Julio Moreno, head of research at CryptoQuant, said there was a surge in demand for Ethereum yesterday, with purchases by long-term holders hitting the second-highest on record, with 298,000 ETH worth about $1.34 billion received by long-term holder addresses in a 24-hour period on June 12. This purchase is only 6% lower than the record set on September 11, 2023, when long-term holders bought 317,000 ETH when the price fell below $1,600.