LATSET: Ethereum Long Term Holders Accumulate 298K ETH in a Single Day

Ethereum demand has soared to intense levels, said CryptoQuant head of research Julio Moreno. It shared this finding with the recent post by X, noting that “buying by permanent holders was the second highest on record yesterday.” Concretely, 298,000 Ether tokens, equivalent to around $1.34 billion, were bought by accumulation addresses in just a day on June 12.

Slightly below the record set on 11 September 2023, long-term holders have bought 317,000 Ethereum as prices went under $1,600. The data suggests this is strategically timed to buy at a better price on a bullish view of the digital asset. All of this intense activity in the Ethereum market is bound to underline high investor confidence in the cryptocurrency and strong beliefs that it will be valuable in the long term. The market sentiment will tend to go positive as many big holders continue to invest in huge volumes, reinforcing the stabilization and the future promise of crypto investments.

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