US investors drive 11% rally in ether prices, fueled by anticipation of possible ETF approval
The recent 11% increase in ether (ETH) prices is largely driven by U.S. investors, according to the "Coinbase premium" metric, which shows a surge in demand from the Coinbase exchange preceding the price jump. The anticipation of a possible spot ether exchange-traded fund (ETF) in the U.S. has further fueled buying demand for the asset in the region, with experienced traders increasing their exposure to ETH since January. Data from CryptoQuant reveals that the buying pressure in the U.S. has spurred ether's 11% rally in the past week, with the Coinbase premium indicator showing the gap between Coinbase's ETH/U.S. dollar pair and Binance's ETH/USDT pair. The growing Coinbase premium suggests a sign of more price gains in the coming weeks, but some traders believe that an ETF could create sustained rather than explosive growth for the second-largest cryptocurrency by market value.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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