Despite a recent slowdown in Ethereum's growth, a group of wealthy investors, known as whales, remain confident in the cryptocurrency's long-term potential. According to the latest data from Glassnode, there has been a significant increase in Ethereum addresses holding 10,000 or more ETH, indicating a shift from selling to accumulation. This trend suggests that whales are optimistic about Ethereum's future and are increasing their holdings in anticipation of gains.

The data, shared by crypto analyst Ali Martinez, shows that there has been a notable rise in Ethereum addresses holding large amounts of ETH. This accumulation is a positive indicator, mirroring Ethereum's price movements, which have outperformed Bitcoin over the past month. The approval of the first spot Ethereum ETFs by the US Securities and Exchange Commission (SEC) has likely contributed to this growth.

Nansen, a blockchain analysis firm, has also 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 ETH, 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, but a community member suggested that the assets might belong to DBS's digital exchange, which serves accredited investors. This would mean that the ETH is likely held on behalf of investors rather than being direct bank assets.

The increase in Ethereum whales and their accumulation of ETH is a positive sign for the cryptocurrency's future. As long as this trend continues, Ethereum's price may continue to outperform Bitcoin, despite market volatility. The approval of spot Ethereum ETFs has likely contributed to this growth, and it will be interesting to see how the market responds in the coming months.

In addition to the increase in Ethereum whales, there has been a significant increase in daily ETH transfers. According to Nansen, the highest mass whale transaction spikes of the year occurred after the spot Ethereum ETFs were officially approved late last week. This suggests that there is a high level of activity and interest in Ethereum, which could contribute to its continued growth.

Overall, the rise of Ethereum whales and their accumulation of ETH is a positive sign for the cryptocurrency's future. Despite market volatility, Ethereum's price may continue to outperform Bitcoin, and its approval by the SEC has likely contributed to this growth. As the market continues to evolve, it will be interesting to see how Ethereum and other cryptocurrencies respond.