In recent activity, the whale identified as 0x837 has made significant moves in the cryptocurrency market. Two days ago, he deposited his last 300 billion $PEPE tokens, valued at approximately $3.85 million, into Binance.

This whale has since converted all his $PEPE holdings into $ETH.

Just three hours ago, he withdrew 1,728 $ETH, worth about $5.86 million, from Binance. Over the past two days, he has accumulated a total of 4,374 $ETH, valued at roughly $14.91 million. These $ETH tokens have been staked into Compound, indicating a strategic move to generate yield.

About 80% Of Ethereum Holders Shows Strong Bullish Confidence 

According to Intotheblock’s data, 78% of $ETH is held by long-term holders, showcasing the confidence and stability within the Ethereum community.

Adding to the bullish sentiment for Ethereum, The Block reports that the U.S. SEC has returned the S-1 form to potential Ethereum spot ETF issuers with only a few comments. These issuers have been asked to process the comments and resubmit by July 8. This indicates that at least one more round of filings will be required before the ETF can start trading.

These developments highlight a positive outlook for Ethereum, with significant investor activity and promising regulatory progress for an Ethereum spot ETF. As the market continues to evolve, Ethereum remains a focal point for both long-term holders and institutional investors.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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