As a seasoned crypto investor with a deep understanding of the market dynamics, I find the recent surge in demand for Ethereum among permanent holders to be an encouraging sign. Despite the current downturn in price, these long-term investors are continuing to buy, indicating growing confidence and interest in Ethereum’s future potential.
Ethereum has been struggling to maintain its position above the $4,000 threshold, reflecting the sluggish progression observed in the larger cryptocurrency market.
As investors wait with bated breath for a market rally, evidence indicates a significant increase in demand for the largest alternative cryptocurrency worldwide.
Permanent Ethereum Holders Bought Big
Based on the latest research from CryptoQuant’s head of research, Julio Moreno, there has been a noticeable increase in Ethereum’s demand due to large-scale purchases by Ethereum’s long-term holders. On June 13th alone, these investors bought over 298,000 ETH, making it the second-largest daily purchase volume on record for this group. This substantial acquisition equates to over $1 billion at the present Ethereum price.
On September 11, 2023, permanent Ethereum investors came very close to reaching their maximum daily purchase volume, buying a total of 317,000 Ether units.
As an analyst, I’ve observed that Ethereum’s price has experienced a nearly 8% decrease over the past week, marked by several corrections. At the moment, it is hovering slightly above $3,500. The recent surge in demand underscores the burgeoning interest and confidence among long-term investors in Ethereum, as they anticipate the commencement of spot Ethereum ETF trading.
As an analyst, I’ve observed a notable increase in the number of Ethereum addresses holding 10,000 or more ETH over the past three weeks, indicating that wealthy investors have been actively accumulating this cryptocurrency. Additionally, investment products linked to Ethereum have experienced substantial inflows following the SEC’s approval of initial applications in May.
Lately, Coinbase witnessed its biggest Ethereum withdrawal of 2022 on June 12th, with approximately 336,000 ETH, equivalent to around $1.17 billion, being taken out. These transactions, valued between $400 million and $1.1 billion, suggested large-scale activities by either whales or unnamed institutions in preparation for an expected price increase.
Update on Spot Ether ETF
During a budget hearing on Thursday, SEC Chairman Gary Gensler indicated to senators that the process for granting final approval on a spot Ethereum Exchange-Traded Fund (ETF) should be completed by the end of this summer.
As a researcher following the developments in the Ether Exchange-Traded Fund (ETF) approval process, I can report that things are moving forward smoothly after the initial approvals were granted last month. The regulatory agency is currently dealing with the final registration requirements, or S-1 filings, at the staff level.
Only once these filings are approved, the new spot Ethereum ETFs can be listed.
Read More
- PENDLE PREDICTION. PENDLE cryptocurrency
- W PREDICTION. W cryptocurrency
- FIO PREDICTION. FIO cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- BONE PREDICTION. BONE cryptocurrency
- WALV PREDICTION. WALV cryptocurrency
- Bitcoin’s Unreliable Death Cross Is Looming Again
- Did the Megalopolis Trailer Make Up All Those Movie-Critic Quotes?
- Ethereum Suffers $61M Outflows, Worst Performance Since August 2022
- Decoding the Cosmic Conundrum in Honkai: Star Rail – Why So Serious?
2024-06-14 23:52