đđBuckle up, Bitcoin enthusiasts! Ethereum, the world's largest altcoin, is seeing a surge in demand despite struggling to stay above the $4,000 mark. đđ
CryptoQuant's research head, Julio Moreno, revealed a significant buying spree by "permanent holders" of Ethereum. On June 13th, they scooped up a whopping 298,000 ETH, worth over $1 billion! This is the second-highest daily purchase volume ever by this group. đ€đ€
Despite Ethereum's price being down by almost 8% over the past week, the surge in demand shows growing interest and confidence among long-term investors. The number of Ethereum addresses holding 10,000 or more ETH has been on the rise over the past three weeks, indicating that the big guns are accumulating. đȘđȘ
Coinbase recently saw its largest Ethereum outflow of the year on June 12th, with over 336,000 ETH, worth $1.17 billion, being withdrawn. These transactions suggest that whales or unidentified institutions are anticipating a price rise. đđ
In other news, the final approval of spot Ethereum ETF is expected by the end of this summer, according to SEC Chair Gary Gensler. Once approved, the new spot Ethereum ETFs can be listed. So, keep your eyes peeled, folks! đđ
Remember, while Ethereum is making waves, Bitcoin is still the OG of cryptocurrencies! đđđ
