Ethereum
Ethereum HODLers Harvest 298,000 ETH in 24 Ahead of ETF Spot Trading — TradingView News
Ethereum is under pressure at press time, falling around 15% from March 2024. As sellers continue, reversing all gains posted from May 20, on-chain data points to a bullish picture.
Ethereum HODLers collect 298,000 ETH in 24 hours
Regarding X, one analyst notes an increase in demand for ETH, especially from permanent holders. Most likely, these permanent incumbents are institutions with deeper pockets and ready to hang on. Unlike retailers, these entities can often choose to hold their securities longer and will not be shaken by market volatility.
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Citing CryptoQuant data, the analyst said that these permanent holders, according to records, are responsible for the second highest daily purchase. On June 12, when prices briefly rose, they purchased a staggering 298,000 ETH. Impressively, this figure is just short of the all-time high of 317,000 ETH purchased on September 11, 2023.
In light of this, despite the wave of lows clearly visible on the daily chart, the rise in demand indicates strong bullish sentiment.
Additionally, given the amount of ETH being picked up in the markets, this could indicate that institutions, possibly hedge funds or billionaires, are starting to position themselves in the market.
They seem to be benefiting from the drop in prices.
At press time, there is weakness in Ethereum, evident in the daily chart. Even with the June 12 rebound, the bulls have not completely reversed the June 11 losses. The June 13 drop means sellers are back in the equation and prices could align with the clearly visible June 11 mark. www.tradingview.com/x/Vk7s6tvO
Based on the arrangement of the candlesticks on the daily chart, $3,700 appears as a resistance level. After the June 7 breakout, ETH is in free fall to spot rates, actively filling the May 20 gap.
If the spill continues, it is likely that ETH, even with all the optimism in the crypto scene, will retest $3,300 once again.
Spot ETFs to start trading this summer: Gensler
It remains to be seen whether prices will recover from current levels or slide towards $3,300. Overall, the market is optimistic, according to comments from Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC).
Appearing at a Senate hearing, Gensler said the Ethereum spot exchange-traded fund (ETF), whose Forms 194-b was approved in May, could begin trading at a tentative time during the ‘summer. BlackRock has already resubmitted its S-1 filing and is awaiting approval.
If the product is approved in the coming weeks, this will be a major liquidity boost for ETH. Like spot Bitcoin ETFs, institutions will likely funnel billions into ETH, giving their clients exposure.