According to data from blockchain analysis firm CryptoQuant, Ethereum rose 11% last week, largely driven by increased buying pressure in the United States.
The company, which monitors the activities on various exchanges, noted that there was a significant increase in demand on the US-based regulated exchange Coinbase. This increase in demand preceded a significant increase in Ethereum prices. This phenomenon is also reflected in the “Coinbase premium”, an indicator that shows the price difference between Coinbase's ETH/US dollar pair and Binance's ETH/USDT pair.
“The recent Ethereum price movement was driven by US demand,” CryptoQuant marketing manager Ho Chan Chung said in a Telegram message.
“We can clearly see that Coinbase is driving the upward move with the premium index.”
While Coinbase is popular among crypto traders in the US and Europe, China-based Binance remains one of the most preferred exchanges among traders in Asia.
US cryptocurrency investors' interest in Ethereum is thought to be linked to the expectation of an ETF approval in the US soon.
*This is not investment advice.
