Ethereum has been struggling to maintain its position above the $4,000 mark, reflecting the broader market's sluggish momentum. However, data indicates a rising demand for the world's largest altcoin, with "permanent holders" of Ethereum recently engaging in a significant buying spree. On June 13, this group purchased 298,000 ETH, equivalent to over $1 billion, marking the second-highest daily purchase volume ever.
Despite Ethereum's price dropping by almost 8% over the past week, the surge in demand underscores the growing confidence among long-term investors. This is further evidenced by the increase in Ethereum addresses holding 10,000 or more ETH over the past three weeks.
The US Securities and Exchange Commission's (SEC) approval of Ethereum-based investment products in May has also contributed to the inflow. Additionally, Coinbase recently saw its largest Ethereum outflow of the year, with over 336,000 ETH being withdrawn, indicating anticipation of a price rise by whales or unidentified institutions.
The SEC Chair, Gary Gensler, has indicated that the final approval of spot Ethereum ETFs is expected by the end of this summer, with the process progressing smoothly. Once the final registration requirements are approved, the new spot Ethereum ETFs can be listed.