2025 Ethereum Holdings Overview: Beacon Chain contracts hold 66.8 million ETH leading the way, with exchanges and institutions as the main forces | ETH Outlook Analysis

In 2025, the landscape of Ethereum holdings presents a new look: the ETH2 beacon chain deposit contract becomes the largest single holder with a scale of 66.8 million ETH (valued at approximately 28.7 billion USD), occupying more than half of the total circulating supply. Exchanges, as the ecological liquidity layer, account for 55% of the top 20 holding addresses, with Coinbase holding 18 billion USD and another mainstream CEX holding nearly 12 billion USD. In terms of institutional participants, BlackRock holds 3.2 million ETH through its spot Ethereum ETF, while corporate treasury strategy representative BitMine publicly claims to accumulate 5% of the total ETH supply. Among individual holders, 250,000 ETH permanently locked due to lost private keys become the largest individual holding, making Ethereum co-founder Vitalik Buterin's 240,000 ETH the largest active individual holding.

Ethereum Holdings Ranking: Beacon Chain Contract Dominates the Landscape

According to the data from Arkham's Ethereum token page, the ownership pattern of Ethereum in 2025 is not concentrated in the hands of a few early adopters, but rather within the network's own mechanisms. The staking contract dominates the wealthy list, exchanges represent users aggregating billions of dollars in funds, and institutions increasingly view ETH as treasury assets, marking Ethereum's maturation from a speculative asset to a productive, utility-driven financial instrument.

The single largest Ethereum holder is not an individual, but rather the ETH2 beacon chain deposit contract, which protects network security by locking in validator deposits. Currently holding over 66.8 million ETH, worth approximately 28.7 billion USD, accounting for more than half of the total supply of all coins.

Exchanges constitute an indispensable liquidity layer in the ecosystem, accounting for 55% of the top 20 addresses. Coinbase leads this camp with a massive $18 billion in ETH through its custody and staking services. Mainstream CEX follows closely with a value of nearly $12 billion, while another CEX holds $1.7 billion.

Institutional Entry: Traditional Finance's Layout in Ethereum

Traditional finance has firmly laid out its strategy for Ethereum. Asset management company BlackRock now ranks at the top of financial institutions, holding over 3.2 million ETH to support its spot Ethereum ETF. This marks a key moment for institutional validation.

At the same time, a new type of corporate treasury has emerged, mimicking Michael Saylor's MicroStrategy's Bitcoin strategy, but with interest-bearing characteristics. Companies like BitMine have publicly stated their goal of accumulating 5% of the entire ETH supply, with their current holdings valued at over $7.5 billion.

Personal Token Distribution: From Founding Members to Celebrity Participation

The title of the largest individual holder belongs to Rain Lohmus, whose 250,000 ETH presale reserve is permanently locked and inaccessible, becoming a $1 billion monument of self-custody ruthlessness. This makes Ethereum co-founder Vitalik Buterin, who holds 240,000 ETH, the largest active individual holder.

In addition to the founders, the list also includes early ICO investor James Fickel and notable celebrities. Justin Bieber leads the celebrity group with 146.5 ETH, primarily from NFT sales, followed by streamer FaZe Banks and others like Post Malone and Jimmy Fallon, whose holdings are more a symbol of the 2021 NFT frenzy rather than serious accumulation.

Dark Chapters: Stolen Funds and Government Seizures

The Ethereum rich list has a darker chapter – hackers remain the largest holders of illegal ETH, possessing 156,200 ETH stolen from the 2016 vulnerability. The individual behind the FTX hack holds 95,700 ETH, which is the residue of the $400 million SIM swap attack that occurred after the exchange's collapse.

It is worth mentioning that the U.S. government has unexpectedly become a whale. By confiscating from hackers and other criminals on exchanges, it now holds 60,000 ETH, making it an important and involuntary participant in the ecosystem.

Technical Analysis: Ethereum Failed to Maintain Bullish Momentum

Ethereum failed to maintain its bullish momentum, breaking below a key support range, and is now consolidating near the midpoint of its ascending channel. Momentum indicators and price structure highlight a neutral but fragile state, and the upcoming trading sessions may determine whether ETH stabilizes or falls into a deeper correction.

The daily chart shows that ETH continues to respect its ascending channel; however, the rejection near the upper boundary of the channel close to historical highs has forced the price back to the 4.2K support area. This area aligns with the daily order block and the middle boundary of the channel, making it a key level for bullish defense. The RSI has cooled down to around 52, reflecting neutral momentum after the extended rebound.

The 4-hour chart shows that Ethereum has broken through a steeper uptrend line but continues to hold above the support of the dashed channel. The asset is consolidating between the 4.2K support and the 4.6K resistance, with repeated failures at 4.6K highlighting ongoing supply pressure.

On-chain Analysis: Funding Rates Indicate Weakening Momentum

The funding rate in the perpetual futures market is a direct measure of trader sentiment. A sustained positive funding rate indicates that long positions are dominant, but extreme values often warn of overheating conditions. Importantly, divergences between price action and funding rates can reveal exhaustion points where momentum begins to weaken.

Currently, the funding rate for Ethereum remains positive when prices consolidate around $4,300-$4,400, indicating that leveraged longs still have the upper hand. However, there is a significant divergence when comparing recent activity with earlier periods.

By the end of 2024, the funding rate soared above 0.04, while ETH traded around $3,800-4,000, reflecting an aggressive bullish positioning at relatively low prices. In contrast, during the rebound in August 2025, ETH surged to a new local high near $4,800, but the funding rate was only 0.02-0.025—far below the previous extreme values.

This divergence indicates a weakening bullish momentum, as prices extend higher but speculative traders are less willing to flood into leveraged longs compared to previous cycles. Historically, this pattern often precedes a trend slowdown or correction phase, where prices are excessively extended but participation becomes less enthusiastic.

Conclusion

The distribution of Ethereum holdings in 2025 showcases the mature evolution of the cryptocurrency market: shifting from individual dominance to institutional and systematic holding. The dominance of the beacon chain contracts reflects the successful transformation of Ethereum 2.0, while the large-scale participation of mainstream exchanges and traditional financial institutions proves the recognition of Ethereum as a financial infrastructure. It is noteworthy that the income-generating characteristics of corporate treasury strategies provide new impetus for institutional holdings, while the unexpected large holdings of governments through enforcement actions reflect the complex interaction between regulation and the crypto ecosystem. Although the technical indicators show short-term adjustment pressure, the trend of institutionalization in the holdings structure provides solid support for the long-term value of Ethereum. As Ethereum transitions from a speculative asset to a productive financial tool, its holdings distribution will continue to reflect this profound transformation.