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As BTC drops to $88,000 and ETH falls to around $2,900
The distribution of chips is undergoing fundamental changes
As of January 21
BitMine $BMNR holds 4.203 million ETH, accounting for 3.48% of the total ETH supply
Strategy $MSTR holds 709,700 BTC, accounting for 3.38% of the total Bitcoin supply.
An easily overlooked but very critical fact:
The control ratio of a single institution over $ETH has already exceeded $BTC .
This indicates that the market pricing power of ETH is shifting
Is the "decentralization narrative" and the actual holding structure beginning to diverge significantly?