Ethereum (ETH) has experienced a significant boost in long-term holder accumulation, taking advantage of a recent 2% price drop over the past 24 hours.
Ethereum (ETH) has experienced a significant boost in long-term holder accumulation, taking advantage of a recent 2% price drop over the past 24 hours. This surge marks one of the largest days for accumulation in the cryptocurrency’s history.
On June 13, CryptoQuant's head of research, Julio Moreno, highlighted the dramatic increase in Ether demand. In a post on X, Moreno revealed that 298,000 Ether tokens were acquired by accumulation addresses over a 24-hour period on June 12. This accumulation is valued at approximately $1.34 billion at the time of publication.
Moreno noted that this influx was only 6% shy of the record set on September 11, 2023, when long-term holders scooped up 317,000 Ether as the price fell below $1,600 This surge in demand comes amidst a broader 8.49% price decline for Ether over the past week. Initially dropping below $3,800 on June 8, Ether has struggled to rebound but has managed to stay above $3,400, according to data from CoinMarketCap. As of this writing, Ether is trading at $3,503.
In parallel with these market movements, regulatory developments may provide further context for Ether’s future. On June 13, SEC Chair Gary Gensler indicated that spot Ether exchange-traded funds (ETFs) could potentially receive final approval for trading before the end of September. This forecast was shared during a Senate Banking Committee hearing, where Gensler suggested that the regulator might sign off on the final approvals for listing and trading shares of spot Ether ETFs within three months.
This follows the SEC’s preliminary regulatory approval on May 23 for spot Ether ETFs in the U.S., 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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