As of September 2, 2025, approximately 61% of all Ether (ETH) is held by just ten addresses, primarily related to staking contracts, exchanges, or institutions like BlackRock and Fidelity; not individual users. The substantial amount is largely attributed to the Beacon Deposit Contract, which itself holds about 68 million ETH (56% of the total supply) used for Ethereum's proof-of-stake system. Significant Ethereum holdings have shifted from early adopters to institutional entities, with organizations treating ETH as a serious treasury asset. Exchanges like Coinbase and Binance also hold millions of ETH, contributing to their liquidity and bridging capabilities. Various public companies continue to accumulate ETH, treating it similarly to Bitcoin as a treasury asset, with notable holdings among firms such as Bitmine and SharpLink Gaming. Despite the dominance of smart contracts and institutions, some individuals like Ethereum co-founder Vitalik Buterin remain significant holders. Tools like Dune Analytics and Etherscan are used to track ownership distribution, though limitations exist in accurately representing controls.

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