In a recent analysis of Coinbase netflow data, substantial Ethereum netflows were observed on three separate days in 2024, with figures reaching 134K, 120K, and 132K respectively. This pattern bears a striking resemblance to the large Bitcoin netflows witnessed prior to the approval of Bitcoin Spot ETFs, suggesting a potential correlation with the upcoming decision on the Ethereum Spot ETF.

The data also reveals a divergence between Coinbase and other exchanges, indicating a heightened interest in Ethereum among US investors compared to the rest of the world. It is speculated that unnamed institutions may be behind these significant daily purchases, as it seems unlikely that individuals are making such large investments.

The similarities in Coinbase-specific Bitcoin and Ethereum netflow data before the Spot ETF decision, coupled with the increased interest in Ethereum among US investors, paint an optimistic picture for the future of the cryptocurrency market. The final decision on the Ethereum Spot ETF is expected to be made this Friday.