298,000 Ethereum (ETH) Purchased in 24 Hours, What’s Going On?

Ethereum single-day buy-up hits 298,000 ETH amid significant demand surge

There is an increasing demand for Ethereum (ETH) on centralized trading platforms as the approval of the spot ETF drives bullish sentiment. According to CryptoQuant’s Head of Research Julio Moreno, Ethereum demand has surged significantly.

Ethereum buying breaks major record

As Moreno highlighted, Ethereum purchases by long-term holders marked the second-highest buying record on June 13, with a total of 298,000 ETH acquired.

Ethereum as a digital currency is no stranger to intense buying activity. Besides this recent spike, Ethereum’s highest buying date ever was last September 11, when 317,000 ETH were acquired in 24 hours.

The explanation for this increased buying momentum is not far-fetched. Prior to the influx of institutional capital, which might signal a high interest in the spot Ethereum ETF, most retail buyers are strategically positioning themselves. This acts as a significant coping mechanism for the anticipated intense liquidity war. The ongoing accumulation will give current holders a substantial headstart if Ethereum’s price pushes towards new highs. An intriguing trend in Ethereum is the price slump over the past week. The coin is down by 7.60% over the last seven days, and the June 13 accumulation happened when the currency was significantly discounted. This accumulation has sparked a mild trend reversal, with the price jumping by 0.6% at the time of writing to $3,519.20.

What to watch out for in Ethereum

Aside from the numerous upgrades the Ethereum protocol has received in the past year, the most important event to look out for is the approval of S-1 registrations for the spot Ethereum ETF product. While the timeline remains speculative, the commencement of Ethereum ETF trading will mark a new era for the coin and likely trigger an intense rally.