According to Trustnodes, the top exchanges currently hold ETHs that seem to be much smaller than expected. Coin Security seems to hold only 2.1 million Ethereum (if it is currently at about $180, the value is only $370 million). Kraken holds about 2.5 million ETHs. Bitfinex holds about 3 million ETHs, but the statistics on the exchange labels in the images are not complete. For example, the sixth address below is obviously the address of Bitfinex, because almost all of its current positions have been transferred from the old address of Bitfinex in 2016. Therefore, Bitfinex has at least 3 million ETHs and tokens based on Ethereum worth about $700 million. These data show that Bitfinex is the largest holder of ETH, but this is surprising because they trade only $15 million. In addition, it is worth noting that the ETH holdings in the Korean crypto exchange are very small, and Upbit has only 300,000 ETHs. In addition, the data further indicates that the number of ETHs on the exchange is much less than expected, only 10% of the total Ethereum, but in fact, considering the unknown holdings of other exchanges such as Coinbase, we expect the exchange The total number of ETHs held in the middle is about 20% of the total Ethereum.