Ethereum Whales Accumulate 700,000 ETH Amid Bear Market Sentiment.

The US SEC's recent approval of form 19b-4 for several Ethereum exchange-traded funds (ETFs) sparked a significant rally in late May, with #ETH reaching almost $4,000. However, with S-1 registration forms still awaiting approval, this excitement has faded and the start of actual trading has been delayed.

Cryptocurrencies, including Ethereum, rose in the middle of the week as US inflation data came in positive, but pulled back after comments from Federal Reserve Chairman Jerome Powell hinting at potential interest rate hikes. This hawkish stance has affected not only Ethereum but also broader risk assets, highlighting the current volatility in the market.

Despite the initial excitement, leading financial institutions such as JPMorgan are skeptical about Ethereum ETFs and anticipate only modest investment inflows. This cautious approach has calmed market expectations, but final decisions from SEC Chairman Gary Gensler on #ETF approvals are expected throughout the summer.

In summary, significant whale activity indicates strong demand for #Ethereum , but bearish market dynamics driven by futures trading and cautious regulatory signals pose obstacles. While investors remain hopeful for potential upside from Ethereum ETFs, current market sentiment suggests a cautious approach.
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