According to CryptoQuant, the recent surge in purchases by long-term holders of Ethereum (ETH) has reached the second-highest level ever recorded. The previous record was set in September 2023, when holders acquired 317,000 ETH. Despite a recent drop in price, demand for Ethereum has soared, leading to one of the most significant days for long-term accumulation.
In a statement on June 13th, CryptoQuant’s chief research officer, Julio Moreno, revealed that permanent holders bought 298,000 Ether tokens in a single day on June 12, equivalent to around $1.34 billion. This marks the second-highest level of buying activity in the history of Ethereum. The previous record was established on September 11, 2023, when long-term holders purchased 317,000 Ether at a price below $1,600, only 6% lower than the current acquisition.
Despite a 7.72% decrease in Ether’s price over the past week, it has managed to stay above $3,400, according to CoinMarketCap. As of now, ETH is trading at $3,517, reflecting a 0.82% increase in the last 24 hours. Analysts suggest that ETH bulls may encounter strong resistance around the $3,500 mark, with some predicting a potential sharp decline. A similar drop below $3,500 in April led to a 25% decrease, eventually reaching a low of $2,814 in May.
In other news, US Securities and Exchange Commission (SEC) Chair Gary Gensler hinted at the possible approval of spot Ethereum ETFs for trading before the end of September. During a Senate Banking Committee hearing on June 13, Gensler mentioned that the agency could greenlight the listing and trading of spot Ether ETFs within the next three months.
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