As an experienced financial analyst, I have closely monitored the cryptocurrency market, particularly Ethereum (ETH), for years. The recent surge in demand for Ethereum on centralized trading platforms is a trend that catches my attention. With the approval of a spot Ethereum ETF seemingly imminent, bullish sentiments are driving up buying activity.
The desire for Ethereum (ETH) on central exchanges is increasing due to the anticipated approval of a spot Exchange-Traded Fund (ETF), leading to optimistic market feelings. According to Julio Moreno, the Head of Research at CryptoQuant, there has been a substantial surge in Ethereum demand.
Ethereum Buying Breaks Major Record
I analyzed the Ethereum market and identified that permanent holders purchased approximately 298,000 ETH on June 13, which represented the second-highest acquisition amount on record.
Ethereum, as a digital currency, has previously experienced significant purchasing interest. In addition to the current surge in demand, the greatest single-day purchase volume of 317,000 Ether was recorded on September 11 last year.
The demand for Ethereum reached a significant peak recently, with permanent holders purchasing around 298,000 Ether units in a single day – the second highest amount ever recorded. This remarkable buying activity was last observed on September 11, when a total of 317,000 Ether units were bought.
— Julio Moreno (@jjcmoreno) June 13, 2024
The reason for the surge in purchasing activity isn’t implausible. Before institutional investors started buying Ethereum ETFs, which could significantly increase demand, most individual buyers were making purchases as they saw fit. This is a common response to the potential upcoming liquidity battle.
As a researcher studying Ethereum trends, I’ve noticed an intriguing pattern: the recent price decline over the past week. However, it’s important to note that despite this setback, those who currently hold Ethereum could potentially reap significant benefits if the price surges toward new heights in the future.
Over the past week, the coin has experienced a 7.60% decrease in value. However, on June 13, there was a significant accumulation of coins which occurred when the price showed a considerable discount. This accumulation has triggered a slight trend reversal, causing the coin’s price to rise by 0.6% as of now, reaching $3,519.20.
What To Watch Out For In Ethereum
As a seasoned analyst, I’d like to highlight that Ethereum’s recent evolution has been marked by an impressive series of upgrades throughout the past year. However, if we’re looking ahead, arguably the most significant development to keep tabs on is the potential approval of S-1 registrations for the spot Ethereum Exchange Traded Fund (ETF) product.
The anticipated start of Ethereum ETF trading may usher in a new phase for the coin, potentially leading to a significant price surge.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- AVAX PREDICTION. AVAX cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- ANKR PREDICTION. ANKR cryptocurrency
- OP PREDICTION. OP cryptocurrency
- VIC PREDICTION. VIC cryptocurrency
- Dogecoin And Shiba Inu Fear & Greed Index Drops To Neutral, Time To Buy?
- INV PREDICTION. INV cryptocurrency
- SUPER PREDICTION. SUPER cryptocurrency
2024-06-14 13:15