Ethereum (ETH) Hits $3800 ATH As Coinbase Premium Shoots With Institutional Interest

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Ethereum (ETH) Hits $3800 ATH As Coinbase Premium Shoots With Institutional Interest

The world’s second-largest cryptocurrency continues its massive journey adding another 7% gains today. A few moments back, Ethereum (ETH) hit its new all-time high of $3800 with its market cap going to $440 billion.

With this, ETH has extended its market dominance to more than 18% while pushing Bitcoin (BTC) dominance under 45%. The Ethereum price rally comes amid a rapid surge in institutional interest. CryptoQuant CEO Ki-Young Ju mentioned that the Coinbase premium for Ethereum is very high.

The Ethereum Coinbase Premium is the gap between the ETH price on Coinbase Pro and Binance indicating a strong spot buying pressure on Coinbase from institutional players.

Since institutional buying in ETH has spiked, the ETH supply at the exchanges has been on a declining trend since last August. Below is the graph showing the rising ETH price against the falling exchange supply over the last three months. The total ETH supply at all exchanges has dropped to 18.78 million.

Courtesy: CryptoQuant

Big players from the financial markets are also jumping to get a slice of the emerging Ethereum popularity. Earlier today, CoinGape reported that VanEck has filed for the first-ever U.S. Ether ETF.

Earlier this week on Tuesday, the CME Ether Futures topped $1 billion showing strong institutional interest. Besides, the ETH Futures aggregated volume has also topped $10 billion for the very first time.

Ethereum EIP-1559 Launch to Further Reduce ETH Circulating Supply

It looks like the Ethereum rally won’t be stopping anytime soon! The Ethereum network is all set for a major upgrade with the London hardfork scheduled this year in July. As part of this upgrade, the network will unveil the Ethereum Improvement Protocol (EIP) 1559. As data analytics platform CoinMetrics reported:

“EIP-1559 is set for release in July as part of Ethereum’s London hard fork. In addition to improving ETH gas UX, EIP-1559 will burn a portion of ETH transaction fees. This will permanently remove a portion of supply from circulation and decrease the daily net issuance of ETH.”

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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