The 61 % Club—Ten Addresses, One Super-Majority As of September 2025 the top ten Ether wallets control 71.8 million ETH—about 61 % of the entire float. The twist: almost none of them are individual “whales”. Instead they are protocol contracts, exchange treasuries, ETF custodians and listed companies that have turned ETH into a yield-bearing reserve asset. Below is a field-guide to the new ownership map, bucket by bucket.1. Protocol-Layer Contracts: The Network Owns ItselfBeacon Deposit Contr...

The 61 % Club—Ten Addresses, One Super-Majority As of September 2025 the top ten Ether wallets control 71.8 million ETH—about 61 % of the entire float. The twist: almost none of them are individual “whales”. Instead they are protocol contracts, exchange treasuries, ETF custodians and listed companies that have turned ETH into a yield-bearing reserve asset. Below is a field-guide to the new ownership map, bucket by bucket.1. Protocol-Layer Contracts: The Network Owns ItselfBeacon Deposit Contr...