#数字资产市场洞察 Ethereum is undergoing a "power shuffle", and the number of players in this game is decreasing.

A phenomenon worth noting: the capital giant Bitmine has quietly locked in 66% of the total target supply of 5%. In other words, this whale is racing towards controlling over 6 million Ether. One big move from it could shake the bottom sentiment of the entire market.

What’s even more heartbreaking is the concentration of trading. In such a large piece of cake in the stablecoin payment market, the top 1000 wallets consume 84%. What does this mean? Large transactions are not at all a stage for retail investors; it is an exclusive game for institutions and large funds. Ordinary people are just there to play a supporting role.

But the story is not over. The upgrade plan coming in 2026 will be a turning point—the core goal directly targets MEV (Maximum Extractable Value), this dark forest. The ambition of the upgrade is significant: to enforce the separation of transaction packing rights and block proposal rights at the protocol level, essentially aiming to bring this invisible "backend game" into the spotlight, making everything more transparent and harder to manipulate. In simpler terms, it removes the invisible advantages from certain "advantaged players."

This is not just a technological iteration, but a power struggle regarding the future direction of Ethereum. Capital players like Bitmine will inevitably hold a voice in protocol governance; the direction of the Glamsterdam upgrade will directly determine the extent of their future interests.

On one side, there are whales frantically accumulating assets, while on the other, the protocol layer is attempting to reconstruct the game rules— the collision of these two forces will determine whether Ethereum ultimately degenerates into a "big player paradise" or can maintain its "open participation" DNA. In this era of tumultuous waves, do you trust capital more or the logic of code? $ETH $ZEC $DOGE