Demand for Bitcoin and Ethereum is on the Rise, According to CryptoQuant
CryptoNewsTerminal Staff05 Jun, 2024
Demand for Bitcoin and Ethereum is on the Rise, According to CryptoQuant
With the recent approval of spot ETFs, Ethereum has seen a significant surge in demand, particularly from permanent holders. Since the ETF approval, the number of ETH purchases by permanent holders has increased significantly, from 5,000 to 40,000 per day. CryptoQuant Research Director, Julio Moreno, recently reported that after a slowdown in demand during May, Bitcoin (BTC) and Ethereum (ETH) demand has shifted to growth again. This observation is based on an analysis of the increasing balance of BTC and ETH held by permanent holders (those who hold their crypto assets for an extended period) and whales (large holders).
