{"id":624698,"date":"2024-06-14T21:00:59","date_gmt":"2024-06-14T21:00:59","guid":{"rendered":"https:\/\/ktsl888.com\/?p=624698"},"modified":"2024-06-14T15:23:25","modified_gmt":"2024-06-14T15:23:25","slug":"ethereum-hodlers-scoop-298000-eth-in-24-spot-etf-trading","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-hodlers-scoop-298000-eth-in-24-spot-etf-trading\/","title":{"rendered":"Ethereum HODLers Scoop 298,000 ETH In 24 Ahead Of Spot ETF Trading"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Ethereum is under pressure at press time, tumbling roughly 15% from March 2024. As sellers press on, reversing all gains posted from May 20, on-chain data points to a bullish picture.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Ethereum HODLers Scoop 298,000 ETH In 24 Hours<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Taking to X, one analyst <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/jjcmoreno\/status\/88735048\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">notes<\/span><\/a><span data-preserver-spaces=\"true\"> a spike in ETH demand, especially from permanent holders. Most likely, these permanent holders are institutions with deeper pockets and are willing to hang on. Unlike retailers, these entities can often choose to hold for longer and won&#8217;t be shaken out by market volatility. <\/span><\/p>\n<figure id=\"attachment_624701\" aria-describedby=\"caption-attachment-624701\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-624701\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/GP-fof9W4AEf6hz.jpeg?resize=1024%2C576\" alt=\"Ethereum permanent holders inflow | Source: @@jjcmoreno via X\" width=\"1024\" height=\"576\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/GP-fof9W4AEf6hz.jpeg?w=4000 4000w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/GP-fof9W4AEf6hz.jpeg?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/GP-fof9W4AEf6hz.jpeg?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/GP-fof9W4AEf6hz.jpeg?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/GP-fof9W4AEf6hz.jpeg?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/GP-fof9W4AEf6hz.jpeg?w=2048 2048w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/GP-fof9W4AEf6hz.jpeg?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/GP-fof9W4AEf6hz.jpeg?w=1140 1140w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/GP-fof9W4AEf6hz.jpeg?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-624701\" class=\"wp-caption-text\">Ethereum permanent holders inflow | Source: @@jjcmoreno via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Citing CryptoQuant data, the analyst said these permanent holders, according to records, are responsible for the second-highest daily purchase. On June 12, when prices briefly rose, they bought a staggering 298,000 ETH. Impressively, this figure just falls short of the all-time high of 317,000 ETH purchased on September 11, 2023. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In light of this, despite the wave of lower lows clear in the daily chart, the surge in demand points to strong bullish sentiment. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/solana-empty-glasses-beer-coin-fizzles-70-in-alleged-rug-pull\/\" target=\"_blank\" rel=\"noopener \">Solana Empty Glasses: BEER Coin Fizzles 70% In Alleged Rug Pull<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Also, considering the amount of ETH scooped from the markets, it could signal that institutions, possibly hedge funds or billionaires, are beginning to position themselves in the market. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">They <\/span><span data-preserver-spaces=\"true\">appear to be<\/span><span data-preserver-spaces=\"true\"> taking advantage of the lower prices.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At press time, there is weakness in Ethereum, evident in the daily chart. Even with the bounce on June 12, bulls didn&#8217;t completely reverse losses of June 11. The dip on June 13 means sellers are back in the equation, and prices could align toward the conspicuous June 11 bar. <\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.tradingview.com\/x\/Vk7s6tvO\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/Vk7s6tvO\/\" alt=\"Ethereum price trending downwards on the daily chart | Source: ETHUSDT via Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Ethereum price trending downwards on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/Vk7s6tvO\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSDT via Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">From the candlestick arrangement in the daily chart, $3,700 is emerging as a resistance level. After the breakout on June 7, ETH has been free-falling to spot rates, actively filling the May 20 gap.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If the dump continues, it is likely that ETH, even with all the optimism across the crypto scene, will once more re-test $3,300.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Spot ETFs To Begin Trading This Summer: Gensler<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Whether prices will recover from current levels or slip towards $3,300 remains to be seen. Overall, the market is upbeat, according to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/youtu.be\/r5u5xd8DO34\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">comments<\/span><\/a><span data-preserver-spaces=\"true\"> from Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC). <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Appearing in a senate hearing, Gensler said the spot Ethereum exchange-traded fund (ETF), whose 194-b forms were approved in May, may begin trading at a tentative time in summer. BlackRock has already resubmitted its S-1 filing and is waiting for approval.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/alliancebernstein-bitcoin-prediction-1-million-heres-when\/\" target=\"_blank\" rel=\"noopener \">Financial Giant AllianceBernstein Predicts Bitcoin At $1 Million, Here\u2019s When<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">If the product is approved in the next few weeks, it will be a major liquidity boost for ETH. Like <a href=\"https:\/\/ktsl888.com\/news\/spot-bitcoin-etfs-outflows\/\" target=\"_blank\" rel=\"noopener \">spot Bitcoin ETFs<\/a>, institutions will likely channel billions to ETH, allowing their clients to get exposure. <\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is under pressure at press time, tumbling roughly 15% from March 2024. As sellers press on, reversing all gains posted from May 20, on-chain data points to a bullish picture. Ethereum HODLers Scoop 298,000 ETH In 24 Hours Taking to X, one analyst notes a spike in ETH demand, especially from permanent holders. Most likely, these permanent holders are institutions with deeper pockets and are willing to hang on. Unlike retailers, these entities can often choose to hold for longer and won&#8217;t be shaken out by market volatility. Citing CryptoQuant data, the analyst said these permanent holders, according to records, are responsible for the second-highest daily purchase. On June 12, when prices briefly rose, they bought a staggering 298,000 ETH. Impressively, this figure just falls short of the all-time high of 317,000 ETH purchased on September 11, 2023. In light of this, despite the wave of lower lows clear in the daily chart, the surge in demand points to strong bullish sentiment. Related Reading: Solana Empty Glasses: BEER Coin Fizzles 70% In Alleged Rug Pull Also, considering the amount of ETH scooped from the markets, it could signal that institutions, possibly hedge funds or billionaires, are beginning to position themselves in the market. They appear to be taking advantage of the lower prices. At press time, there is weakness in Ethereum, evident in the daily chart. Even with the bounce on June 12, bulls didn&#8217;t completely reverse losses of June 11. The dip on June 13 means sellers are back in the equation, and prices could align toward the conspicuous June 11 bar. From the candlestick arrangement in the daily chart, $3,700 is emerging as a resistance level. After the breakout on June 7, ETH has been free-falling to spot rates, actively filling the May 20 gap. If the dump continues, it is likely that ETH, even with all the optimism across the crypto scene, will once more re-test $3,300. Spot ETFs To Begin Trading This Summer: Gensler Whether prices will recover from current levels or slip towards $3,300 remains to be seen. Overall, the market is upbeat, according to comments from Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC). Appearing in a senate hearing, Gensler said the spot Ethereum exchange-traded fund (ETF), whose 194-b forms were approved in May, may begin trading at a tentative time in summer. BlackRock has already resubmitted its S-1 filing and is waiting for approval. Related Reading: Financial Giant AllianceBernstein Predicts Bitcoin At $1 Million, Here\u2019s When If the product is approved in the next few weeks, it will be a major liquidity boost for ETH. Like spot Bitcoin ETFs, institutions will likely channel billions to ETH, allowing their clients to get exposure. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":609335,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[428,16163,1946,6931,78803,89583,91198,92165],"class_list":["post-624698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-eth-price","tag-ethereum","tag-ethereum-price","tag-ethusdt","tag-spot-bitcoin-etfs","tag-spot-ethereum-etfs","tag-united-states-sec"],"acf":[],"yoast_head":"\n<title>Ethereum HODLers Scoop 298,000 ETH In 24 Ahead Of Spot ETF Trading<\/title>\n<meta name=\"description\" content=\"Ethereum HODLers scooped 298,000 ETH in 24 hours ahead of the highly anticipated spot ETF trading set for sometimes this summer\" \/>\n<meta name=\"robots\" content=\"index, follow, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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