Despite the significant buying spree, Ethereum struggles to regain its bullish momentum. According to Santiment, a cryptocurrency analytics platform, Ethereum whales have purchased over 700,000 ETH tokens, equivalent to approximately $2.45 billion, in the past three weeks. However, Ethereum is currently trading at $3,562 on the Bitstamp exchange, having reached an intraday low of $3,360 on June 14.

Earlier this week, CryptoQuant analyst ShayanBTC noted that Ethereum's bearishness might persist due to aggressive selling by futures traders. The cryptocurrency surged on Wednesday following better-than-anticipated U.S. inflation data but retreated along with other risk assets after Federal Reserve Chair Jerome Powell's hawkish comments.

The approval of several 19b-4 forms for Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission last month triggered a significant rally. However, the excitement was short-lived as market participants realized that the SEC had yet to approve S-1 registration forms necessary for these products to start trading.

SEC Chair Gary Gensler stated that the final approval of Ethereum ETFs would occur this summer. Nevertheless, JPMorgan predicts that Ethereum ETFs will attract only modest inflows. The future of Ethereum remains uncertain, with whales making significant purchases while the cryptocurrency struggles to regain momentum.

In the world of cryptocurrency, large investors known as whales have been making significant purchases of Ethereum, totaling $2.45 billion in just three weeks. Despite this buying spree, Ethereum has yet to see a significant increase in value. The cryptocurrency market can be unpredictable, and investors should always conduct thorough research and consider multiple perspectives before making investment decisions.