When you're watching short-term price fluctuations, smart money has already quietly made its next move.

For the past half month, I've been living mostly on on-chain data platforms, repeatedly analyzing the flow of Ethereum holdings. Then I discovered something—over 70 top asset management institutions, scattered across more than 1,200 hidden addresses, are quietly accumulating. Total purchase volume? 6.06 million ETH.

What does this mean? At current prices, this amount is worth over $25 billion, accounting for 5% of the total circulating supply of ETH. More importantly, these institutions' cost basis is concentrated between $3,800 and $4,200, and all have signed three-year lock-up agreements. In other words, don’t expect them to dump in the near future.

**Institutions are revealing their cards**

In traditional finance, you can't see what the big players are doing, but blockchain is different—every move is recorded on-chain. As of August 2025, the top ten publicly listed companies hold over 1.97 million ETH, worth $7.1 billion, a sudden increase of 121.8% month-over-month.

The most striking example is a leading gaming company, which bought an additional 15,822 ETH in early August, bringing its strategic reserve to 430,000 ETH, with a book value exceeding $1.6 billion. This is not an isolated event—another mining company holds about 830,000 ETH, valued at $3 billion; and a digital asset firm holds over 120,000 ETH and isn’t letting go.

These figures indicate what? Institutions are betting on Ethereum’s future with real actions.