Ethereum

2024

when

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<p dir="ltr">There is a growing demand for Ethereum (ETH) on centralized trading platforms as the approval of the spot ETF is driving bullish sentiment.&nbsp;<a href="https://x.com/jjcmoreno/status/1801334325188735048">According</a> to CryptoQuant’s Head of Research Julio Moreno, Ethereum demand has spiked significantly.</p>
<h2 id="ethereum-buying-breaks-major-record">Ethereum buying breaks major record</h2>
<p dir="ltr">As Moreno pointed out, Ethereum buying by permanent holders marked the second highest buying on record on June 13, with a total of 298,000 ETH acquired.</p>
<p dir="ltr">Ethereum as a digital currency is not new to intense buying activity overall. Besides this recent spike in buying activity, Ethereum’s highest buying date ever came last Sept. 11, when a total of 317,000 ETH were acquired in 24 hours.</p>
<blockquote>
 <p lang="en" dir="ltr">Ethereum demand has spiked.Buying by permanent holders was the second highest on record yesterday: 298K ETH.The record daily buying was last September 11: 317K ETH. <a href="https://t.co/0qMVpNU8ht">pic.twitter.com/0qMVpNU8ht</a></p>— Julio Moreno (@jjcmoreno) <a href="https://twitter.com/jjcmoreno/status/1801334325188735048?ref_src=twsrc%5Etfw">June 13, 2024</a>
</blockquote> 
<p dir="ltr">The explanation for this increased buying momentum is not far-fetched. Prior to the entry of institutional capital that might showcase a high affinity for&nbsp;<a href="https://u.today/ethereum-etf-approval-is-last-dam-to-be-broken-for-entire-crypto-industry-anthony-pompliano">spot Ethereum ETF</a>, most retail buyers are taking positions as needed. This is a major coping mechanism for the intense liquidity war that might be activated very soon.</p>
<p dir="ltr">The ongoing accumulation will grant current holders a major headstart should the price of Ethereum make a push toward new highs. One intriguing trend seen in Ethereum is the price slump over the past week.</p>
<p dir="ltr">The coin is down by 7.60% over the trailing seven-day period, and the June 13 accumulation comes at a time when the coin flashed a major discount. The accumulation has sparked a mild trend reversal, jumping by 0.6% at the time of writing to $3,519.20.</p>
<h2 id="what-to-watch-out-for-in-ethereum">What to watch out for in Ethereum</h2>
<p dir="ltr">Besides the&nbsp;<a href="https://u.today/biggest-ethereum-eth-hard-fork-coming-pectra-agenda-announced">numerous upgrades</a> the Ethereum protocol has welcomed in the past year, the most important event to watch out for is the approval of S-1 registrations for the spot Ethereum ETF product.</p>
<p>While the&nbsp;<a href="https://u.today/heres-when-ethereum-etfs-will-launch-according-to-gensler">timeline remains speculative</a>, the commencement of Ethereum ETF trading will mark a new era for the coin and likely open it up to an intense rally.</p>

298,000 Ethereum (ETH) in 24 Hours, What's Happening?

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