Ethereum, the leading altcoin, has experienced a rollercoaster ride in recent weeks, with its price surging 30% during the ETF approval period only to drop 8% in the following days. However, despite this volatility, investors are showing increased confidence in the cryptocurrency's long-term potential.

According to CryptoQuant's Julio Moreno, long-term Ethereum holders made the second-largest buying spree in history, snapping up approximately 298,000 ETH (worth $1.34 billion) on June 12. This significant purchase reflects investors' growing confidence in Ethereum's future prospects. Moreover, data from IntoTheBlock reveals a surge in transactions exceeding $100,000, indicating increased activity among large investors.

Despite this accumulation, Ethereum's open interest rate has stagnated, dropping 2% to $15.41 billion in the last 24 hours. However, trading volume has increased by 10% to $15 billion. Analysts believe this decline in open interest suggests investors still expect a price correction. Nevertheless, the strong demand for Ethereum, driven by the anticipated launch of spot Ethereum ETFs, could lead to a supply shortage and further price increases.

In conclusion, Ethereum's price volatility has not deterred long-term investors, who continue to show faith in the cryptocurrency's potential. As the market navigates these fluctuations, Ethereum's future prospects remain promising, with potential for further growth and adoption.