The latest data shows that the open interest of ETH held by Vitalik has been surpassed by several institutions. Wall Street giants like BlackRock and Fidelity, along with several encryption asset management firms, currently control a quantity of Ethereum that is several times that of V God’s personal holdings. The Ethereum founder recently stated openly in public: if institutional influence continues to expand, Ethereum could become a tool exclusive to big capital.

On the surface, institutional capital inflows can indeed drive up cryptocurrency prices. However, the deeper risk lies in the fact that when the direction of protocol upgrades begins to lean towards high-frequency trading scenarios, ordinary users may not even be able to meet the threshold to run a full node. Once the technological path is hijacked by capital, the cornerstone of decentralization could be at great risk.

For ordinary holders, there are three things to think about clearly now:
First, concentrated institutional holdings mean that selling pressure will also be concentrated. The liquidity brought by ETFs is a double-edged sword; it is better to observe calmly than to blindly follow the trend.
Second, the direction of technological development is more crucial than short-term prices. As long as the core development team continues to uphold anti-censorship and global accessibility, the long-term value of Ethereum remains unchanged.
Thirdly, holding a single asset in large quantities is always a taboo. The complexity of the competition between institutions far exceeds that of retail investors' imagination; diversification is the correct approach to navigate through cycles.

Ultimately, what truly supports Ethereum to this day is not the funds of a certain consortium, but the community consensus formed by global developers and users. By holding onto this bottom line, it might be possible to share a piece of the pie in the whale game.