Ethereum Sees Second Largest Day Of Long-Term Holder Buying As Gary Gensler Expects ETH ETF Approvals Within 3 Months

Ethereum recorded its second biggest day in long-term holder accumulation as the US Securities and Exchange Commission (SEC) Chair Gary Gensler said that ETH ETFs (exchange-traded funds) will be approved for trading by the end of the summer.

“Ethereum demand has spiked,” CryptoQuant head of research Julio Morena said in a Jun. 13 X post. “Buying by permanent holders was the second highest on record yesterday.”

Long-Term Ethereum Holders Accumulate While Whales Send Tokens To Coinbase

Buyers scooped up 298k ETH tokens within a 24-hour period on Jun. 12, according to Moreno. This was only 6% lower than the record that was set on Sep. 11, 2023 when long-term holders accumulated 317k ETH as its price dipped below $1,600.

Following the purchases by long-term holders, some whales have started to send ETH to the US crypto exchange Coinbase, according to the on-chain whale tracking platform Whale Alert. Two transactions were flagged by the platform today.

🚨 🚨 13,728 #ETH (47,682,241 USD) transferred from unknown wallet to #Coinbasehttps://t.co/IRLwa4bnxv

— Whale Alert (@whale_alert) June 13, 2024

The first saw 13,728 ETH, estimated to be worth $47,682,241, sent from an unknown wallet to Coinbase. A few hours later, another unknown wallet sent 12,887 ETH worth over $45 million to Coinbase Institutional.

Gary Gensler Expects ETH ETF Approvals Within The Next 3 Months

These substantial movements of ETH throughout the past day could be strategic placements ahead of the potential launch of spot ETH ETFs in the US.

Speaking at a Jun. 13 Senate Banking Committee hearing, SEC Chair Gensler said he expects the agency to approve these investment products “over the course of the summer,” indicating a maximum wait of about three months. 

Tennessee Senator Bill Hagerty questioned Gensler as to why the commission has not yet fully approved spot ETH ETFs. 

Gensler said individual issuers are still working through the registration process, which is “working smoothly.” 

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