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Ethereum’s Price Surge: Key Drivers Analyzed
The anticipation of an Ethereum ETF approval and intense spot buying on Coinbase are key factors behind the recent Ethereum price rally.
Here’s a breakdown of the data insights:
• A significant uptick in deposit transactions to Coinbase was observed just before the price surge, suggesting increased demand for Ethereum as more buyers engaged in spot purchases and moved funds across exchanges.
• The Coinbase Premium Index spiked to 0.15, indicating heightened demand specifically on Coinbase, which points to a robust buyer interest.
• Notably, Coinbase’s Ethereum spot trading volume soared from 127.2M to 1.1B, nearly a 9-fold increase in just one day. Additionally, Coinbase’s share of the Ethereum trading volume among major exchanges rose significantly by 5.53%, from 5.83% to 11.36%.
• Monitoring shifts in the ETHE premium can offer insights into institutional demand, further reflecting the potential ETF approval’s impact.
For live updates, check out our dashboard.
Live Dashboard | @cryptoquant_official
The Incredible Rally of Toncoin Among the Top 20 Cryptocurrencies
“Among the top 20 cryptocurrencies, Toncoin has quickly advanced to rank among the top 3 in cumulative returns over the past year.” – Link
By joaowedson | @cryptoquant_official
Bitcoin surged past $70K, going up over 6% in the last 24 hours.
Elevated premium values on Coinbase suggest robust buying pressure from US investors.
Live Chart | @cryptoquant_official
Bitcoin: Surge in Stablecoin Deposits
“The number of spot exchange stablecoin deposits has significantly surged over the past few days, with minimal corresponding increases in spot exchange stablecoin withdrawals.” – Link
By Phi Deltalytics | @cryptoquant_official
Bitcoin’s price has rallied from $60K to around $66K, driven by lower-than-expected US inflation and reduced selling pressure.
Key insights:
• Short-term holders are selling at low or negative profits, reducing selling pressure.
• Bitcoin balances at OTC desks have stabilized, indicating less supply entering the market.
• Bitcoin miners are facing extremely low profitability, often correlating with price bottoms.
• Demand from permanent holders and large investors is stabilizing but needs to accelerate to sustain the rally.
• ETF Bitcoin purchases remain near zero, and stablecoin liquidity growth is still slow, both critical for a sustainable rally.
Continued demand growth from large investors and increased ETF activity are needed to support higher price levels. Without these, the price rally may face challenges.
For more details, see our Weekly Report.
Crypto Weekly Report | @cryptoquant_official
Typical buying pattern of ETF market makers (MM)
“Although the premium level is not at $200-300 during the acceleration phase of the previous price, buying patterns are emerging again.” – Link
By Mignolet | @cryptoquant_official
16,021 Bitcoin Outflow from Coinbase
“This is the seventh time in 2024 that there has been a outflow of more than 15,000 Bitcoin” – Link
By burakkesmeci | @cryptoquant_official
TON is among the best-performing layer 1 blockchains in 2024
“Since the beginning of 2024 TON has outperformed bitcoin by 118% while other popular layer-one chains have struggled to find strength.” – Link
By CQBen | @cryptoquant_official
🚀 Going Live in One Hour!
Join us today to dive deep into Bitcoin's market dynamics!
Here’s what you’ll learn:
📊 Market Liquidity Analysis: Insights on trading volumes and market depth.
🏢 Institutional Investments Impact: How institutional activities shape Bitcoin demand.
🔍 Supply Shortage Analysis: Effects of supply shortages on Bitcoin’s pricing.
Don’t miss insights from Jamie Coutts and the CryptoQuant team. Limited spots available!
Register Now | @cryptoquant_official
Uncertainty Surrounding 0.50 NUPL Support Zone Ahead of US Inflation Data
“Whether the 0.50 support zone will break down with the US inflation data and cause a decline in the price, or whether it will be considered as a buying opportunity.” – Link
By tugbachain | @cryptoquant_official
Ethereum: The Death of “Ultra Sound” Money
The Dencun upgrade has made ETH inflationary again, sparking debates about the future of the "Ultra Sound" money narrative. Let’s dive into the details.
"Ultrasound money" suggests Ethereum could be a superior form of "sound money" compared to Bitcoin, aiming to decrease its supply over time through strategic upgrades like EIP-1559 and The Merge. Post-Merge, Ethereum seemed aligned with this narrative, even showing a slight reduction in total ETH supply.
However, the Dencun upgrade presents new challenges by reducing transaction fees and the ETH burn rate, leading to an increase in supply. This upgrade has decoupled Ethereum's transaction fees from network activity, reducing the burn rate even amid high activity.
While this results in lower user fees, it complicates the deflationary mechanism set by The Merge, now requiring significantly increased network activity to maintain deflation.
See our latest report for more!
Special Crypto Report | @cryptoquant_official
Segmentation of Short Term Holder's NUPL
“From the chart, it's apparent that the NUPL for traders has recently dipped into negative territory, signaling a rise in fear within this cohort.” – Link
By onchained | @cryptoquant_official
Bitcoin’s demand is decreasing & supply has halved. What does this mean for the market?
Join our Liquid Lunch webinar on May 13, 6:30 PM ET. With expert speakers Jamie Coutts from Real Vision and CryptoQuant’s Garrett Paymon and Julio Moreno, we’ll dissect this.
Dive into market liquidity, institutional impacts & BTC demand. Don't miss out—spots are limited!
Register Now | @cryptoquant_official
Movements of large whales in the range of 1k to 10k
“Typically provide significant downward volatility to the market, have not been consistently participating in this current uptrend cycle. (Green box)” – Link
By Mignolet | @cryptoquant_official
Coinbase Premium Index and EMA14: A Guiding Light for Investors?
“We witness that when the CPI data remains above EMA14, Bitcoin price makes strong upward movements.” – Link
By burakkesmeci | @cryptoquant_official
Short squeeze drives biggest liquidation event since 2022 on Bitcoin
“During the day, around US$259 million in sales contracts were liquidated, which ended up generating significant cash buying pressure.” – Link
By caueconomy | @cryptoquant_official
ETH: Net Taker Volume (Binance) hits all-time-high
“In just one candle, Taker Buy Volume surpassed Taker Sell Volume by $530 million, marking the largest candle ever recorded.” – Link
By maartunn | @cryptoquant_official
US Traders are bullish on TON
“The data highlights American investors as the most bullish on TON. Numerous orange lines indicate significant percentage changes during the US session, with the token experiencing the highest average percentage increase during this period.” – Link
By maartunn | @cryptoquant_official
STH Realized Price: Will 61.5k be strong support?
“$61.51k is about 5.09k different from the current price ($66.6k), which has narrowed the gap considerably compared to early April when there was a 9k difference.” – Link
By Yonsei_dent | @cryptoquant_official
Institutional Influx Solidifies $60,000 as Critical Support Level for Bitcoin
“The behavior of these holders demonstrates a deep-seated confidence in Bitcoin's long-term value, often disregarding short-term market fluctuations.” – Link
By onchained | @cryptoquant_official
Incoming Liquidity Surge
“Stablecoin inflows suggests a substantial increase in liquidity entering the market, which can affect Bitcoin's supply and demand dynamics and potentially lead to increased price volatility.” – Link
By Woominkyu | @cryptoquant_official
Miners Capitulation? Hash Ribbons Says Yes
“Periods of rapid declines in the hashrate are marked in green on the bitcoin price chart below, often indicating "miner capitulation.” – Link
By maartunn | @cryptoquant_official
What is the market waiting for?
“Current market structure, including factors like profitability, leverage, and the age distribution of coins, suggests there's potential for a more expressive rally within this cycle.” – Link
By Gustavo Faria | @cryptoquant_official
Bitcoin - Focus on Supply and Demand
“Given these dynamics, it becomes challenging to maintain a bearish stance on Bitcoin.” – Link
By Kirill Evans | @cryptoquant_official
Coinbase Premium Trend Says 'Wait and See' Now
“If the historical pattern repeats itself, we may have a better chance of success if we wait a bit longer and invest on the rebound after the trend turns negative.” – Link
By SignalQuant | @cryptoquant_official
Difference in money inflow between past and current bull cycle
“The current short-term money inflow situation is significantly smaller than the peak of the past bull cycle.” – Link
By Crypto Dan | @cryptoquant_official
The Power of Spent Output Value Bands
“It's possible to observe an increase in the frequency of large transactions when the Bitcoin price rises. This suggests that major market players are moving their coins during bullish periods to realize profits.” – Link
By joaowedson | @cryptoquant_official
Implications of High Profit Levels and Sentiment Thresholds
“We are approaching the 'grey line', which serves as the optimism/pessimism threshold for the crypto market.” – Link
By Kripto Mevsimi | @cryptoquant_official
Longest Miner Consolidation/Accumulation Period since $16k Bitcoin
“With ETF flows rising, and odds increasing of a rate cut in Q4, miners are likely accumulating in anticipation of higher prices to sell into.” – Link
By Papi | @cryptoquant_official
Bitcoin Market Dynamics
“The price action market breakout is yet to come, but Coinbase premium index has made a market breakout.” – Link
By TraderOasis | @cryptoquant_official