Ethereum Demand Surges With Permanent Holders Buying 298K ETH in One Day

Ethereum has continued to face challenges staying above the $4,000 mark, mirroring the lack of momentum in the broader market., Ethereum’s demand has spiked owing to a significant buying spree by “permanent holders” of the cryptocurrency. In fact, this cohort of holders recorded the second-highest daily purchase volume ever on June 13th after acquiring 298,000 ETH – which is worth more than $1 billion at the current price.

Ethereum’s price, on the other hand, is almost 8% down over the past week following several corrections. It was currently trading a little above $3,500. Hence, the latest surge in demand highlighted the growing interest and confidence in Ethereum among long-term investors ahead of spot Ethereum ETF trading.

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