Where's all the ETH deposited? Simple question but difficult to answer

CN
1 month ago

Where's all the ETH deposited?

Simple question but difficult to answer.

Total ETH supply: 120M

- Staked supply: 34.75M (28.34%)

- In CEXs: 23.6M (19.6%)

- All ETFs: 2.97M (2.42%)

-----

Here's the tricky part:

ETH in L2s

ETH in DeFi isn't 14M, as DCinvestor claims. He included all TVL in ETH.

Actually, ETH in L2 TVL is just 27% in Arbitrum, 33% in Base, 25% in Optimism, 75% in Blast, 32% in zkSync, and 79% in Linea.

About 4.9M ETH is in L2s, 4% of the total supply.

-----

Next DeFi:

- Eigenlayer holds 3.1M naked ETH (2.5% of total supply)

- 2.9M in wrapped ETH (2.4%)

Things get complicated here as most ETH in DeFi is in LSTs/LRTs.

E.g., in Aave v3, $15.6B of $16.4B is in LST/LRT, only $1B in wETH.

That's 0.24% of total ETH supply.

To this point, we account for ~60% of the ETH.

Where's the rest?

- Ethereum Foundation: 0.26%

- Holding in personal wallets/multisigs

- Other DeFi protocols

- Bridges

...

I was looking for a unified analytics dashboard but couldn't find.

Does it exist? Please let me know!


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