At present, the distribution of Ethereum chips is forming a complex new pattern jointly shaped by four forces.
Firstly, high concentration staking pools and an active DeFi ecosystem are like two huge reservoirs, locking in nearly half of ETH’s circulation and significantly reducing tradable chips in the market. The locked ETH has transformed from a simple “digital asset” to a profitable “productive asset”, providing a solid foundation for the long-term value of Ethereum.
At the same time, the continuous shrinkage of reserves on centralized trading platforms indicates that market sentiment is shifting from short-term speculation to long-term holding. Investors are no longer eager to buy and sell on trading platforms, but are transferring assets to personal wallets or long-term pledges, which is undoubtedly a positive signal of market maturity.
BINANCE:https://accounts.binance.com/register?ref=E2222
GATE:https://www.gate.com/signup/FFFFNNNN
HTX:https://www.htx.com/invite/en-us/1f?invite_code=aaaee
Finally, traditional financial giants and large whales are continuously consuming the already scarce free flowing chips in the market through the accelerated entry of ETFs and over-the-counter (OTC) trading.
The combined effect of multiple forces is creating a potential ‘supply shock’, where there is less and less ETH available for trading in the market while demand continues to grow. This transformation indicates that the value of Ethereum will no longer be determined solely by technological innovation, but will also be determined by its increasingly stable chip structure and growing institutional support.