Ethereum's recent momentum has slowed down, primarily due to the pause in ETF-related excitement. However, a significant accumulation trend among large holders, also known as whales, has been observed, even as Ethereum's price remains below $4,000. This trend suggests that whales are confident in the altcoin's long-term potential, choosing to increase their holdings in anticipation of future gains.

The latest data from Glassnode, shared by crypto analyst Ali Martinez, reveals a notable increase in Ethereum addresses holding 10,000 or more Ethereum. This shift from distribution or selling to accumulation is a positive indicator mirroring Ethereum's price movements. In fact, Ethereum has outperformed Bitcoin over the past month following the US Securities and Exchange Commission's (SEC) announcement and subsequent approval of the first spot Ethereum ETFs.

Santiment's earlier report disclosed that wallets holding at least 10,000 Ethereum had accumulated 21.39 million Ethereum over the past 14 months, reflecting a 27% increase in their assets. This accumulation is a positive indicator mirroring Ethereum's price movements. Analyzing $100K+ and $1M+ daily Ethereum transfers, the crypto analytics platform noted that the highest mass whale transaction spikes of the year occurred after the spot Ethereum ETFs were officially approved late last week.

As such, prices may continue to outperform Bitcoin as long as this cohort of wallets holding 10,000 or more Ethereum keeps increasing rather than decreasing amidst the volatility. Interestingly, blockchain analysis firm Nansen recently identified DBS Bank, one of Singapore's largest banks, as an Ethereum whale. According to Nansen, a crypto wallet attributed to DBS Bank holds 173,753 Ethereum, valued at approximately $650 million at the current market price.

This analysis, flagged on May 30, indicated that this address has already generated a paper profit of $200 million from its Ether holdings. DBS Bank has not officially confirmed ownership of the Ethereum stash. However, a community member suggested that the assets might belong to DBS's digital exchange, which serves accredited investors. They speculated that the Ethereum is likely held on behalf of investors rather than being direct bank assets.

In conclusion, Ethereum's recent slump in momentum has been offset by a significant accumulation trend among whales, reflecting confidence in the altcoin's long-term potential. This trend is a positive indicator mirroring Ethereum's price movements, and prices may continue to outperform Bitcoin as long as this cohort of wallets holding 10,000 or more Ethereum keeps increasing rather than decreasing amidst the volatility.