週四，以太坊聯合創始人Vitalik Buterin在Devconnect（布宜諾斯艾利斯場）表示，若BlackRock（貝萊德）等大型機構持續擴大ETH持倉規模，以太坊將面臨兩大風險：其一，以去中心化為發展方向的建設者將被排擠，進而導緻社群流失；其二，底層技術路線將被機構需求主導（例如將區塊時間壓縮至約150毫秒），使得一般用戶難以運行節點，最終造成地理與網路集中化問題。目前，9家華爾街ETF發行商合計持有超過180億美元的ETH，企業財庫亦持有相近規模的ETH，機構持倉比例短期內可能逼近甚至超過10%。

此外，他進一步指出，以太坊應逐步推動主層「凝固」（ossification），減少協議變動，以提升系統的穩定性與安全性。他強調，未來的創新應轉向Layer 2（二層網路）、錢包及隱私工具等外圍生態，而非聚焦核心協議層。Vitalik同時警告，橢圓曲線密碼學恐在2028年美國大選前遭量子計算突破，以太坊需在4年內完成抗量子升級。

On Thursday, Ethereum co-founder Vitalik Buterin stated at Devconnect (Buenos Aires) that if large institutions such as BlackRock continue to expand their ETH holdings, Ethereum will face two major risks: First, builders oriented towards decentralization will be squeezed out and the community will be lost; Second, the technical route of the base layer will be dominated by institutional needs (such as reducing block time to approximately 150 milliseconds), making it difficult for ordinary users to run nodes and leading to geographical and network centralization. Currently, 9 Wall Street ETF issuers hold a total of over $18 billion in ETH, and corporate treasuries also hold a similar scale. The proportion of institutional holdings may approach or even exceed 10% in the short term.

In addition, he also stated that Ethereum should gradually achieve the 'ossification' of the main layer and reduce protocol changes to enhance stability and security. He emphasized that future innovation should shift to peripheral ecosystems such as Layer 2, wallets, and privacy tools, rather than the core protocol layer. Vitalik also warned that elliptic curve cryptography may be breached by quantum computing before the 2028 U.S. election, and Ethereum needs to complete quantum resistance upgrades within 4 years.