According to CryptoQuant analysis, 16 companies currently employ an "ETH treasury strategy," collectively holding approximately 2,455,943 ETH, valued at approximately $11 billion, representing a significant portion of the circulating supply. However, the report notes that risks remain: ETH supply is uncapped, with approximately 1 million newly added last year; Coin concentration is high, with some companies aiming to control 5% but actually holding less than 1%; and open interest in futures contracts is approximately $38 billion, suggesting that leverage accumulation could amplify volatility.