- Buying by permanent holders was the second highest it has ever been as per CryptoQuant.
- The previous record was set in September 2023, when long-term holders purchased 317,000 ETH.
Following a recent price dip, Ethereum (ETH) had one of its most significant days for long-term holder accumulation. Demand for Ethereum has skyrocketed. In a post on June 13th, CryptoQuant’s chief of research Julio Moreno said that buying by permanent holders was the second highest it has ever been.
According to Moreno, accumulating addresses bought 298,000 Ether tokens in a single day on June 12—worth around $1.34 billion as of this writing. The previous record was set on September 11, 2023. This happened when long-term holders purchased 317,000 Ether when the price dropped below $1,600; the quantity acquired was only 6% lower.
Highly Anticipated Approval
The demand surge is happening despite the fact that the price of Ether has fallen 7.72% in the last seven days. Despite failing to recover from its June 8 plunge below $3,800, the price has maintained a level over $3,400 during the duration, as per CoinMarketCap. At the time of writing, ETH is trading at $3,517, up 0.82% in the last 24 hours.
Based on previous market activity, ETH bulls could expect to encounter strong resistance around $3,500. Some have speculated that this is only the beginning of a precipitous fall. A comparable plunge below $3,500 on April 11 sparked a 25% slide that eventually hit a low of $2,814 on May 2.
In the meanwhile, the US SEC chair has dropped hints that spot Ethereum ETFs would get final trading approval before September comes to a close. During a Senate Banking Committee hearing on June 13, SEC Chair Gary Gensler told lawmakers that the agency might approve the listing and trading of spot Ether ETFs within three months.
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