Surge in ETH Purchase by Long-Term Holders Sparks Demand

IconCryptoNewsTerminal Staff13 Jun, 2024

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Surge in ETH Purchase by Long-Term Holders Sparks Demand

CryptoQuant's lead analyst, Julio Moreno, has revealed a substantial increase in demand for Ethereum (ETH). According to his analysis, long-term ETH holders acquired 298,000 ETH on the 12th, marking the second-highest single-day purchase on record. This figure falls short of the record-breaking 317,000 ETH bought by long-term holders on September 11th of last year. Nonetheless, the recent surge in buying activity suggests a growing confidence in Ethereum's long-term potential. Long-term holders are typically considered to be those who hold their ETH for extended periods, indicating a belief in its future value. Their accumulation of ETH at current prices highlights a positive outlook on the cryptocurrency's trajectory. This increased demand for ETH comes amidst a broader market rally, with Bitcoin and other major cryptocurrencies experiencing significant gains in recent weeks. The positive sentiment in the crypto market, coupled with the surge in ETH purchases by long-term holders, points to a potentially bullish future for Ethereum.

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