Could Huge Ethereum Netflows from Coinbase Be Related to Spot ETF Approval?
Before the approval of the Bitcoin Spot ETF, we had already witnessed significant Bitcoin netflow from Coinbase.
1- Coinbase Netflow
When examining Coinbase netflow data, we observed substantial Ethereum netflow on three different days in 2024, specifically 134K, 120K, and 132K.
I'm not definitively saying this is related to the Spot ETF, but we had seen similar large netflows before the approval of Bitcoin Spot ETFs.
In the above chart, you can see the Coinbase Bitcoin Netflow data from June 2023 to January 2024.
The first thing that will likely catch your eye is the three distinct days where more than 10,000 Bitcoins (daily) were netflows.
This similarity alone cannot, of course, be directly linked to the Ethereum Spot ETF approval. However, it is still worth keeping an eye on this data.
2- All Exchanges ETH Netflow
In the chart above, you can analyze the 2024 Ethereum netflow (all exchanges) data.
Recently, we can clearly see a divergence between Coinbase and other exchanges in this data. This indicates that the interest of US investors in Ethereum has significantly increased compared to the rest of the world.
Why do you think US investors' interest is so high?
✅ Conclusion
The similarities in Coinbase-specific Bitcoin and Ethereum netflow data before the Spot ETF (the decision on the Ethereum Spot ETF will be made by this Friday). Unknown investors in the US have bought more than $400 million worth of Ethereum on three different days in 2024.
My personal opinion is that there are unnamed institutions behind these daily purchases of over $400 million, as it seems overly optimistic to assume that individuals are making such large purchases.
Thank you for reading.
Written by burakkesmeci