The recent speculation surrounding the introduction of Ethereum’s exclusive exchange-traded funds (ETFs) has played a significant role in its recent price surge. According to on-chain analytics company CryptoQuant, in addition to the positive signals from the ETF, the substantial spot buyouts on Coinbase have also contributed to the surge in ETH’s value. CryptoQuant took to Twitter to provide insights into the recent spike in the popular cryptocurrency.
The potential approval of an Ethereum ETF and the increased spot buying on Coinbase have been major driving forces behind the recent surge in ETH’s price. Let’s delve into the data provided by CryptoQuant.
In its analysis of the rise in ETH, CryptoQuant noted an increase in deposit transfers to Coinbase, which occurred just before the surge in ETH’s price. The analytics provider suggested that this increase in deposits may be due to a higher demand for spot purchases. This surge in demand has subsequently led to more cross-exchange and internal transactions.
CryptoQuant also highlighted a brief spike in the Coinbase Premium Index, which reached 0.15. This spike indicates a surge in ETH demand on Coinbase. The regular trading volume on the crypto exchange has also experienced a substantial increase, as has the cumulative exchange volume share.
The spot trading volume of ETH on Coinbase has seen a significant jump, going from 127.2 million to 1.1 billion. This represents a remarkable 9-fold increase compared to the previous day. The trading volume share of Ethereum on Coinbase has also played a crucial role in this surge. Over the last 24 hours, the price of ETH has seen a 22% increase, surpassing $3,850 and currently trading just below $3,800.
On other major exchanges, ETH has experienced a 5.53% increase compared to the previous day, with the figure rising from 5.83% to approximately 11.36%. It is also important to monitor changes in the ETHE premium, as they provide insights into shifts in organizational demand and the potential approval of an ETH ETF.
Tags: ETH
