Ethereum’s value continues to surge, reaching new all-time highs. But who holds the majority of this digital gold? While early adopters still play a role, the Ethereum landscape is shifting towards institutional players and platform builders. 70% of ETH is held by just 10 addresses, but these are not individual whales; they’re primarily controlled by staking contracts, exchanges, and fund managers. 2025 data reveals a shift in ownership, with major institutions like BlackRock, Fidelity, and public companies now holding millions of ETH. 83.9 million ETH is currently locked in the Beacon Deposit Contract, which powers Ethereum’s proof-of-stake system, representing nearly 70% of the circulating supply. 52% of the total supply is held by wallets associated with staking and DeFi protocols such as Coinbase, Binance, Bitfinex, Robinhood, and Upbit, highlighting Ethereum’s growing role in blockchain infrastructure. 2025 also saw a surge in institutional ETH ownership through ETFs and funds like Grayscale’s ETHE and Fidelity’s FETH, with companies treating ETH as a core treasury asset. This shift sees corporations like Bitmine, SharpLink Gaming, and BTCS adding to the growing list of players utilizing ETH for staking and yield farming. 2025 also reveals that individuals like Vitalik Buterin continue to hold significant ETH, though exact figures remain unclear. This article dives into the intricacies of Ethereum’s top 10 holders, exploring how institutions are leveraging the network, from staking derivatives to DeFi applications.