As a researcher with a background in blockchain technology and cryptocurrencies, I find the recent surge in demand for Ethereum among long-term holders to be an intriguing development. The data indicates that permanent holders purchased a significant amount of ETH within a day, which is only 6% shy of the all-time high record. This buying spree aligns with the growing interest from institutional and retail investors, as evidenced by the increase in ETH holdings among large addresses and the decrease in Ethereum’s supply on centralized exchanges.
As a crypto investor, I’m excited to share some noteworthy news about the Ethereum market. The desire for Ethereum among long-term holders reached new heights, approaching the second-highest level ever recorded. According to Julio Moreno, the Head of Research at CryptoQuant, these dedicated investors snapped up an impressive 298,000 Ether in just one day. This massive purchase spree mirrors historic buying milestones we’ve witnessed before.
The recent spike in Ethereum purchases is only 6% short of reaching the historical peak set in September 2023, where investors bought a total of 317,000 ETH amidst a market slump causing Ethereum prices to fall below $1,600. Analysts are optimistic about Ethereum’s future based on these trends.
Institutional and Retail Interest Driving Ethereum’s Momentum
As an analyst, I’ve noticed a significant surge in Ethereum (ETH) holdings, which aligns with the increasing interest from both institutional and retail investors. According to data from Santiment, addresses holding between 10,000 and 100,000 ETH accumulated approximately 240,000 ETH, equivalent to over $840 million, between June 10 and June 12. This trend continues, with the numbers of such holders rapidly increasing.
Simultaneously, Ethereum’s Ethereum supply held on centralized exchanges has reached record lows in recent times, signaling strong demand and decreased selling pressure. On Tuesday, Ethereum underwent a considerable net withdrawal from Coinbase, aligning with the “big flush” event.
Approximately 336,000 ETH, equivalent to roughly $1.17 billion, were taken out of the platform on June 12. This substantial transfer of funds implies potential causes behind this action, even though an increase in net withdrawals often signals favorable market conditions for Ethereum.
Despite ETH‘s current price holding at approximately $3500, which is recognized as a notable resistance point, industry experts believe surmounting this barrier could potentially trigger further growth towards the $4,000 mark within the near future.
Anticipated Approval of ETH ETFs
As a researcher studying the cryptocurrency market, I’ve noticed an exciting development that could positively impact Ethereum. SEC Chairman Gary Gensler has suggested the possibility of approving spot Ether exchange-traded funds (ETFs) before September. This comes after the Securities and Exchange Commission (SEC) approved 19b-4 filings for eight applicants on May 23. These filings are a significant step towards potential regulatory approval for these Ethereum ETFs.
The advancements are noteworthy for institutional investment, but trading can commence solely after the S-1 registration statements have been authorized. If ETH ETFs get approved, Ethereum might mirror Bitcoin‘s path. Approved Bitcoin ETFs have already amassed over $10 billion in investments, demonstrating substantial investor enthusiasm and potential for Ethereum to undergo comparable institutional adoption and market expansion.
As a seasoned cryptocurrency analyst, I’ve been closely monitoring the market trends and have come across some intriguing insights from the pseudonymous expert on Twitter, known as Daan Crypto Trades. Based on his analysis, Ethereum is expected to surpass Solana in the upcoming period. The reasoning behind this prediction is rooted in the recent announcement of Ethereum Exchange-Traded Funds (ETFs) going live.
It’s recommended that investors exercise caution in the unpredictable cryptocurrency market landscape. They should stay informed about regulatory changes and monitor market fluctuations, as these factors can significantly influence the worth of their assets.
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2024-06-14 14:42