The Ethereum market is undergoing a transformation deeply driven by capital infusion. Over 10% of the current circulating supply has quietly been accumulated by institutional-level players, and this is not a rumor but concrete data right in front of us.

Let's look at some startling numbers. The strategic ETH reserve entities have currently hoarded 6.81 million ETH, accounting for 5.63% of the total circulating supply. These coins are locked for the long term and are unlikely to enter the secondary market. Meanwhile, spot ETF holdings amount to 6.18 million ETH, representing 5.11%. Combined, they total 12.99 million ETH, making up 10.74% of the total supply. In other words—more than 1 out of every 10 ETH in circulation is permanently stored in cold wallets by institutions.

What does this mean? Retail investors' truly tradable ETH is rapidly shrinking. Market influence is shifting from retail investors to institutions, and this process is accelerating.

The speed at which institutions are entering is even more remarkable. Just look at the growth trajectory of the US cryptocurrency spot ETF: it took 16 months to reach $1 trillion in trading volume, but only 8 months to go from $1 trillion to $2 trillion—doubling directly. This is not a tentative entry by institutions but a large-scale influx of real capital.

The question is, when liquidity is locked by institutions and the market structure is reshaped, how much pricing power do retail investors still have? This is a question every market participant should seriously consider.