Ether Despite Price Drop, the native cryptocurrency of the Ethereum Holders Accumulate Ether a significant increase in the accumulation of long-term holders, which coincides with a price decline of 2% over twenty-four hours. Julio Moreno, the chief of research at CryptoQuant, recently highlighted the rise in demand for Ethereum in a post published on X. Moreno stated that the amount of Ethereum that permanent holders purchased hit the second-highest level ever recorded.
On June 12, accumulation addresses acquired over 298,000 Ether tokens during twenty-four hours, equivalent to around $1.34 billion at the time of reporting. The previous record for acquisition volume was reached on September 11, 2023, when long-term holders purchased 317,000 Ether when the price dropped below $1,600. This acquisition volume was only 6% lower than the previous record of that day.
Ether Sees 8% Drop in Past Week
The price of Holders Accumulate Ether has dropped by 8.49% during the past seven days, coinciding with the rising cryptocurrency demand. On June 8, the cryptocurrency saw a brief drop below $3,800; nevertheless, according to data provided by CoinMarketCap, it has maintained a price higher than $3,400 throughout this period. As of the time this article was written, the price of Ether was $3,500. According to the price movement that has occurred in the past, the price level of $3,500 has shown to be a sturdy resistance for those who are bullish on Ether.
In related news, Gary Gensler, the United States Securities Holders Accumulate Ether (SEC) chair, has dropped hints about the possibility. Spot Ether exchange-traded funds (ETFs) are being approved for trading by the end of September. Gensler reminded lawmakers of the potential for the regulator to provide final permits for listing and trading shares of spot Ether ETFs over the next three months during a session held by the Senate Banking Committee.
Preliminary regulatory approval for spot Ether exchange-traded funds (ETFs) was given by the Securities. Exchange Commission (SEC) on May 23, approving 19b-4 applications from eight applicants. However, trading will not be able to begin until the S-1 registration statements have also been approved.
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ETF Approval Shows ETH Is Not a Security
As a result of the recent acceptance of spot ETH exchange-traded funds (ETFs), industry analysts believe. Despite the non-security Holders Accumulate EtherEther has been potentially confirmed. According to media sources, Bloomberg ETF analyst James Seyffart said the approval of these commodity-based trust shares implies. The SEC recognizes Ether as not a security. Furthermore, Seyffart proposed that this recognition may be extended to other tokens as well, establishing the tokens’ status as commodities.
Attorney Justin Browder, who specializes in digital assets, had a sentiment similar to Seyffart’s. He stated that if Ether exchange-traded funds (ETFs) were to gain S-1 approval. This is the final prerequisite for them to begin trading; it would end. The discussion, once and for all, confirms that ETH is not a security. For example, Adam Cochran, a partner at the venture capital firm. Cinneamhain Ventures argued further by stating that similar reasoning might also be used for tokens of other projects.
To create separate exchange-traded funds (ETFs), the Securities and Exchange Commission (SEC) officially authorized 19b-4 applications submitted by VanEck. BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise on May 23. Many exchange-traded fund (ETF) issuers deleted staking from their final modifications, which is noteworthy.
Conclusion
According to Julio Holders Accumulate Ether at CryptoQuant, Ethereum accumulation addresses acquired over 298,000 ETH tokens on June 12 alone—worth approximately $1.34 billion. This represents the second-highest single-day accumulation volume on record, falling just 6% short of the all-time high of 317,000 ETH purchased on September 11, 2023, when prices dropped below $1,600.
Ethereum has experienced an 8.49% decline over the past week, with current trading at approximately $3,500. The cryptocurrency briefly dipped below $3,800 on June 8 but has maintained support above $3,400 throughout this period. Historically, the $3,500 level has proven to be a significant resistance point for bullish momentum.
FAQs
What does accumulation by long-term holders mean and why is it significant?
Accumulation by long-term holders refers to wallets and addresses that consistently buy and hold Ethereum without selling during short-term price fluctuations. When these investors purchase 298,000 ETH in a single day (worth $1.34 billion), it signals strong Holders Accumulate Ether long-term value. This behavior often precedes price recoveries, as it reduces circulating supply and indicates that experienced investors view current prices as undervalued. The fact that this occurred during a price decline makes it even more noteworthy—it suggests “smart money” is buying the dip.
When will spot Ethereum ETFs begin trading?
While the SEC granted preliminary approval to eight Ethereum ETF applications on May 23, 2024, trading cannot begin until the S-1 registration statements are also approved. SEC Chair Gary Gensler has indicated that final approvals could come by the end of September 2024. This two-step approval process means investors should expect spot Ethereum ETFs to become available for Holders Accumulate Ether third quarter of 2024, assuming no regulatory delays.
Why did ETF issuers remove staking from their applications?
Most ETF issuers removed staking provisions Holders Accumulate Ether ETF applications to address potential regulatory concerns and expedite approval. Staking involves locking up cryptocurrency to validate transactions and earn rewards, but this process raises questions about whether it could classify the ETF as an investment contract or security. By removing staking, issuers simplified their products and reduced regulatory complexity, making it easier for the SEC to approve them as commodity-based investment vehicles.
Does ETF approval mean Ethereum is officially not a security?
Industry analysts widely interpret the SEC’s Holders Accumulate Ether ETFs as implicit confirmation that Ethereum is classified as a commodity rather than a security. Bloomberg ETF analyst James Seyffart and attorney Justin Browder both suggest this approval effectively ends the debate over Ethereum’s regulatory status. However, it’s important to note that this is not an explicit legal declaration—the SEC has not issued a formal statement classifying Ethereum. The approval simply indicates the regulator is treating it as a commodity for ETF purposes, which sets important precedent.
What price levels should investors watch for Ethereum?
Based on recent trading patterns, $3,500 has emerged as a critical resistance level that Ethereum has struggled to break through convincingly. On the support side, the cryptocurrency has maintained prices above $3,400 during the recent decline, suggesting this may be a near-term floor. The $3,800 level represents overhead resistance that Ethereum briefly broke below on June 8. Traders and investors should monitor whether Ethereum can reclaim $3,800 with conviction, as a sustained break Holders Accumulate Ether signal the beginning of a recovery rally, especially if ETF approvals materialize as expected.
