Ever wonder who's sitting on the biggest ETH stacks?

Turns out the whale landscape is pretty diverse. There's still over $800M worth of ETH locked from the original presale days—basically untouched treasure chests from 2014. Then you've got the usual suspects: asset management firms quietly accumulating, ultra-high-net-worth individuals playing the long game, major exchanges holding customer deposits, and various decentralized autonomous treasuries.

The distribution is more fragmented than you'd expect. Unlike BTC where a few entities dominate the charts, ETH ownership spreads across different player types. Institutional money has been creeping in steadily, especially after staking went live post-Merge. Some of these entities are sitting on positions that could move markets if they ever decided to rotate.

What's interesting is how much is still locked in legacy contracts versus actively traded positions. That presale ETH? Most wallets haven't touched it in years. Makes you think about how much "circulating supply" is actually circulating.