Key Takeaways
$ETH traded at a premium on Coinbase, signaling strong US-based whale accumulation.
Exchange reserves remain near all-time lows, indicating sustained spot demand.
Over 13,000 ETH bought by two whales in 24 hours, fueling bullish sentiment.
Ethereum Sees Renewed Whale Interest
$ETH is back in the spotlight as US-based whales ramp up their buying activity, driving the Coinbase premium to levels not seen since January. This premium, reflecting higher ETH prices on Coinbase versus other exchanges, suggests intensified demand from American investors. On-chain data confirms that whales are scooping up ETH, with two major wallets acquiring over 13,000 ETH at $3,448 each.
Whale Moves Signal Bullish Momentum
The spike in ETH’s Coinbase premium coincides with a broader trend of accumulation. Exchange reserves on Coinbase Advanced have dropped to near-record lows, with only 4.8M ETH available, underscoring the scarcity driven by staking and DeFi lockups. Notably, whales like SharpLink Gaming have added tens of thousands of $ETH to their treasuries, reinforcing ETH’s role as a store of value.
What’s Next for ETH?
With derivative markets heating up and whales taking long positions, ETH could be gearing up for a breakout. While retail traders remain cautious, institutional interest is surging. If this momentum continues, ETH may soon test new highs.
