How WBTC and cbBTC Expand Bitcoin's Utility
Key Takeaways:Wrapped Bitcoin (e.g., WBTC and cbBTC) extends Bitcoin's utility beyond its native network, enhancing cross-chain accessibility and interoperability.Different wrapped Bitcoin variants employ distinct custody models and governance structures—ranging from fully centralized issuers (e.g., Coinbase’s cbBTC) to decentralized, smart contract-based systems (e.g., Threshold’s tBTC).WBTC has the largest supply (~129K BTC), but cbBTC is rapidly gaining share (~43K BTC on Base and Solana)....
A New Chapter for Bitcoin: The Rise and Future of Layer 2 Ecosystems
In the cryptocurrency universe, Bitcoin remains the undisputed king, boasting a market capitalization exceeding $1.69 trillion—dwarfing all other blockchain projects. Yet, much of this capital lies dormant, trapped in wallets, serving little purpose beyond appreciation. It’s akin to owning a Ferrari that never leaves the garage, existing solely as a showpiece. Today, Bitcoin’s ecosystem is undergoing a profound transformation. The emergence of Layer 2 (L2) solutions is injecting new life into...
Funded with $21 Million, the Blockbuster Project B3 Advances Rapidly, with TGE Airdrop Heating Up!
Latest News on B3 On February 5, Base's game ecosystem B3 announced plans to launch the B3 Points Program, where players and builders in the ecosystem will have the opportunity to earn BP and XP as rewards for their contributions and participation in the open game ecosystem. On February 8, B3, the Layer3 game network built on Base, announced on Friday that it will launch the B3 token on February 10, accompanied by an airdrop event. A snapshot of network activity will be taken before the plann...
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Who Really Owns Ethereum in 2025?
How WBTC and cbBTC Expand Bitcoin's Utility
Key Takeaways:Wrapped Bitcoin (e.g., WBTC and cbBTC) extends Bitcoin's utility beyond its native network, enhancing cross-chain accessibility and interoperability.Different wrapped Bitcoin variants employ distinct custody models and governance structures—ranging from fully centralized issuers (e.g., Coinbase’s cbBTC) to decentralized, smart contract-based systems (e.g., Threshold’s tBTC).WBTC has the largest supply (~129K BTC), but cbBTC is rapidly gaining share (~43K BTC on Base and Solana)....
A New Chapter for Bitcoin: The Rise and Future of Layer 2 Ecosystems
In the cryptocurrency universe, Bitcoin remains the undisputed king, boasting a market capitalization exceeding $1.69 trillion—dwarfing all other blockchain projects. Yet, much of this capital lies dormant, trapped in wallets, serving little purpose beyond appreciation. It’s akin to owning a Ferrari that never leaves the garage, existing solely as a showpiece. Today, Bitcoin’s ecosystem is undergoing a profound transformation. The emergence of Layer 2 (L2) solutions is injecting new life into...
Funded with $21 Million, the Blockbuster Project B3 Advances Rapidly, with TGE Airdrop Heating Up!
Latest News on B3 On February 5, Base's game ecosystem B3 announced plans to launch the B3 Points Program, where players and builders in the ecosystem will have the opportunity to earn BP and XP as rewards for their contributions and participation in the open game ecosystem. On February 8, B3, the Layer3 game network built on Base, announced on Friday that it will launch the B3 token on February 10, accompanied by an airdrop event. A snapshot of network activity will be taken before the plann...
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 Itself
Beacon Deposit Contract: ≈ 68 million ETH (56 %)
Every validator’s 32-ETH stake is parked here; withdrawals still require a 27-hour exit queue, making this the largest single “black-box” on any public chain.
WETH Wrapper: 2.26 million ETH (1.9 %)
The ERC-20 liquidity rail that underpins all of DeFi.
2. Exchange & Custody Rails: Always-on Liquidity
Coinbase cold/hot clusters: 5.16 million ETH (4.2 %)
Binance umbrella wallets: 4.06 million ETH (3.3 %)
Robinhood, Upbit, Kraken: 1.3–1.4 million ETH each
These addresses move coins in and out 24/7 for spot, derivative and bridge withdrawals; they are the busiest transaction counterparties on the network.
3. U.S. Spot ETFs: Four Tickers, >5 % of Supply
BlackRock iShares ETHA: > 3 million ETH (2.5 %, $9.7 B in-flows)
Grayscale ETHE: 1.13 million ETH
Fidelity FETH + Bitwise ETHW: ≈ 1 million ETH combined
Held by regulated custodians, available for creation/redemption and increasingly staked, they are the default gateway for traditional capital.
4. Listed Companies: “Treasury 2.0” With Staking Coupons
Bitmine Immersion (NYSE: BMNR): 1.8 million ETH
SharpLink Gaming (NASDAQ: SBET): 797 k ETH
Bit Digital, BTCS, Phunware: 70–120 k ETH each
Most of the coins are staked at 3–5 % APY; management frames the position as a “programmable T-bill” that also powers their product ecosystems.
5. The Last Individual Billionaires
Vitalik Buterin: 250–280 k ETH (~$950 M across vb3.eth etc.)
ConsenSys founder Joseph Lubin: ~500 k ETH (unconfirmed)
Winklevoss twins: 150–200 k ETH (excluding Gemini corporate)
Rain Lõhmus (LHV Bank co-founder): 250 k ETH stuck in a 2014 ICO wallet—worth $900 M but lost keys.
Bottom Line
Circulating supply ≈ 120.7 million ETH; top 200 addresses already >52 %.
“Personal whale” share has shrunk to low-single digits; ownership is now institutional, contractual and platform-mediated.
Track live changes in Nansen’s Token God Mode, Dune’s labels.addresses table or Etherscan’s rich-list, but remember exchange clustering and privacy tech can skew totals in either direction.
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 Itself
Beacon Deposit Contract: ≈ 68 million ETH (56 %)
Every validator’s 32-ETH stake is parked here; withdrawals still require a 27-hour exit queue, making this the largest single “black-box” on any public chain.
WETH Wrapper: 2.26 million ETH (1.9 %)
The ERC-20 liquidity rail that underpins all of DeFi.
2. Exchange & Custody Rails: Always-on Liquidity
Coinbase cold/hot clusters: 5.16 million ETH (4.2 %)
Binance umbrella wallets: 4.06 million ETH (3.3 %)
Robinhood, Upbit, Kraken: 1.3–1.4 million ETH each
These addresses move coins in and out 24/7 for spot, derivative and bridge withdrawals; they are the busiest transaction counterparties on the network.
3. U.S. Spot ETFs: Four Tickers, >5 % of Supply
BlackRock iShares ETHA: > 3 million ETH (2.5 %, $9.7 B in-flows)
Grayscale ETHE: 1.13 million ETH
Fidelity FETH + Bitwise ETHW: ≈ 1 million ETH combined
Held by regulated custodians, available for creation/redemption and increasingly staked, they are the default gateway for traditional capital.
4. Listed Companies: “Treasury 2.0” With Staking Coupons
Bitmine Immersion (NYSE: BMNR): 1.8 million ETH
SharpLink Gaming (NASDAQ: SBET): 797 k ETH
Bit Digital, BTCS, Phunware: 70–120 k ETH each
Most of the coins are staked at 3–5 % APY; management frames the position as a “programmable T-bill” that also powers their product ecosystems.
5. The Last Individual Billionaires
Vitalik Buterin: 250–280 k ETH (~$950 M across vb3.eth etc.)
ConsenSys founder Joseph Lubin: ~500 k ETH (unconfirmed)
Winklevoss twins: 150–200 k ETH (excluding Gemini corporate)
Rain Lõhmus (LHV Bank co-founder): 250 k ETH stuck in a 2014 ICO wallet—worth $900 M but lost keys.
Bottom Line
Circulating supply ≈ 120.7 million ETH; top 200 addresses already >52 %.
“Personal whale” share has shrunk to low-single digits; ownership is now institutional, contractual and platform-mediated.
Track live changes in Nansen’s Token God Mode, Dune’s labels.addresses table or Etherscan’s rich-list, but remember exchange clustering and privacy tech can skew totals in either direction.
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