Field Notes
Why three ETH lines are rarely three positions
Wrapped, bridged, and Layer-2 balances often look like separate bets when they share the same economic exposure.
Open a multi-chain spreadsheet long enough and Ethereum appears as mainnet ETH, a wrapped version on another network, and a balance sitting on a rollup. For diversified investors, those lines feel like breadth. In a portfolio review they often collapse into one concentration story.
What we check first
During a Cross-Chain Portfolio Review we ask which addresses are meant to be active and which are leftovers from a bridge. Bridged representations are not “wrong,” but they should not inflate a mental count of independent bets.
A practical labeling habit
Name accounts by role — cold, active, staking — before you name them by chain. When the desktop aggregation view inherits those labels, duplicated ETH becomes easier to spot without staring at ticker symbols alone.
When it matters
Rebalancing decisions change when you realize half of an “alt allocation” is still economically tied to one asset through wrappers. The fix is documentation, not urgency.
If you want this checked against your own wallet list, request a review.