Ethereum
298,000 Ethereum (ETH) in 24 hours, what is happening?
Godfrey Benjamin
Ethereum purchase in a single day reaches 298,000 ETH, representing a sharp increase in demand
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There is growing demand for Ethereum (ETH) on centralized trading platforms as the approval of the spot ETF sparks bullish sentiment. According to According to Julio Moreno, head of research at CryptoQuant, the demand for Ethereum has increased significantly.
Ethereum buying breaks major record
As Moreno pointed out, purchases of Ethereum by permanent holders marked the second highest purchase on record on June 13, with a total of 298,000 ETH acquired.
Ethereum as a digital currency is not new in the whole intense buying activity. In addition to this recent spike in purchasing activity, the highest purchase date ever recorded for Ethereum occurred on September 11, when a total of 317,000 ETH was acquired in 24 hours.
The explanation for this increased purchasing dynamic is not far-fetched. Before the entry of institutional capital likely to demonstrate a strong affinity for Ethereum Spot ETF, most retail buyers take positions as needed. This is a major coping mechanism for the intense liquidity war that could be unleashed very soon.
Continued accumulation will give current holders a major head start if Ethereum price hits new highs. An intriguing trend observed on Ethereum is the price drop over the past week.
The coin is down 7.60% over the past seven days, and the accumulation on June 13 comes at a time when the coin has posted a significant discount. The accumulation triggered a slight trend reversal, jumping 0.6% at the time of writing to $3,519.20.
What to watch out for in Ethereum
Besides the many upgrades that the Ethereum protocol has hosted over the past year, the most important event to watch is the approval of S-1 filings for the Ethereum ETF spot product.
While the the calendar remains speculativethe start of Ethereum ETF trading will mark a new era for the coin and will likely open it up for an intense rally.
About the Author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the clear advantages of decentralized money over traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coingape, among others.