Despite recent price fluctuations, Ethereum (ETH) has witnessed a significant increase in long-term investor confidence. According to CryptoQuant's Julio Moreno, the second-largest buying day in history by long-term ETH holders occurred on June 12, with approximately 298,000 ETH (valued at $1.34 billion) purchased by large investors. This move reflects long-term confidence in the cryptocurrency.

Data from IntoTheBlock also shows a rise in transactions valued over $100,000, increasing from 4,000 to 6,000 by the end of the week. However, despite this accumulation, Ethereum's open interest rate has stagnated, with a 2% decrease in the last 24 hours to $15.41 billion. Trading volume, on the other hand, saw a 10% increase to $15 billion.

Analysts suggest that the lack of a new all-time high during Bitcoin's ATH period in March or after the ETF news may indicate investor expectations of a price correction. However, strong purchases linked to the expected launch of spot Ethereum ETFs could lead to a supply shortage, potentially driving prices higher.

In conclusion, Ethereum's price volatility has not deterred long-term investors, who continue to show confidence in the cryptocurrency. As the market evolves, the potential launch of spot Ethereum ETFs could lead to further price increases, despite current investor caution.