Long-Term Holders Purchase Significant Amounts of ETH 🤑
#Ethereum Surge Alert! 🚀
All eyes are on Ethereum! SEC Chairman Gary Gensler announced that a spot Ethereum ETF approval is expected by the end of this summer. While this news brings optimism to the ETH community, the price of Ethereum remains below $3,500 for now.
Surging Demand for Ethereum
📊 Big Moves by Long-Term Holders:
Julio Moreno from CryptoQuant reports a huge increase in ETH demand.
Yesterday, long-term holders bought 298,000 ETH – the second-highest daily purchase ever! 🔥
Highest record: 317,000 ETH on September 11, 2023.
This surge shows growing confidence among long-term investors despite a 9% price drop last week.
🏦 Massive Coinbase Withdrawals:
A whopping 300,000 ETH withdrawn from Coinbase – one of the biggest outflows of 2024.
Total value: over $1 billion!
Upcoming ETH Price Action? 📈
Despite positive indicators, ETH is still below the $3,500 support level.
⚠️ Key point to watch: SEC’s decision on the Ethereum ETF. This could bring major capital into the market, similar to the boost seen with the Bitcoin ETF approval.
Stay tuned for more crypto insights! 👍
Disclaimer: This is not financial advice. Always do your own research before investing.
