Based on current data, the five institutions holding the most reserve Ethereum collectively control 5.56 million ETH, which accounts for over 4.6% of the total supply of Ethereum. Looking at it from another perspective, at the current price levels, these holdings are worth over 16 billion RMB.

Such concentration is actually quite common in crypto assets. Whether driven by strategic planning or long-term optimism, these leading participants' movements often reflect the market's attitude toward Ethereum's fundamentals. Once these major players take action, market fluctuations are unlikely to be small. From the perspective of tokenization and ecosystem expansion, having assets concentrated in capable institutions may actually promote the entire ecosystem toward a more mature direction.