The concentration of Ethereum (chip concentration, usually measured by the Herfindahl index or the percentage of holdings of the top few addresses) has shown a certain upward trend in the most recent month (July August 2025) data, indicating an increase in the percentage of holdings of large players (or "whales"). The following is a summary of recent changes: The proportion of top ten Ethereum wallet addresses holding coins has increased: According to a report by data analysis firm Santiment, the top ten Ethereum wallet addresses currently hold 34.6% of the total Ethereum supply, a significant increase from 11.2% in 2018. Although this reflects a long-term trend, the concentration has been slowly increasing recently (including July to August 2025), indicating that large funds are continuously accumulating chips. 2 Herfindahl Index Changes: Ethereum's Herfindahl Index (a measure of chip concentration) has been rising since December 2024, especially after March 2025, showing signs of increased chip concentration. This increase is not directly caused by spot ETF holdings, but rather due to individual large investors or institutions actively or passively (self rescue) adding positions at low prices (such as around 1900). For example, some large investors increased their concentration from 1.6 million ETH to 2.12 million ETH. 3. Institutional Funds and Market Dynamics: Although the Ethereum ETF recorded a net inflow of approximately $30 million in July, the inflow of institutional funds was relatively cautious, with ETF holdings accounting for only 2.89% of the total market value, far lower than the 5.95% of the Bitcoin ETF. This indicates that the increase in concentration is more driven by large on chain investors rather than ETFs. 4. Market behavior and trading activity: The Ethereum network experienced a surge in trading volume in July, with a monthly trading volume exceeding $238 billion and an active address count of 17.55 million, reaching a new high in recent years. Stable coin trading, especially USDT, contributes a significant amount of fees and accounts for a significant proportion of on chain trading. This may indirectly reflect the concentrated operations of large players in stablecoin and ETH transfers, further driving up the concentration of chips. 5 Potential "Swap" Trends: Some believe that Ethereum may be experiencing a "swap", where large funds gradually control the market by accumulating chips at low levels. This process is slow because the selling behavior of other large players may offset some of the increase in concentration. The increase in concentration may bring the potential for price manipulation, but it may also lead to increased market volatility during the accumulation phase. Summary: In the past month, the concentration of Ethereum chips has shown a slow upward trend, mainly driven by the accumulation of large players on the chain, rather than the direct impact of institutional funds such as ETFs. The proportion of coins held by the top ten addresses has reached 34.6%, and the Herfindahl index has continued to climb since December 2024. Although trading activity and network usage have increased, the increase in concentration suggests that the market may be in a stage of major capital restructuring.