Ethereum Whales Return With a Vengeance as Coinbase Premium Spike Fuels Market Frenzy
Giant crypto wallets are making waves again—and this time, they’re dragging the entire market into choppy waters.
The Coinbase premium surge isn’t just a blip. It’s a flashing neon sign pointing to mounting pressure in the crypto ecosystem. When whales move, retail traders scramble. And right now, the water’s looking mighty turbulent.
Behind the scenes, institutional money is playing tug-of-war with retail sentiment. The result? A market that’s equal parts thrilling and exhausting—classic crypto.
So buckle up. When whales feed, the tides shift fast. And as any trader knows (or painfully learns), you don’t want to be the last one holding the bag when the music stops.
Bonus jab: Wall Street’s ‘blockchain experts’ are still trying to figure out how to spell ‘Ethereum.’ Meanwhile, the real players are busy moving millions.
ETH Coinbase Premium on the Rise
According to Crypto Dan, a pseudonymous analyst from the market intelligence platform CryptoQuant, the Ethereum Coinbase premium confirms that U.S. whales and institutions are buying more ETH.
Institutions like the Nasdaq-listed gaming entity, SharpLink, are driving the steady uptick in buying activity after adopting ETH as their treasury reserve asset. Over the last nine days, the company has solidified its position as the largest corporate ETH holder with a $515 million purchase.
SharpLink has been acquiring ether almost every day, with the nine-day streak adding 144,501 ETH to its stash. The firm now holds ETH worth well over $900 million.
Besides SharpLink, at least eight firms have been accumulating ETH over the last 30 days. These companies include Bitcoin miners BitDigital and Bitmine Immersion Technologies; together, these entities have purchased coins worth at least $1.6 billion in a month.
In addition to institutional purchases, spot Ethereum exchange-traded funds (ETFs) have been recording significant inflows. These products have experienced massive inflows on most days, indicating that U.S. investors are also purchasing ETH.
No Cause For Concern Yet
Typically, when the market witnesses high activity like this, a top is around the corner, and retraction is soon to follow. However, crypto Dan believes the Ethereum market is yet to reach that level.
The Coinbase Premium is currently around 2.9. Although the index has not reached this level in recent times, it does not indicate significant overheating. In fact, Crypto Dan insists that there is a high chance of continued upward momentum after short-term consolidation.
However, while there is no reason to worry yet, multiple occurrences of such index movements during the rest of the year could signal overheating. In such cases, Crypto Dan says ETH investors should consider risk management.
Meanwhile, ETH was trading around $3,610 at the time of writing, up 4.6% daily and 20% weekly.
