Despite the price downturn, long-term investors in the Ether market seized the opportunity to significantly strengthen their positions, generating a historic accumulation day. According to recent data, hodlers accumulated no less than 298,000 ETH.
Ether Hodlers take advantage of the downturn to buy massively
According to data from the analysis company blockchain CryptoQuant, June 12 marked the second-biggest day of Ether (ETH) accumulation by long-term investors, commonly known as “hodlers”.
In the space of 24 hours, no less than 298,000 ETH, or the equivalent of 1.34 billion at current prices, were purchased and transferred to long-term storage portfolios. A massive level of accumulation that has only been exceeded once before, on September 11, 2023.
This wave of acquisitions comes at a time when the price of Ether has fallen by almost 10% over the past week.
After an initial fall below $3,800 on June 8, the crypto failed to rebound, remaining anchored around the $3,500 mark for the entire period. Before falling again.
The shadow of Ether ETFs on the market?
This record accumulation may have been motivated by recent statements by the president of the Securities and Exchange Commission (SEC), Gary Gensler.
The latter suggested that Ether cash ETFs could be approved for trading by the end of September 2024. A prospect that may have prompted many hodlers to position themselves advantageously in the market.
This show of strength by long-term Ether investors testifies to the undiminished confidence in Ethereum despite recent volatility. There’s no doubt that the eventual approval of Ether ETFs could be another bullish catalyst for this major cryptocurrency.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
