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What’s behind Ethereum’s bull run? Whales, ETF approval, and…

2min Read

Ethereum sees a significant increase in price as the news of spot ETF approval starts circulating. 

What's behind Ethereum's bull run? Whales, ETF approval, and...

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  • Ethereum whales have become more active recently.
  • ETH is attempting to establish the $3,600 range as its support.

Analysis revealed that before the Ethereum [ETH] ETF was approved, a particular whale address made bold moves by acquiring more ETH at a specific price level.

As a result, this address saw a significant unrealized profit. Additionally, further analysis showed a similar pattern among other whale addresses in the lead-up to the ETF approval.

Whale acquires Ethereum and ecosystem tokens

An analysis by Lookonchain revealed that a particular whale wallet anticipated the approval of the Ethereum spot ETF and made a substantial purchase of ETH.

The data indicated that the whale acquired 8,733 ETH at approximately $3,054.56, totaling around $26.67 million. As a result, the whale wallet now holds approximately $6 million in unrealized profit.

Following the approval of Form 19b-4 by the Securities and Exchange Commission (SEC), the whale proceeded to purchase other tokens within the Ethereum ecosystem, amounting to $24.7 million.

Among these tokens is the Lido DAO [LDO] token, which represents the platform with the highest volume of ETH stakes. The unrealized profit for these ecosystem tokens in the wallet stands at around $1 million.

Ethereum whale activities increase

AMBCrypto’s analysis of Ethereum addresses holding 10,000 or more ETH revealed a significant movement in recent days.

According to data from Glassnode, there had been declines in the number of such addresses before a trend reversal around the 19th of May.

The chart illustrated an increase in the number of addresses from around 997 to approximately 1,006 at the time of writing.

Further examination showed that the number of addresses holding $100,000 or more worth of ETH also experienced a notable surge.

In the same period, this figure rose from around 117,500 to over 140,000 as of the current writing.

Ethereum whale addresses

Source: Glassnode

Staked ETH sees a slight decline

AMBCrypto’s look at the total Ethereum staked indicated a brief decline, followed by an uptick around 20th May.

According to the chart, it increased to over 32.5 million ETH from around 32.3 million ETH during this period. As of press time, the total ETH staked stood at around 32.56 million, with a slight decline observed.

Also, the current staked volume represented approximately 27.1% of the total Ethereum supply.

Ethereum maintains a bull run

As of press time, Ethereum was trading at approximately $3,790, reflecting an increase of over 1%. Analysis of the daily time frame chart indicated its efforts to sustain the $3,700 price range since it rose to that level.

Read Ethereum’s [ETH] Price Prediction 2024-25

The current trend suggested Ethereum’s attempt to establish the $3,600 range as its support.

Ethereum price trend

Source: TradingView

The Relative Strength Index (RSI) showed Ethereum slightly below the overbought zone. This suggested a strong bullish trend but also implied the possibility of a decline, even amidst another potential bull run.


Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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