There is growing demand for Ethereum (ETH) on centralized trading platforms as the approval of the spot ETF is driving bullish sentiment. According According to CryptoQuant head of research Julio Moreno, demand for Ethereum has skyrocketed significantly.
There is growing demand for Ethereum (ETH) on centralized trading platforms as the approval of the spot ETF is driving bullish sentiment. According According to CryptoQuant head of research Julio Moreno, demand for Ethereum has skyrocketed significantly.
Ethereum purchase breaks an important record
As Moreno noted, Ethereum purchases by permanent holders marked the second-highest purchase on record on June 13, with a total of 298,000 ETH purchased.
Yuri MolchanEthereum as a digital currency is not new to intense purchasing activity in general. In addition to this recent increase in purchasing activity, Ethereum’s highest purchase date occurred on September 11, when a total of 317,000 ETH were purchased in 24 hours.
The explanation for this greater purchasing impulse is not far-fetched. Ahead of the influx of institutional capital that could show a high affinity for the Ethereum spot ETF, most retail buyers are taking positions as needed. This is an important mechanism to deal with the intense liquidity war that could be activated very soon.
The ongoing accumulation will give current holders a huge advantage should Ethereum price advance towards new highs. An intriguing trend seen in Ethereum is the price drop over the past week.
The coin is down 7.60% over the last seven-day period, and the buildup on June 13 comes at a time when the coin showed a significant discount. The accumulation has caused a slight change in trend, jumping 0.6% at the time of writing to $3,519.20.
Alex DovbnyaWhat to keep in mind in Ethereum
In addition to the numerous updates that the Ethereum protocol welcomed last year, the most important event to watch is the approval of S-1 filings for the Ethereum spot ETF product.
While the timeline remains speculative, the start of Ethereum ETF trading will mark a new era for the coin and will likely open it up to an intense rally.
