Ether Witnesses Substantial Increase in LongTerm Holder Accumulation Amidst 2 Price Decline

Ether, the cryptocurrency of the Ethereum network, has seen a surge in long-term holder accumulation despite a 2% price drop over a 24-hour period. Julio Moreno, the head of research at CryptoQuant, noted that buying by permanent holders reached the second-highest level on record. Within a 24-hour timeframe on June 12, accumulation addresses acquired approximately 298,000 Ether tokens, equivalent to roughly $1.34 billion at the time of reporting. The increased demand for Ether comes amidst an 8.49% price decline over the past seven days. However, the $3,500 price level has proved resilient for Ether bulls. Gary Gensler, the chair of the US Securities and Exchange Commission, hinted that spot Ether exchange-traded funds (ETFs) for trading could be approved by the end of September. This potential approval confirms Ether’s status as a non-security and could extend to other tokens as well, according to industry experts. The SEC had previously granted preliminary regulatory approval for spot Ether ETFs on May 23, approving 19b-4 filings from eight applicants.