On June 12, Ethereum holders added 298,000 ETH (~$1.34 billion) to accumulating addresses, marking the second-highest daily amount in history, according to CryptoQuant.
Ethereum demand has spiked.
Buying by permanent holders was the second highest on record yesterday: 298K ETH.
The record daily buying was last September 11: 317K ETH. pic.twitter.com/0qMVpNU8ht
— Julio Moreno (@jjcmoreno) June 13, 2024
“Ethereum demand has sharply increased. Buying by permanent holders was the second largest in history yesterday,” specialists noted.
The amount was 6% below the record set on September 11, 2023, when long-term investors acquired 317,000 ETH as the price fell below $1600.
On June 12, the catalyst for holder activity was Ethereum’s drop below $3500, following disappointment after the Fed meeting. The second-largest cryptocurrency by market capitalization fell by 2%.
The following day, SEC Chairman Gary Gensler announced that the review process for ETH-ETF issuers’ S-1 applications “will conclude by the end of summer.”
On May 23, the Commission approved 19b-4 proposals from issuers of spot exchange-traded funds based on Ethereum. Trading will commence once the agency signs the registration statements on Form S-1.
Analysts at Bernstein predicted a rise in Ethereum to $6600 if the ETF is approved.
According to forecasts by K33 Research, the instruments could attract up to $4.8 billion in the first five months of trading.