Ether has just notched one of its biggest days in long-term holder accumulation — seemingly taking advantage of a 2% price drop over 24 hours.
“Ethereum demand has spiked. Buying by permanent holders was the second highest on record yesterday,” CryptoQuant head of research Julio Moreno wrote in a June 13 X post.
Moreno highlighted that 298,000 Ether (ETH) tokens were acquired by accumulation addresses over 24 hours on June 12 — equivalent to roughly $1.34 billion at the time of publication.
The amount acquired was only 6% lower than the record on Sept. 11, 2023, when long-term holders bought 317,000 Ether as the price fell below $1,600.
The increase in demand comes amid Ether’s 8.49% price decline over the past seven days. Initially falling below $3,800 on June 8, it failed to bounce back but has remained above $3,400 across the period, according to CoinMarketCap data.
At the time of writing, Ether is trading at $3,472.
Past price action has indicated that the area around $3,500 presents a stubborn resistance for ETH bulls, Cointelegraph reported on June 11.
It was also noted that it might not be the end of the downside, citing a similar drop below $3,500 on April 11, which led to a 25% decline, reaching a low of $2,814 by May 2.
Meanwhile, the chair of the United States Securities and Exchange Commission (SEC) has hinted that spot Ether exchange-traded funds (ETF) could see final approval for trading before the end of September.
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On June 13, Cointelegraph reported that the SEC Chair Gary Gensler forecasted to lawmakers during a Senate Banking Committee hearing that the regulator could sign off on the final approvals for listing and trading shares of spot Ether ETFs within three months.
On May 23, the SEC granted preliminary regulatory approval for spot Ether ETFs in the U.S. by approving 19b-4 filings from eight applicants. However, trading can only commence once the S-1 registration statements are also approved.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.