#大户持仓动态 Ethereum ecosystem is witnessing a silent power struggle.

Look at the current situation - on the capital side, whales like Bitmine have quietly accumulated 66% of the 5% supply target, in other words, they are racing to control over 6 million Ether. Once these large holders have any sign of movement, the market bottom and sentiment fluctuations may immediately follow with intense volatility.

The trading end is getting crazier. The top 1000 wallets have consumed 84% of the stablecoin payment market's big cake. What does this mean? Large transfers have completely become the exclusive game of institutions and big players, while retail investors are just on the sidelines.

But the story isn't over yet. The Glamsterdam upgrade in 2026 is approaching, directly addressing the most pressing issue in the current ecosystem—MEV (Maximum Extractable Value). This upgrade has significant ambitions, planning to enforce the separation of transaction packaging rights and block proposal rights through protocol layer reforms, with a clear aim: to break the profit game behind the whales and make the entire ecosystem fairer and harder to censor.

This is not just a technological iteration; it is essentially a reshuffling of power and interests. Capital giants like Bitmine will have significant say in future protocol governance, while the ultimate effect of Glamsterdam will directly determine their profit margins.

The contradiction before us is very sharp: on one side, capital giants are frantically acquiring assets, while on the other, the protocol layer is trying to reshape a fair order. Will Ethereum ultimately slide into an "institutional paradise" or be able to maintain the bottom line of a "commoners' ecosystem"? The answer to this game may be written in the code and data. $ETH $ZEC $DOGE