Ether Demand Is Driven by U.S. Investors, Data Shows
Ether's 11% rally in the past week was driven by increased buying pressure in the U.S., particularly from the regulated exchange Coinbase. The "Coinbase premium," an indicator showing the gap between Coinbase's ETH/U.S. dollar pair and Binance's ETH/USDT pair, suggests that U.S. demand triggered the upward movement. The metric is rising again, indicating potential further price gains. The anticipation of approval for a possible spot ether exchange-traded fund (ETF) in the U.S. may have sparked this buying demand. While interest in ether has increased, some traders believe an ETF could lead to sustained growth for the cryptocurrency. Several companies, including Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Hashdex, have submitted applications for an ether ETF. In the past 24 hours, ETH has gained 6.5%, while the broader market has added 8.1%.
