Ethereum Demand Spiked With June 12 As 2nd-Biggest Holder Buying Day Ever

Key Points

• Ethereum demand spiked with June 12 recording the second-largest buying day for ETH holders.
• Buying from permanent holders was 298 ETH worth more than $1 billion.

According to the latest reports, demand for Ethereum from long-term holders spiked on June 12 when the price fell below $3,500.

Head of Research at CryptoQuant, Julio Moreno, revealed in a post on X, that buying by permanent holders was the second highest on record on June 12: 298k ETH worth over $1 billion at current prices.

He also noted that the record daily buying was on September 11, 2023: 317k ETH worth about $1.1 billion.

At the moment of writing this article, ETH is trading at over $3,500.

The significant accumulation day came ahead of new predicitons about the Ethereum ETFs’ launch.

ETH ETFs could launch in September, says SEC’s Gary Gensler

According to the latest reports, the US SEC just hinted at the fact that Ethereum ETFs could see their launch before the end of September.

On June 13, the SEC Chair Gary Gensler forecasted to lawmakers during a Senate Banking Committee hearing that the regulator could sign off the final approvals for listing and trading shares of ETH ETFs within three months.

Back on May 23, the SEC showed regulatory approval for the crypto products in the US, by approving the 19b-4 applications from 8 ETF ETF issuers. However, trading can only begin following the approval of S-1 forms.

On June 11, it has been revealed that Ethereum ETF issuers are still waiting for the SEC’s comments regarding their S-1 applications that have already been submitted on May 31.

Sources familiar with the situation noted that feedback from the US regulator is yet to come. The issuers have been anticipating the SEC would offer comments on these drafts on June 7, a source said based on conversations with the agency.

Previously, Ethereum ETFs were expected to go live this month, based on previous predictions that have been gaining momentum.