Exchanges and Institutions Hold Billions in ETH
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Centralized exchanges remain among the largest custodians of Ethereum. Coinbase leads with 4.2 million ETH, followed by Binance with 3.6 million ETH, while Upbit holds 1.7 million ETH.
Institutional exposure is also growing rapidly. BlackRock controls over 3 million ETH through its iShares Ethereum Trust ETF, highlighting how traditional finance is increasingly participating in Ethereum markets via regulated products.