Ethereum: Why 298,000 ETH tokens were bought in just 24 hours

Ethereum experiences its second-largest buying day, with long-term holders accumulating significantly.

Despite an 8% decline over the past week, Ethereum saw a slight uptick of 0.3% in the last 24 hours, bringing its current trading price to $3,519. On June 12, about 298,000 Ethereum tokens, valued at approximately $1.34 billion, were purchased by these steadfast investors, capitalizing on a slight 2% price dip within the same 24-hour period.This noteworthy accumulation was not far off from the record set on 11th September, 2023, when 317,000 Ether tokens were acquired as prices dipped below $1,600.

Furthermore, this trend corresponds with an increase in large transactions over $100,000, as shown in IntoTheBlockThis indicates active accumulation by whales regardless of the prevailing market conditions.However, contrasting this bullish accumulation activity, Ethereum’s market metrics such as open interest and trading volume present a more subdued outlook.

Source: News Formal (newsformal.com)

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