By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Ether Experiences Rise in Long-Term Holder Accumulation Despite Price Dip.
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Moscow Metro Marks 90 Years with Technological Advancements and Heritage Events
Lifestyle World
Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > Ether Experiences Rise in Long-Term Holder Accumulation Despite Price Dip.
Crypto

Ether Experiences Rise in Long-Term Holder Accumulation Despite Price Dip.

News Room
Last updated: 2024/06/14 at 6:48 AM
News Room
Share
4 Min Read
SHARE

Ether, the native cryptocurrency of the Ethereum network, has seen a significant increase in long-term holder accumulation, with a 2% price drop over a 24-hour period. Julio Moreno, the head of research at CryptoQuant, highlighted the surge in Ethereum demand, noting that buying by permanent holders reached the second-highest level on record. Within a 24-hour timeframe on June 12, accumulation addresses acquired approximately 298,000 Ether tokens, equivalent to roughly $1.34 billion at the time of reporting. This acquisition volume was only 6% lower than the previous record set on September 11, 2023, when long-term holders purchased 317,000 Ether as the price dipped below $1,600.

The increased demand for Ether comes amidst an 8.49% price decline over the past seven days. Though the cryptocurrency briefly fell below $3,800 on June 8, it has remained above $3,400. At the time of writing, Ether is trading at $3,500. The $3,500 price level has proven to be a strong resistance for Ether bulls, as observed in past price action. In addition, Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC), hinted at the potential approval of spot Ether exchange-traded funds (ETFs) for trading by the end of September during a Senate Banking Committee hearing. The SEC had previously granted preliminary regulatory approval for spot Ether ETFs on May 23, approving 19b-4 filings from eight applicants.

The recent approval of spot ETH ETFs potentially confirms Ether’s status as a non-security, according to industry experts. Bloomberg ETF analyst James Seyffart has said that the approval of these commodity-based trust shares implies that the SEC explicitly recognizes Ether as not being a security. Seyffart further suggested that this recognition could extend to other tokens as well, solidifying their classification as commodities. Digital asset lawyer Justin Browder echoed Seyffart’s sentiment, stating that if Ether ETFs receive S-1 approval, which is the final requirement for them to begin trading, it would settle the debate once and for all, affirming that ETH is indeed not a security. Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, suggested that this line of thinking could be applied to tokens of other projects as well.

On May 23, the SEC officially approved 19b-4 applications from several ETF issuers for issuing spot Ether ETFs, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. Some ETF issuers removed staking from their final amendments. The increased demand for Ethereum and the potential approval of spot Ether ETFs by the SEC have led to a positive sentiment among investors and industry experts. The accumulation of Ether by long-term holders and the price resilience above $3,400 amidst market fluctuations indicate a strong bullish sentiment for the cryptocurrency. With the potential approval of spot Ether ETFs, experts believe that Ether’s classification as a non-security could be further solidified, potentially impacting the classification of other tokens as well.

In conclusion, the recent surge in Ethereum demand, the increase in long-term holder accumulation, and the potential approval of spot Ether ETFs by the SEC point towards a positive outlook for Ether and the broader cryptocurrency market. As the price of Ether remains resilient above $3,400 despite market fluctuations, investors and industry experts are optimistic about the future of the cryptocurrency. The approval of spot Ether ETFs could further affirm Ether’s status as a non-security and potentially impact the classification of other tokens in the market. Overall, the current developments surrounding Ether signal a bullish sentiment and a positive trajectory for the cryptocurrency in the coming months.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room June 14, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Ueda from BoJ: It is crucial to decrease JGB purchases in a predictable way
Next Article Report finds that half of women in the music industry experience discrimination.
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto May 22, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?