Cant totally agree. True the top 20 now control greater %age, but recall that GR 7.x% is now in top 20, and that accounts for most the growth. Its also likely that ALB sits in there somewhere under the guise of a custodian.
Imho, the growth in holding %age, BEOT as you refer to them, has principally come from selldown/sellout of the larger retail / superfund (smsf?) holders who held in range 100k-1M shares.
The number of holders in this range has dropped from about 6.6k to 3.9k.
The masses of small holders have not been attracted (so far) to shiny glittering baubles touted around by BEOT. Doubt if they ever will duped when they know what the real prize/value is ..... being a shareholder in a successful miner.
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