Leading altcoin Ethereum has seen its price climb 5% over the past week, riding the wave of a broader market recovery. This price growth has reignited demand for the altcoin, particularly among US-based ETH retail traders, as indicated by on-chain data.
However, institutional investors appear to remain skeptical. They continue to pull their capital from ETH-backed funds, signaling their lack of confidence in any near-term price rebound.
The increase in retail interest is evident in ETH’s Coinbase Premium. It has moved back above zero, signaling heightened buying activity from US investors. At press time, this is at 0.016.
ETH’s Coinbase Premium Index measures the difference between the coin’s prices on Coinbase and Binance. When its value climbs above zero, it suggests significant buying activity by US-based investors on Coinbase.
Conversely, when it declines and dips into the negative territory, it signals less trading activity on the US-based exchange.
ETH’s Coinbase Premium Index reflects bullish sentiment in the market, as traders are willing to pay a premium to purchase the coin on Coinbase. In the short term, this can drive up the altcoin’s value, as it signals growing investor interest.
However, institutional investors in the US remain cautious. This is evident in the ongoing outflows from US-based spot ETH exchange-traded funds (ETFs), marking the altcoin’s seventh consecutive day of withdrawals.
The continued exit of institutional capital stands in stark contrast to the growing enthusiasm among retail traders. This divergence suggests that while US retail investors are increasingly optimistic about ETH’s short-term prospects, institutional players are more cautious, possibly due to macroeconomic uncertainty.
ETH’s Balance of Power (BoP) is positive at press time, reflecting today’s market recovery. This indicator, which measures buying and selling pressures, is in an upward trend at 0.57.
A positive BoP like this indicates more capital inflow into ETH than outflow, signaling an accumulation trend. If this continues, it could push the altcoin’s price to $2,114.
However, if market sentiment turns bearish and ETH retail traders reduce their demand for the altcoin, it could lose recent gains and drop to $1,395.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。