CryptoQuant: US Institutional Demand Led to ETH Price Surge
United States investors’ activity has spurred growth in the cryptocurrency market leading to ETH price hikes in recent weeks, especially as anticipation of spot Ethereum ETF approvals builds up.
A new market analysis from on-chain analytics firm CryptoQuant shows United States bulls are largely responsible for the increase in the price of Ethereum (ETH).
According to the firm, Coinbase Premium data reveals a surging demand from the US, causing an 11% growth for the asset. Interest in ETH tokens on Coinbase Premium was higher than usual, as the indicator showed a gap in ETH/USD and ETH/USDT on Coinbase and Binance.
Ho Chann Chung CryptoQuant’s Head of Marketing explained this growth shown by pointing to future gains in the coming weeks.
“The recent ETH price action was driven by the US demand. We can see that the Coinbase has triggered the upward movement with the premium index.”
A major reason for increased demand by United States investors is the anticipation for a spot Ethereum ETF approval by the United States Securities and Exchange Commission (SEC).
Institutional investors hope an approval would create a new investment window into the asset on the back of the recent bull cycle. In recent weeks, several firms have backed Ethereum’s growth, describing ETH as an investor favorite.
As firms eye a spot ETH ETF, significant institutional inflows have been recorded in the assets products in recent weeks. In the last seven days, $16.8 million flowed into institutional funds, raising the monthly inflow to $54.4 million.
Furthermore, Ethereum’s Assets Under Management (AUM) stands at $12.5 billion, with inflows wiping out losses recorded last year.
Last year, Solana (SOL) recorded consecutive weekly gains, earning the title of
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