Mode and Dune Analytics, which categorize wallets and track inflows/outflows to identify major holders [14][16]