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In recent weeks, the crypto market has witnessed a significant uptick in activity surrounding Ethereum. Notably, the number of Ethereum addresses holding 10,000 ETH has surged by 3%, according to crypto analyst Ali Martinez. 

This increase suggests a substantial rise in buying pressure, potentially indicating that large investors, often referred to as whales, are positioning themselves in anticipation of future price movements.

Currently, Ethereum is trading at around $3,700 per coin, just 7.68% shy of its all-time high. This price action has drawn lots of attention from the crypto industry, with market participants closely monitoring developments around the spot Ethereum ETF. 

The prospect of approval has been a topic of intense discussion, with many viewing it as a pivotal moment that could impact the price and adoption of Ethereum.

The ongoing accumulation of Ethereum by large holders could be seen as a vote of confidence in the altcoin’s future. They might be anticipating a favorable outcome regarding the ETF or positioning themselves to benefit from future market dynamics. 

As the review process for Ethereum ETFs continues, the market is likely to remain chaotic, with significant price movements possible based on regulatory developments and investor sentiment.

As of the latest news, SEC Chairman Gary Gensler provided insights into the expected timeline for the review of updated spot Ethereum ETF applications. Reports from Fox Business indicate that the review process is expected to be protracted, potentially causing delays in the approval of Ethereum ETFs. 

Despite this, the accumulation of ETH by major investors suggests a bullish outlook, as these entities often make strategic moves based on long-term projections.