Ecology and Institutions: A Song of Ice and Fire

From the perspectives of ecology and institutions, Ethereum presents a complex situation, with intense competition between old and new forces.

· Replacement of old and new forces: On one hand, early investors are reducing their holdings, for example, an early investor recently liquidated about $136 million worth of ETH; on the other hand, large institutions or companies like BitMine continue to make significant purchases, currently holding about 4.37% of the circulating supply, worth approximately $12 billion in ETH.
· Whales continue to increase holdings: Besides publicly listed companies, whale addresses holding over 10,000 ETH also bought over 140,000 ETH in May, still taking advantage of the current market dip to "bottom fish."
· Ecological security and governance are under challenge: Recently, DeFi security incidents have been frequent, especially the rsETH attack on Aave involving as much as $292 million, which has shaken confidence in the ecosystem. Additionally, the Ethereum Foundation has been continuously reducing holdings (recently selling nearly 10,000 ETH), and the loss of core members has also raised questions about its management. $ETH