Ethereum

Chair

Gary

Ontology Gas

<a href="https://insidebitcoins.com/news/most-trending-cryptos-on-ethereum-chain-today-nitro-league-singularitydao-oxnumber" rel="noopener noreferrer nofollow">Ethereum</a> recorded its second biggest day in long-term holder accumulation as the US Securities and Exchange Commission (SEC) Chair Gary Gensler said that ETH ETFs (exchange-traded funds) will be approved for trading by the end of the summer.
“Ethereum demand has spiked,” CryptoQuant head of research Julio Morena said in a Jun. 13 X <a href="https://x.com/jjcmoreno/status/1801334325188735048" rel="noopener noreferrer nofollow">post</a>. “Buying by permanent holders was the second highest on record yesterday.”
<img decoding="async" src="https://img.money.com/2022/01/Explainer-What-Is-Ethereum.jpg?quality=60&amp;w=800" alt="What Is Ethereum | Money">
<h2 id="span-style-font-weight-400-long-term-ethereum-holders-accumulate-while-whales-send-tokens-to-coinbase-span">Long-Term Ethereum Holders Accumulate While Whales Send Tokens To Coinbase</h2>
Buyers scooped up 298k ETH tokens within a 24-hour period on Jun. 12, according to Moreno. This was only 6% lower than the record that was set on Sep. 11, 2023 when long-term holders accumulated 317k ETH as its price dipped below $1,600.
Following the purchases by long-term holders, some whales have started to send ETH to the US crypto exchange <a href="https://insidebitcoins.com/news/coinbase-says-sec-is-bent-on-choking-crypto-industry-even-after-ethereum-etf-approvals" rel="noopener noreferrer nofollow">Coinbase</a>, according to the on-chain whale tracking platform Whale Alert. Two transactions were flagged by the platform today.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🚨 🚨 13,728 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> (47,682,241 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a><a href="https://t.co/IRLwa4bnxv" rel="noopener noreferrer nofollow">https://t.co/IRLwa4bnxv</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1801391152073003352?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 13, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The first saw 13,728 ETH, estimated to be worth $47,682,241, sent from an unknown wallet to Coinbase. A few hours later, <a href="https://x.com/whale_alert/status/1801465684355940857" rel="noopener noreferrer nofollow">another</a> unknown wallet sent 12,887 ETH worth over $45 million to Coinbase Institutional.
<h2 id="span-style-font-weight-400-gary-gensler-expects-eth-etf-approvals-within-the-next-3-months-span">Gary Gensler Expects ETH ETF Approvals Within The Next 3 Months</h2>
These substantial movements of ETH throughout the past day could be strategic placements ahead of the potential launch of spot ETH ETFs in the US. 
Speaking at a Jun. 13 Senate Banking Committee hearing, SEC Chair Gensler <a href="https://www.appropriations.senate.gov/hearings/a-review-of-the-presidents-fiscal-year-2025-budget-requests-for-the-us-securities-and-exchange-commission-and-the-commodity-futures-trading-commission" rel="noopener noreferrer nofollow">said</a> he expects the agency to approve these investment products “over the course of the summer,” indicating a maximum wait of about three months.&nbsp;
Tennessee Senator Bill Hagerty questioned <a href="https://insidebitcoins.com/news/notwifgary-meme-coin-will-stand-against-gary-gensler-and-the-sec" rel="noopener noreferrer nofollow">Gensler</a> as to why the commission has not yet fully approved spot ETH ETFs.&nbsp;
Gensler said individual issuers are still working through the registration process, which is “working smoothly.”&nbsp;
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Ethereum Sees Second Largest Day Of Long-Term Holder Buying As Gary Gensler Expects ETH ETF Approvals Within 3 Months

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