A large share of Ethereum in circulation is locked in staking contracts, exchanges and financial institutions, blockchain outlet BeinCrypto reported on April 3.

Arkham Intelligence, which compiled on-chain data from the Arkham Intel platform, put the value of holdings in the Beacon Deposit Contract at about $169 billion. The amount is assets staked by network validators. About 2 million ETH was also additionally locked in layer 2 bridges.

Among exchanges, Coinbase held the most with 4.2 million ETH. Binance held 3.6 million ETH and Upbit held 1.7 million ETH. The amounts are user-custodied assets for trading, withdrawals and staking services.

Among financial institutions, BlackRock held more than 3 million ETH through the iShares Ethereum Trust ETF. BitMine disclosed total holdings of 4.7 million ETH, but Arkham confirmed 914,000 ETH on-chain. BitMine set a goal of securing 5 percent of total supply.

Among individual holders, Estonian presale investor Rain Lõhmus held the most with 250,000 ETH. He bought $75,000 worth in the 2014 presale but lost his private key and cannot access the assets. Based on accessible assets, Ethereum co-founder Vitalik Buterin held 224,000 ETH, making him the largest individual holder.

The Ethereum Foundation recently staked an additional $46.64 million worth of ETH. It was the largest daily execution. The foundation’s total staked amount rose to $96.59 million. The foundation said in February it would stake 70,000 ETH of its treasury assets, and use rewards for research, ecosystem grants and protocol development.

Top holdings by size were more heavily locked in validator contracts and custodial wallets than in personal wallets. The foundation also shifted its operating approach to staking instead of regular sales. That makes it more important to distinguish between supply that can enter the liquid market immediately and supply locked for the long term.