10% ETH is currently "locked" in ETF funds and treasury.

According to data from Strategic ETH Reserve, the total amount of ETH held by spot ETF funds and digital asset management companies (DATCO) has exceeded 12.5 million ETH, equivalent to about 10% of the circulating supply of this currency.

This figure has risen sharply compared to April, when organizations only held about 4 million ETH, accounting for less than 3% of the total supply.

This rapid increase indicates that institutional capital is flowing strongly into Ethereum through managed ETFs and on-chain investments, amidst the backdrop of Ethereum's expanding influence in the field of tokenized assets and stablecoins.

According to data from Token Terminal, decentralized applications (DApp) on Ethereum are currently holding over 365 billion USD of user assets, while the price of ETH is trading at a factor of 1.45 times the total value locked (TVL) of the entire ecosystem.

Organizations holding Ethereum (Source: Strategic ETH Reserve)## Ethereum ETF holds over 6.9 million ETH

Data from the Strategic ETH Reserve shows that spot Ethereum ETFs are currently holding 6.92 million ETH, worth approximately 30.76 billion USD based on the ETH price of 4,448 USD. These funds are issued through 9 products from 8 different organizations.

BlackRock leads with over 4 million ETH (, approximately 17.6 billion USD ), accounting for more than half of the total ETH held by ETFs. Grayscale is in second place with around 1.8 million ETH evenly distributed between its two products ETHE and ETH Trust.

Fidelity ranks third with approximately 778,200 ETH, followed by Bitwise with 151,600 ETH. Other institutions such as VanEck, Franklin Templeton, Invesco Galaxy, and 21Shares all hold less than 100,000 ETH.

According to SosoValue, the total accumulated net inflow into Ethereum ETFs has exceeded 15 billion USD since their launch, reflecting the strong appeal to institutional investors despite market volatility.

Amount of ETH ETF held as of October 8 (Source: Strategic ETH Reserve)## Digital treasury companies hold 5.66 million ETH

Alongside the ETF, the Digital Asset Treasury Companies (DATCOs) specializing in Ethereum are currently holding a total of 5.66 million ETH, equivalent to 4.68% of the circulating supply, valued at approximately 25.19 billion USD.

This shows that Ethereum is emerging as an important corporate reserve asset, second only to Bitcoin in the institutional holdings.

July and August are the peak period for these accumulation deals, when many new companies join the "buying wave". Although the growth rate has slowed down, large companies continue to expand their holding scale.

BitMine is currently the leading organization, holding 2.83 million ETH (, approximately 12.59 billion USD ), accounting for 2.34% of the total ETH supply. The company aims to control 5% of the total ETH supply, viewing this as a strategic preparatory step for the expansion phase of network application.

Top 10 ETH fund management companies (Source: Strategic ETH Reserve)## Controversies and Prospects

Some experts believe that retail money from South Korea is helping to maintain the value of these DATCO companies. Samson Mow, a Bitcoin supporter, estimates that these retail investors are "chasing a new strategy" with about 6 billion USD.

However, VanEck Asset Management believes that the strong wave of institutional acceptance has affirmed Ethereum's position as a formidable competitor to Bitcoin in the race to become the leading store of value.

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