Ethereum Sees Second Largest Day Of Long-Term Holder Buying As Gary Gensler Expects ETH ETF Approvals Within 3 Months

Ethereum

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


post.
“Buying
by
permanent
holders
was
the
second
highest
on
record
yesterday.”

Long-Term
Ethereum
Holders
Accumulate
While
Whales
Send
Tokens
To
Coinbase

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


Coinbase,
according
to
the
on-chain
whale
tracking
platform
Whale
Alert.
Two
transactions
were
flagged
by
the
platform
today.

????
????
13,728

#ETH
(47,682,241
USD)
transferred
from
unknown
wallet
to

#Coinbasehttps://t.co/IRLwa4bnxv

—
Whale
Alert
(@whale_alert)

June
13,
2024

The
first
saw
13,728
ETH,
estimated
to
be
worth
$47,682,241,
sent
from
an
unknown
wallet
to
Coinbase.
A
few
hours
later,


another

unknown
wallet
sent
12,887
ETH
worth
over
$45
million
to
Coinbase
Institutional.

Gary
Gensler
Expects
ETH
ETF
Approvals
Within
The
Next
3
Months

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


said

he
expects
the
agency
to
approve
these
investment
products
“over
the
course
of
the
summer,”
indicating
a
maximum
wait
of
about
three
months. 

Tennessee
Senator
Bill
Hagerty
questioned


Gensler

as
to
why
the
commission
has
not
yet
fully
approved
spot
ETH
ETFs. 

Gensler
said
individual
issuers
are
still
working
through
the
registration
process,
which
is
“working
smoothly.” 

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