ETH Treasury Company currently has an overall accumulation of over 3 million ETH, accounting for approximately 2.51% of the ETH supply. Among them, Bitmine has risen to over 800000, and there is still a long way to go before reaching its goal of accumulating 6 million ETH (with a target of 5% of the total supply). In addition to it, other treasury companies are also continuing to increase their holdings. If this competition continues, the holding ratio of treasury companies is likely to exceed 10% of the total in the future; Plus ETF holdings (currently close to 5%), ETH staking (currently close to 30%), diamond holdings, and subsequent DeFi accumulation; The supply-demand balance of ETH will be disrupted at some stage, forming an upward trend until a new supply-demand balance arrives.