Ethereum experienced one of its biggest days in long-term asset accumulation; it seems investors took advantage of a 2% price drop within 24 hours. CryptoQuant research head Julio Moreno revealed on June 13 via X that Ethereum demand increased and long-term investors made the second-highest purchase yesterday.
A Noteworthy Day for Ethereum
Moreno highlighted in the post that on June 12, accumulation addresses acquired 298,000 Ethereum within a 24-hour period, roughly equivalent to $1.34 billion at the time of writing. The amount acquired is only 6% lower than the record set on September 11, 2023, when long-term holders bought 317,000 Ethereum as the price fell below $1,600.
The increase in demand came after Ethereum’s 8.49% price drop over the past seven days. According to CoinMarketCap data, it initially fell below $3,800 on June 8 and failed to recover but remained above $3,400 during the period. At the time of writing, Ethereum was trading at $3,518.
Additionally, Ethereum experienced a similar drop below $3,500 on April 11, leading to a 25% decline to $2,814 by May 2. Moreno suggested that this might not be the end of the negative trend.
What’s Happening on the ETF Front?
Meanwhile, the United States Securities and Exchange Commission (SEC) chairman hinted that spot Ethereum exchange-traded funds might receive final approval for trading before the end of September. On June 13, SEC Chairman Gary Gensler informed lawmakers during a Senate Banking Committee hearing that the regulator might sign off on the final approvals for listing and trading spot Ethereum ETF shares within three months.
On May 23, the SEC granted preliminary regulatory approval for spot Ethereum ETF funds in the US by approving the 19b-4 applications of eight applicants. The trading process can only begin after the S-1 registration statement is approved. Following this process, significant developments and a bullish momentum might arise in the cryptocurrency market, especially for Ethereum.
