Ethereum HODLers Scoop 298,000 ETH In 24 Ahead Of Spot ETF Trading
June 14 2024 - 5:00PM
NEWSBTC
Ethereum is under pressure at press time, tumbling roughly 15% from
March 2024. As sellers press on, reversing all gains posted from
May 20, on-chain data points to a bullish picture. Ethereum HODLers
Scoop 298,000 ETH In 24 Hours Taking to X, one analyst notes a
spike in ETH demand, especially from permanent holders. Most
likely, these permanent holders are institutions with deeper
pockets and are willing to hang on. Unlike retailers, these
entities can often choose to hold for longer and won’t be shaken
out by market volatility. Citing CryptoQuant data, the analyst said
these permanent holders, according to records, are responsible for
the second-highest daily purchase. On June 12, when prices briefly
rose, they bought a staggering 298,000 ETH. Impressively, this
figure just falls short of the all-time high of 317,000 ETH
purchased on September 11, 2023. In light of this, despite the wave
of lower lows clear in the daily chart, the surge in demand points
to strong bullish sentiment. Related Reading: Solana Empty Glasses:
BEER Coin Fizzles 70% In Alleged Rug Pull Also, considering the
amount of ETH scooped from the markets, it could signal that
institutions, possibly hedge funds or billionaires, are beginning
to position themselves in the market. They appear to be taking
advantage of the lower prices. At press time, there is weakness in
Ethereum, evident in the daily chart. Even with the bounce on June
12, bulls didn’t completely reverse losses of June 11. The dip on
June 13 means sellers are back in the equation, and prices could
align toward the conspicuous June 11 bar. From the candlestick
arrangement in the daily chart, $3,700 is emerging as a resistance
level. After the breakout on June 7, ETH has been free-falling to
spot rates, actively filling the May 20 gap. If the dump continues,
it is likely that ETH, even with all the optimism across the crypto
scene, will once more re-test $3,300. Spot ETFs To Begin Trading
This Summer: Gensler Whether prices will recover from current
levels or slip towards $3,300 remains to be seen. Overall, the
market is upbeat, according to comments from Gary Gensler, the
chair of the United States Securities and Exchange Commission
(SEC). Appearing in a senate hearing, Gensler said the spot
Ethereum exchange-traded fund (ETF), whose 194-b forms were
approved in May, may begin trading at a tentative time in summer.
BlackRock has already resubmitted its S-1 filing and is waiting for
approval. Related Reading: Financial Giant AllianceBernstein
Predicts Bitcoin At $1 Million, Here’s When If the product is
approved in the next few weeks, it will be a major liquidity boost
for ETH. Like spot Bitcoin ETFs, institutions will likely channel
billions to ETH, allowing their clients to get exposure. Feature
image from DALLE, chart from TradingView
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From May 2024 to Jun 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Jun 2023 to Jun 2024