Recently, an on-chain analysis expert shared the latest holder distribution of Ethereum (ETH) on social media, attracting widespread attention in the market. Data shows that the chip structure of ETH shows a clear trend of centralization, with large holders significantly increasing their holdings, while the proportion of holdings among small and medium investors has decreased.

In the past month, giant investors (commonly known as "whales") holding over 10,000 ETH have increased their holdings by about 2.1 million ETH. Meanwhile, medium-sized investors holding between 100 and 1,000 ETH have reduced their holdings by 309,000 ETH, while large investors holding between 1,000 and 10,000 ETH have decreased their positions by 698,000 ETH.

This trend indicates that the market is undergoing a wealth redistribution process, with a large amount of ETH being transferred from small and medium investors to whale accounts. Analysts point out that a significant amount of chips have accumulated within the current price range of $2500-2800, with no obvious signs of reduction. As traditional financial institutions gradually enter the cryptocurrency market, if whales continue to maintain this accumulation trend, the medium to long-term outlook for ETH may remain bullish.

However, for investors considering buying at the current price level, there may be certain risks in the short term. Currently, there is a significant divergence between the price of ETH and realized profits. This phenomenon is mainly due to long-term holders reducing their trading, and the market gradually shifting to a game between short-term investors, resulting in a rise in prices but relatively low actual profits.

In addition, the open interest in the options market has reached a new high, reflecting an intensified battle between bulls and bears in the ETH market in the short term. These factors all suggest that the market may face short-term volatility.

For investors, this data provides valuable market insights. When making investment decisions, it is recommended to consider multiple factors, including personal risk tolerance, investment goals, and judgments on the market's short- and long-term trends. Whether holding long-term or trading short-term, it is essential to remain vigilant and closely monitor market dynamics.