Understanding the Escalation of Ethereum Whale Accumulation

Whale accumulation of Ethereum (ETH), the second largest cryptocurrency, has been increasing amid the current market stabilization, according to analysts at on-chain platform IntoTheBlock. Large holders of Ethereum tokens have started accumulating them in their portfolios, with addresses responsible for more than 1% of the total supply now holding 41% of the ETH supply, up from 36% at the beginning of the year. This trend signifies growing confidence among these large holders. The Ethereum price was quoted at $3,789.51, down 0.4% in the last 24 hours, with a trading volume of $11.96 billion. The recent approval of the first Ethereum exchange-traded funds by the Securities and Exchange Commission (SEC) has sparked speculation of an imminent bull run for ETH. However, it is important to note that investing or trading cryptocurrencies carries a risk of financial loss.