Ether Sees Significant Long-Term Holder Accumulation Amidst 2% Price Dip
Ether, the native cryptocurrency of the Ethereum network, has experienced a notable increase in long-term holder accumulation, coinciding with a 2% price drop over a 24-hour period.
In a recent post on X, Julio Moreno, the head of research at CryptoQuant, highlighted the surge in Ethereum demand, stating that buying by permanent holders reached the second-highest level on record.
Within a 24-hour timeframe on June 12, accumulation addresses acquired approximately 298,000 Ether tokens, equivalent to roughly $1.34 billion at the time of reporting.
This acquisition volume was only 6% lower than the previous record set on September 11, 2023, when long-term holders purchased 317,000 Ether as the price dipped below $1,600.
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
The increased demand for Ether comes amidst an 8.49% price decline over the past seven days.
Although the cryptocurrency briefly fell below $3,800 on June 8, it has remained above $3,400 during this period, based on CoinMarketCap data.
At the time of writing, Ether is trading at $3,500.
The $3,500 price level has proved to be a resilient resistance for Ether bulls, as observed in past price action.
In other news, the chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, hinted at the possible approval of spot Ether exchange-traded funds (ETFs) for trading by the end of September.
During a Senate Banking Committee hearing, Gensler informed lawmakers of the regulator’s potential to grant final approvals for listing and trading shares of spot Ether ETFs within
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