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

Recent report published by the on-chain data aggregator Into TheBlock 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.

Into TheBlock 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," Into TheBlock stated.

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.