The approval of the Ethereum spot Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC) on May 23 has had a significant impact on the distribution of Ethereum holdings. According to data from CryptoQuant, since the SEC's approval, there has been a substantial decrease in Ethereum reserves held by Centralized Exchanges (CEX).

The data reveals that between May 23 and June 2, approximately 797,000 Ethereum coins, equivalent to about $30.2 billion, were withdrawn from CEX. This reduction in Ethereum holdings by CEX suggests a shift in the dynamics of Ethereum ownership, with a possible increase in decentralized holdings following the SEC's approval of the Ethereum spot ETF.

Furthermore, data from Glassnode indicates that the percentage of Ethereum's circulating supply held by CEX has reached its lowest level in many years, standing at just 10.6%. This low percentage underscores the significant decrease in Ethereum reserves held by CEX and highlights the impact of the SEC's regulatory decision on the distribution of Ethereum.

The data from CryptoQuant and Glassnode emphasizes the influence of regulatory decisions on the movement and distribution of cryptocurrencies. The approval of the Ethereum spot ETF by the SEC has led to a substantial decrease in Ethereum reserves held by CEX, suggesting a shift towards decentralized holdings and a potential increase in investor confidence in the Ethereum ecosystem.

In conclusion, the SEC's approval of the Ethereum spot ETF has had a significant impact on the distribution of Ethereum holdings, as evidenced by the substantial decrease in Ethereum reserves held by CEX. This data highlights the importance of regulatory decisions in shaping the dynamics of the cryptocurrency market and the potential for increased decentralization of Ethereum holdings.