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

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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.supply is held by addresses with more than 1% of the total supply, up from 36% at the start of the year.

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.

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 ain 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 and also from DMM hack . 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…Since massive amount of Bitcoin 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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