Demand for Ethereum (ETH) on centralized trading platforms is growing as the approval of spot ETFs drives bullish sentiment. According to Julio Moreno, head of research at CryptoQuant, demand for Ethereum has surged significantly.
Ethereum Purchases Hit a New High Moreno noted that on June 13, permanent holders purchased the second-highest amount of Ethereum on record, purchasing a total of 298,000 ETH.
Ethereum as a digital currency in general has seen a lot of buying activity, which is nothing new. Aside from the recent surge in buying activity, the highest buying date for Ethereum was on September 11 last year, when 317,000 ETH was purchased in 24 hours.
The explanation for this increased buying momentum is not far-fetched. Most retail buyers are building positions on demand before institutional capital enters, which may show high affinity for spot Ethereum ETFs. This is the main mechanism to deal with the fierce liquidity war that may start soon. If the price of Ethereum reaches new highs, the continued accumulation will provide a huge head start for existing holders. An interesting trend in Ethereum is the price plunge over the past week.#非农就业人数高于预期 #美联储连续第七次维持基准利率不变 #欧洲杯开赛
The June 13 accumulation came at a time when the coin was experiencing a significant depreciation, as it is down 7.60% over the past seven days. The accumulation triggered a mild trend reversal, with the coin up 0.6% to $3,519.20 at the time of writing.
What to watch for Ethereum In addition to the numerous upgrades that the Ethereum protocol has seen over the past year, the most noteworthy event is the approval of the S-1 registration for a spot Ethereum ETF product. While the timeline is still speculative, the start of Ethereum ETF trading will mark a new era for the token and could spark a strong rally.
