Speculative ETF Approval and Coinbase Spot Buyout Drive ETH Spike
The recent speculations about Ethereum’s exclusive exchange-traded funds have contributed to its latest rise. As per the on-chain analytics company CryptoQuant, apart from the positive ETF signals, the significant spot buyouts on Coinbase have also driven the ETH surge to a great extent. The analytics platform took to X to offer insights into the latest spike of the prominent crypto token.
ETH Price Surges Amid the Rise in Coinbase Spot Buyouts and Speculations About ETH ETF Approval
While providing the statistics about the ETH rise, CryptoQuant noted that the deposit transfers to Coinbase have increased. As per the analytics provider, this has taken place just before the surge in ETH’s price. In addition to this, it disclosed that the potential reason behind this deals with an elevated demand concerning spot purchases. CryptoQuant revealed that this has paved the way for additional cross-exchange and internal transactions.
The analytics firm also pointed out that a brief spike has also taken place in the Coinbase Premium Index. It has reportedly jumped to 0.15, signifying a spike in ETH demand on Coinbase. A substantial elevation has also occurred in the regular trading volume of the crypto exchange. Moreover, the cumulative exchange volume share has also displayed an increase.
ETH Trading Volume Share of Coinbase Spikes on Top Exchanges
The spot trading volume of ETH on Coinbase surged from 127.2 million to 1.1 billion. This huge jump shows a remarkable 9-fold increase in comparison with the last day. Furthermore, the trading volume share of Ethereum on Coinbase is also a significant factor in this respect. The price of ETH has spiked 22% during the last 24 hours. Once, it crossed $3,850 and now it is trading just shy of $3,800.
It has gone through an increase of up to 5.53% on the well-known exchanges as compared with the previous day. In this respect, the figure has jumped from 5.83% to almost 11.36%. Along with that, observing the alterations regarding ETHE premium is also important to offer insights into organizational demand shifts. They denote the likely authorization of the ETH ETF.
