The recent surge in the price of Ethereum (ETH) can be attributed to the speculation surrounding the approval of an Ethereum exchange-traded fund (ETF) and the significant spot buyouts on Coinbase. According to on-chain analytics company CryptoQuant, the increased deposit transfers to Coinbase preceded the surge in ETH’s price, indicating a rise in demand for spot purchases. This surge has also led to additional cross-exchange and internal transactions.
CryptoQuant also noted a brief spike in the Coinbase Premium Index, which signifies an increase in ETH demand on the platform. The regular trading volume on Coinbase has also seen a substantial elevation, along with an increase in the cumulative exchange volume share.
The spot trading volume of ETH on Coinbase has experienced a remarkable 9-fold increase, jumping from 127.2 million to 1.1 billion. This surge in trading volume has contributed to a 22% spike in the price of ETH within the last 24 hours. Currently, ETH is trading just below $3,800, after crossing the $3,850 mark.
Furthermore, the trading volume share of Ethereum on Coinbase has increased significantly, jumping from 5.83% to almost 11.36% compared to the previous day. Monitoring changes in the ETHE premium is also crucial in understanding shifts in organizational demand, as it may indicate the potential approval of the ETH ETF.
Tags: ETH
