Ethereum’s 12 largest wallets expose 6 exchanges controlling 6.6 million ETH

The list expands staking infrastructure, a token wrapping contract, five exchange wallets, two layers two ( L2), and an address not labeled on Etherscan but identified using Arkham Intelligence. Together they show where the focus ETH is found across the network, and why two of the top spots aren’t “holders” in the traditional sense.

The Beacon contract is at the top of the list, but it’s not a whale

As of this weekend, the Ethereum Beacon deposit contract holds 88,289,814 ETHor 73.16% of the top 12 portfolios combined. The contract does not belong to any person, fund or company. Each validator staking ETH To secure the network via proof of stake (PoS), funds are sent via this unique address, which functions as a protocol-level escrow rather than discretionary holdings.

Oddly enough, the Beacon deposit contract also contains $109,690 of ERC-20 token PIKA, after 7.112 billion coins ended up in the address. It also contains items worth approximately $8,500. USDT for reasons that remain unclear, alongside dozens of largely meaningless messages ERC-20 tokens.

The Wrapped Ether contract comes in second with 2,443,063 ETHor 2.02% of the total. It works the same way. ETH is locked as collateral so that it can circulate as ERC-20 token called WETH through decentralized exchange ( DEX) platforms and lending platforms. Neither the Beacon contract nor Wrapped Ether represents an entity controlling how funds flow. Wrapped Ether (WETH) is simply a ERC-20 representation of the ether.

Binance takes three spots on the list

Binance controls more distinct addresses than any other exchange. The wallet called “Binance 7” ranks third with 1,996,008 ETH and approximately 2,481 transactions, a trend consistent with a wallet used for large, infrequent transfers rather than daily retail flows.

Another address titled “Binance Hot Wallet 20” holds 739,595 ETH with 20,981 transactions, supporting active withdrawal liquidity. A third address known as “Binance-Peg Tokens” holds 454,999 ETHWrapped versions of warranty media ETH that Binance issues on other chains such as BNB Chain.

Together, Binance’s three wallets contain 3,190,602 ETHworth approximately $5.9 billion at $1,860 per coin. This makes Binance the largest exchange holder among the top 12 wallets, by far.

Robinhood, Upbit, Bitfinex and Gemini complete exchange custody

Robinhood holds ETH on two separate portfolios. Its main operational address ranks fourth with 1,220,494 ETH. A second wallet, not labeled on Etherscan but identified by Arkham as Robinhood’s cold storage, ranks 12th with 368,050 ETH. Together the two addresses hold 1,588,545 ETHworth approximately $2.9 billion.

Upbit, South Korea’s largest exchange by volumeholds 1,046,015 ETH in a wallet labeled “Upbit 41”. This address saw 54,671 transactions, the highest number of transactions of any exchange wallet in the top 12, indicating strong retail deposit and withdrawal activity from its user base.

Bitfinex holds 450,118 ETH at the address known as “Bitfinex 19”. It is worth noting that the aforementioned exchanges listed among the largest holders of Ethereum also rank among bitcointhe largest holders. In 11th place, Gemini retains 385,262 ETH in a cold wallet that recorded only 945 transactions, a low figure typical of offline storage that rarely moves for security reasons.

L2 Bridges Lock Over 1.6 Million ETH

Currently, two Ethereum scaling networks were also in the top 12. Arbitrum Bridge contains 819,716 ether, supporting ETH which circulates on the Arbitrum network. Core portal, operated for the Coinbase incubator L2 network, holds 807,076 ETH and recorded 1,140,867 transactions, the second highest number of transactions in the entire list behind the WETH contract.

The size of these bridging balances follows growing activity on both networks, as traders and applications continue to move funds out of Ethereum’s base layer in search of lower fees and faster settlement.

What Focus Means for Traders

Setting aside the Beacon contract and Wrapped Ether as network infrastructure, the remaining 10 wallets hold 8,287,337.60 ETH combined. Of this amount, portfolios controlled by foreign exchange alone represent 6,660,544 ETHor approximately 5.52% of a reference offering of 120,682,850 ETH.

For traders tracking foreign exchange reserves as a signal of selling pressure or accumulation, the data shows that custody is spread across multiple addresses per exchange rather than concentrated in one. Both Binance and Robinhood operate separate hot and cold wallets, meaning analysts need visibility into all marked addresses on an exchange, not just the most active, to draw accurate conclusions about reserve trends.

Bridge wallets add a separate signal. Rising balances at Arbitrum and Base indicate sustained L2 activity, a trend that has shaped trading volume and gas costs in the Ethereum ecosystem.