Ethereum on Coinbase has been experiencing a persistent negative premium, the first time since April this year, despite ETH rising over 150%.

This signal is a bit weird; institutions may be cashing out for profit, but retail demand is rebounding, with spot trading of BTC below $10,000 increasing by 9.7%, and ETH should follow suit.

Link to Jefferies downgrading Coinbase's target price, the exchange is under significant pressure, but Matrixport reports that the push for BTC hard assets is still there, and after a short-term consolidation, ETH may rebound.

I believe the negative premium is a buying opportunity, ready to accumulate low, but don't overlook the impact of non-farm payroll data; the probability of a rate cut in September has already decreased.