Ether has reached the second biggest hodler buying day in history
Ether has seen one of the biggest days of any long-term storage stock – it appears to have benefited from a 2% price drop in 24 hours.
“Demand for Ethereum has increased. Buying by permanent holders was the second highest on record yesterday,” wrote Julio Moreno, head of research at CryptoQuant, in a June 13 X post.
Moreno highlighted that 298,000 Ether (ETH) tokens were acquired by aggregating addresses in the 24 hours on June 12th – which is approximately $1.34 billion at the time of publication.
The amount gained was 6% lower than on September 11, 2023, when the price fell below $1,600 when long-term holders bought 317,000 Ether.
The surge in demand comes amid an 8.49% drop in Ether's price over the past seven days. It failed to bounce back after initially falling below $3,800 on June 8, but remained above $3,400 during that time, according to CoinMarketCap data.
At the time of writing, Ether is trading at $3,472.
The previous price action indicated that around $3,500 would present stiff resistance for ETH bulls, Cointelegraph reported on June 11.
In the year It noted that the decline may not be over, citing a similar fall below $3,500 on April 11, which saw a 25 percent drop to a low of $2,814 on May 2.
Meanwhile, the chairman of the United States Securities and Exchange Commission (SEC) has hinted that Ether exchange-traded funds (ETF) may receive final approval for trading before the end of September.
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On June 13, Cointelegraph reported that SEC Chairman Gary Gensler predicted to lawmakers at a Senate Banking Committee hearing that within three months, the regulator could sign final approvals to list and sell spot ether ETF shares.
On May 23, the SEC granted initial regulatory approval, approving 19b-4 filings from eight applicants in the US. However, trading may commence after the S-1 filing statements are approved.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
