ETH maintient une prime constante sur Coinbase alors que les baleines attendent la zone d’accumulation

Le prix de l'Ethereum affiche une prime persistante sur Coinbase - un signal technique que les investisseurs institutionnels continuent d'accumuler malgré l'incertitude du marché.

Les grands portefeuilles en position d'attente

Les baleines cryptos adoptent une stratégie de patience, attendant que l'ETH atteigne des niveaux d'accumulation optimaux avant de déclencher leurs prochains mouvements significatifs.

Un marché en équilibre précaire

Cette prime constante sur Coinbase suggère une demande institutionnelle soutenue, même lorsque les investisseurs retail hésitent - le genre de divergence qui précède souvent des mouvements de prix majeurs. Les traders traditionnels continuent de dormir sur les fondamentaux de l'ETH pendant que l'écosystème DeFi construit l'avenir de la finance sous leur nez.

ETH still trades with a Coinbase premium, signaling hype from traders in the USA, but not necessarily strategic accumulation. | Source: Cryptoquant

ETH traded at $4,357.20, while the Coinbase premium remains positive for the past few weeks. The price on Coinbase is a proxy for US investor sentiment, measuring the behavior of retail rather than smart money. ETH has multiple sources of inflows, including ETF and ETP, as Coinbase measures direct buying for hype. 

The Ethereum Coinbase Premium Index has been consistently positive since early September, remaining so even during price fluctuations and the recent dip under $4,500. 

In the second half of 2025, ETH traded at a premium much more often. ETH has shown short-term strength, though whales are positioning themselves at a different price range. 

ETH recovers ETF demand more slowly

Unlike direct Coinbase purchases, ETF inflows are slower to recover. ETF buyers are still capable of pouring in fresh money, as Cryptopolitan reported, but ETH buyers are more careful. 

Demand for ETH through ETF is lower, as btc took the top spot again. | Source: Cryptoquant

ETF netflows are much stronger for BTC, while ETH is still trying to recover one of its recent peaks. In 2025, ETH had its first consistent two-week period where inflows were much stronger compared to BTC, but the trend reversed.

ETH is also flowing into accumulation wallets, still with a balance over 27M tokens. The market is on the watchout for another round of even more active demand, potentially coming from staking ETF. 

Will ETH correct more?  

The recent ETH flows suggest a correction may be coming soon. Strategic whales are still watching for accumulation at a much lower zone, at $2,200-$1,800. However, the market has enough enthusiasm to avoid drawdowns. 

ETH whales already positioned at that price range before the recent rally. Most treasuries and some of the ETP reserves were built at a lower price range. 

ETH open interest is slightly lower at $27B, but traders are reluctant to abandon the token. As ETH is still part of the altcoin season, traders are still awaiting short-term breakouts. The price action is also subdued as attention shifted to bnb and SOL, as well as other altcoin narratives. ETH lost some mindshare to those coins, after becoming the focus in September. 

In the short term, ETH is still driven by derivative trading, rebuilding long and short liquidity between $4,200 and $4,400. Based on accrued short liquidity, a squeeze may be possible to $4,500. However, ETH does not show enough exuberance and is still seeking liquidity for a bigger breakout. ETH market dominance is at 12.4%, taking a step back from the recent level of 13%. 

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