jakiro
Author: Cole
Ethereum, a crypto asset that was once only circulated in the geek circle, is undergoing a profound transformation.It is transforming from a simple cryptocurrency to a “global decentralized computer” that is sought after by global investors..The core of this transformation is an epic reconstruction of Ethereum chip distribution.It is no longer just a game between individual investors. Traditional financial giants, listed companies and various institutions are accelerating their entry, jointly shaping a new market structure.
At present, Ethereum is undergoing a big migration of bargaining chips driven by technology upgrades and the global financial environment.This is not only an increase or decrease in numbers, but also a fundamental change in its intrinsic value and market narrative..
From “wild growth” to “purely budgeted” token economy
Since its birth in 2015, the economic model of Ethereum’s native token ETH has undergone drastically changing, from the initial simple and crude inflation model to the present.Dynamic and complex “elastic supply” mechanism.
Initially, Ethereum, like Bitcoin, adopted a “Proof of Work” (PoW) mechanism.Miners “mine” by consuming a lot of electricity to obtain newly issued ETH as a reward, which has led to a continued growth in the supply of ETH.Unlike the hard upper limit of 21 million Bitcoin coins, Ethereum did not set a fixed upper limit in the early stage, which made many investors worry about its long-term inflation risks.
However, the September 2022 “merge“(The Merge) upgrade marks Ethereum’s official bid farewell to the high-energy-consuming PoW mechanism and enters the era of environmentally friendly and efficient “Proof of Stake” (PoS). Now, block verification no longer depends on computing power competition, but is completed by verifiers who pledged ETH.
More importantly, long before the PoS upgrade, the Ethereum community introduced a “EIP-1559“The key proposal. The core mechanism of this proposal is very exquisite:Each transaction will have a basic fee, which will be directly destroyed, rather than paid to the verifier..This means that the supply of ETH is no longer a one-way linear growth.When the network is busy and transaction demand is high, the amount of ETH destroyed will increase significantly.When the amount of ETH destroyed exceeds the amount of ETH added through the staking reward, the total supply of ETH will decrease in net, thus forming a deflation effect.This dynamic supply and demand balance directly links the scarcity of ETH with the actual usage rate of the network.A network that is prosperous and more active in transactions will have higher token destruction, which in turn will enhance its scarcity.
As of the latest data,Ethereum’s circulation supply is about 120 million ETH.Its market value is currently about US$525 billion, ranking second in the global cryptocurrency market value ranking, second only to Bitcoin.
This dynamic “elastic supply” model makes ETH’s value foundation no longer lies only in its status as a native asset, but also in its practicality as a fuel for “global decentralized computers”.This constitutes the underlying logic of its bargaining chip distribution and also makes it a unique investment target.
Ethereum chip distribution: The game of four core forces
In order to present Ethereum’s chip distribution more clearly, the following table breaks down the amount of ETH controlled by each major holder and the percentage of the total supply.Currently, Ethereum’s circulation supply is about 120 million ETH.
Ethereum’s current chip structure
Ethereum’s chip distribution is not a simple address balance ranking, but a complex system built by multiple functional sectors.Currently, its bargaining chips are mainly concentrated in four core areas:Pledge networks, DeFi protocols, centralized trading platforms and large institutional holders.
Pledge sector: new chip dominance
With the completion of Ethereum’s “merger”, staking has become the most important part of the ETH chip distribution.current,The number of pledged ETH tokens has reached 35.773 million, accounting for about 29.64% of its total circulation supply..The total market value of ETH pledged in this part is as high as about US$160.26 billion, providing ETH holders with an annualized rate of return of approximately 1.89%.
However, the issue of centralization of the pledge market has sparked discussions on the spirit of decentralization in the Internet.Running a full Ethereum verification node requires a minimum threshold of at least 32 ETHs.This high funding requirement prevents the vast majority of retail investors from directly participating in the pledge.To solve this problem,Liquid staking agreements such as Lido and centralized trading platform staking services emerged. They gather users’ funds to meet the threshold of 32 ETH and provide users with simplified staking services..
This convenience leads to a high concentration of ETH staking chips.Lido Finance is a leader in this field, with its total lock-in value on the Ethereum chain reaching US$37.5576 billion, making it one of the most important players in the ETH staking field..Although the ownership of this part of the chips still belongs to individuals, the concentration of control does pose a potential risk to the long-term development of Ethereum.
DeFi locking up stock: the cornerstone of ecological prosperity
Ethereum’s bargaining distribution is also reflected in its thriving decentralized finance (DeFi) ecosystem.Total locked value (TVL) is a key indicator for measuring the health of DeFi ecosystem, and it represents the total value of assets locked in the decentralized protocol.
current,The total value of DeFi locked on the Ethereum chain is approximately$89.0943 billion, accounting for most of the entire DeFi market.ETH locked in the DeFi protocol is no longer a simple static asset, but a “means of production” for borrowing (such as MakerDAO), liquidity provision (such as Uniswap), and machine gun pools.This mechanism gives ETH new economic attributes, allowing it to play a core role in the entire Web3 ecosystem.This part of the locked bargaining chip provides the network with key liquidity and services and is an important indicator to measure the health and attractiveness of the Ethereum ecosystem.
Centralized exchange reserves: a barometer of market sentiment
ETH reserves of centralized exchanges (CEXs) are important indicators for measuring short-term sentiment and selling pressure in the market.When ETH is out of large quantities from exchanges, it is often an indication that investors are transferring it to their personal wallet for long-term holdings, or using it for staking and DeFi applications, all of which indicate bullish sentiment and long-term accumulation intentions.
Data shows thatETH’s outflow from centralized exchanges is at an all-time high.For example, between August 23 and 27, 2025, Binance’s ETH reserves fell by about 10% in less than a week, from 4.975 million ETH to 4.478 million ETH.This continued outflow trend indicates that the market structure is shifting from short-term speculative to long-term holding-led, which is a positive signal for ETH’s price stability and future growth.
Large Institution Holder: The Rise of the New “Giant Whale”
The Securities and Exchange Commission (SEC) has approved nine issuers to launch appearance Ethereum ETFs, among whichincludeBlackRock(BlackRock),Grayscale(Grayscale) andFidelity(Fidelity)Like the world’s top asset management companies.This event is a decisive event in the process of Ethereum’s “financialization”.It provides an unprecedented and convenient Ethereum investment channel for global traditional finance (TradFi),Transform ETH from an asset held primarily by crypto-native investors to a widely accessible investment product.
BlackRock’s entry speed and scale are impressive.According to relevant data, as of September 2, 2025, BlackRock has passed its spot Ethereum ETF (ETHA)holdMore than 3 million ETH, the total value is about $12.9 billion.This position accounts for about 2.5% of the global circulation supply, making it officially promoted to Ethereum’s “giant whale”.BlackRock’s rapid accumulation proves that the entry of traditional capital will have a profound impact on the chip distribution of ETH.
In addition to traditional financial giants, some listed companies also regard Ethereum as their core reserve asset.For example, cryptocurrency mining company BitMine has transformed into a company with Ethereum as its core reserve asset.The company currently owns 1.86 million ETHs with a total value of approximately US$8 billion, making it one of the world’s largest corporate ETH holders.
summary
At present, Ethereum’s chip distribution is forming a complex new pattern shaped by four forces.
first,High concentration pledge pool and active DeFi ecosystemJust like two huge reservoirs, locking nearly half of the ETH circulation, significantly reducing the tradable chips on the market.This part of locked ETH has transformed from a simple “digital asset” to a “productive asset” that can generate returns, providing a solid foundation for the long-term value of Ethereum.
at the same time,Centralized exchange reservesThe continued shrinkage of the market sentiment is shifting from short-term speculation to long-term holding.Investors are no longer rushing to buy and sell on exchanges, but transfer assets to personal wallets or long-term pledges, which is undoubtedly a positive signal of the market’s maturity.
at last,Traditional financial giants and large whalesAccelerated entry of ETFs and over-the-counter trading (OTC) is continuing to consume the already scarce free-circulation chips in the market.
The combined effect of this multiple forces is creating a potential “supply shock” where less and less ETH is available for trading in the market, while demand is growing.This transformation indicates thatThe value of Ethereum will no longer be determined only by technological innovation, but also by its increasingly stable bargaining structure and growing institutional support..
