The recent Ethereum price surge might have a surprising story behind it.

Who pumped ETH, retail or institutional investors?

Answer: Whales or institutions.

Addresses holding between 10-100, 100-1K, 1K-10K Ethereum continue to decline, while addresses holding 10K-100K ETH (whales or institutions?) are on the rise post-spot ETF approval. This trend could be bad news for ETH as retail investors are still not interested in ETH, but on the other hand, the interest from institutions may bring retail interest back into the Ethereum ecosystem. ETH spot ETF inflows (when trade starts) will help us know more.