In a significant show of confidence in Ethereum, permanent holders of the cryptocurrency have purchased a staggering 298,000 ETH, worth over $1 billion, in a single day. This massive buying spree indicates a substantial spike in demand for the world's largest altcoin, despite the current market challenges.

According to CryptoQuant research, this cohort of investors has demonstrated a strong interest in Ethereum, with their second-highest daily purchase volume ever recorded on June 13th. The figure is only surpassed by their buying activity on September 11, 2023, when they acquired 317,000 ETH.

While Ethereum's price has faced corrections and is currently trading at around $3,500, the surge in demand suggests a growing interest and confidence in the cryptocurrency among long-term investors. This development comes ahead of the anticipated spot Ethereum ETF trading, which is expected to gain traction soon.

Wealthy investors have continued to accumulate Ethereum, with a notable increase in the number of addresses holding 10,000 or more ETH over the past three weeks. Investment products based on Ethereum have also seen significant inflows, indicating a rising interest in the cryptocurrency.

The approval process for spot Ethereum ETFs is progressing smoothly, with the SEC Chair Gary Gensler announcing that the final registration requirements are being handled at the staff level. Once these filings are approved, the new spot Ethereum ETFs can be listed, potentially leading to further growth in demand.

This article highlights the growing interest in Ethereum among permanent holders and institutional investors, signaling a potential surge in demand for the cryptocurrency. However, investors should conduct thorough research and consider their own risk tolerance before making any investment decisions.