Ethereum (ETH) Confidence Soars Among Large Whales, Here’s Big Bullish Driver

Recent report published by the on-chain data aggregator IntoTheBlock shows that recently large Ethereum whales have become more confident in their big bet on Vitalik Buterin-made cryptocurrency.

These whales have greatly intensified ETH accumulation. However, there is more analytics data showing that overall Ethereum sentiment is growing bullish quickly in the market now.

Whale ETH accumulation speeds up

IntoTheBlock shared that large cryptocurrency holders have begun to buy more ETH and do it more frequently, intensifying accumulation.

According to the data it shared, at the moment approximately 41% of the circulating Ethereum supply is owned by wallets each holding more than 1% of the ETH supply. This is a 36% increase from 36% which was noted by the on-chain data collector at the start of the year. This trend highlights “increasing confidence among large holders,” IntoTheBlock stated.

Whale accumulation in ETH has intensified.

Currently, 41% of the $ETH supply is held by addresses with more than 1% of the total supply, up from 36% at the start of the year. This trend highlights increasing confidence among large holders. pic.twitter.com/GEvADO13k5

— IntoTheBlock (@intotheblock) May 31, 2024

The recent approval of spot Ethereum exchange-traded funds (ETFs) seems to be the largest driver of the increased ETH accumulation by whales. The final decision of the SEC regulatory body is expected to come later in June once the commission makes a schedueled meeting.

The Ethereum ETFs were approved following the positive decision of the SEC regarding spot Bitcoin ETFs announced by its chairman Gary Gensler in the middle of January. The approval of Ethereum funds came much faster than that of Bitcoin-based ETFs. The latter took the regulator almost a year with the applications making various required updates to their applications.

It was the same with the Ethereum products – the ETF applicants removed the ETH staking option from their applications.

Bullish ETH forecast vs. Bitcoin thanks to Mt. Gox

Chinese crypto blogger and journalist Colin Wu has shared a message from the Telegram channel of QCP Capital. The trading company published a bearish outlook on Bitcoin and a bullish one of Ethereum in light of the massive BTC payouts planned by the embattled early crypto exchange Mt. Gox to its creditors later this year.

QCP: Bearish BTC – potential supply from Mt. Gox distribution (~$9.6b) and also from DMM hack (~$305m). Bullish ETH – ETH spot ETFs could start trading earlier than expected in June with the SEC urging applicants to submit S-1 forms by 31 May. A sleepy market may get caught…

— Wu Blockchain (@WuBlockchain) June 1, 2024

Since massive amount of Bitcoin (worth almost $10 billion) is going to be injected into the market, QCP is largely bullish on Ethereum in the wake of the approaching spot Ethereum ETFs approval in June. The applicants were supposed to file S-1 forms by May 31 already.

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