According to the source, treasury firms and ETFs now hold a combined 12.5 million ETH, equal to 10.31% of Ethereum’s total supply, indicating rising off-exchange concentration. Source: Social media post dated Oct 16, 2025. A higher share of ETH locked in treasuries and ETFs typically tightens exchange float, which historically increases price elasticity to net flows and widens slippage during large orders. Source: Glassnode research on illiquid supply dynamics (2023–2024) and exchange reserve trends. For trading, monitor daily ETF creations/redemptions and custody address growth alongside exchange ETH reserves to gauge liquidity and potential squeeze conditions. Source: ETF issuer flow disclosures (e.g., BlackRock, Fidelity), Glassnode, CryptoQuant. Basis and funding can react to spot supply tightness; watch CME ETH futures basis, perpetual funding, and options skew for signs of persistent inflow pressure or unwind risk. Source: CME Group market data, Deribit options metrics, historical flow-impact studies by Glassnode. Risk management: thin order books during concentrated holdings can amplify gap risk around macro events; size entries via VWAP/TWAP and use spreads across spot, futures, and options to hedge flow-driven moves. Source: Exchange market microstructure literature and historical ETH liquidity analyses by Glassnode/CryptoQuant.