298,000 Ethereum (ETH) in 24 Hours, What’s Happening?

There is a growing demand for Ethereum (ETH) on centralized trading platforms as the approval of spot ETF is driving bullish sentiments. According to CryptoQuant’s Head of Research Julio Moreno, Ethereum demand has spiked significantly.

Ethereum Buying Breaks Major Record

As Moreno pointed out, Ethereum buying by permanent holders marked the second highest on record on June 13 with a total of 298,000 ETH acquired.

Ethereum as a digital currency is not new to intense buying activity overall. Besides this recent spike in buying activity, Ethereum’s highest buying date ever came last September 11 when a total of 317,000 ETH were acquired in 24 hours.

Ethereum demand has spiked.

Buying by permanent holders was the second highest on record yesterday: 298K ETH.

The record daily buying was last September 11: 317K ETH. pic.twitter.com/0qMVpNU8ht

— Julio Moreno (@jjcmoreno) June 13, 2024

The explanation for this increased buying momentum is not far-fetched. Prior to the entry of institutional capital that might showcase a high affinity for spot Ethereum ETF, most retail buyers are taking positions as needed. This is a major coping mechanism for the intense liquidity war that might be activated very soon.

The ongoing accumulation will grant current holders a major headstart should the price of Ethereum make a push toward new highs. One intriguing trend as seen in Ethereum is the price slump over the past week.

The coin is down by 7.60% over the trailing 7-day period and the June 13 accumulation comes at a time when the coin flashed a major discount. The accumulation has sparked a mild trend reversal, jumping by 0.6% at the time of writing to $3,519.20.

What To Watch Out For In Ethereum

Besides the numerous upgrades the Ethereum protocol has welcomed in the past year, the most important event to watch 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 open it up for an intense rally.

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