Снижение интереса институционалов осложняет рост Ethereum Translation: Headline: Decreased Interest from Institutional Investors Complicates Ethereums Growth

The Coinbase Premium Gap index for Ethereum has fallen to negative territory, indicating weak demand from American institutional investors, according to CryptoQuant analyst CryptoOnchain.

The 14-day moving average has dropped to -2.285, a low not seen since February 2025. The negative price differential between Coinbase and Binance reflects a seller-dominated market in the U.S. Coinbase traditionally captures the sentiment of U.S. institutions, while Binance represents the global retail market.

The weakness of this metric poses a significant barrier to sustaining prices above $3,300. Previously, Ethereum entered a correction after reaching an October peak of $4,700.

Historically, robust rallies for this asset have been accompanied by a positive premium on Coinbase. The current figures suggest a lack of interest from «smart money» in accumulating coins at these levels.

The expert warned of the risks associated with further declines in prices. Without a return of the indicator to positive territory and a revival of demand in the U.S. spot market, the likelihood of breaking through resistance remains low. A bearish divergence is noted, as attempts to stabilize the price contradict the outflow of «whale» capital.

Bitcoin has started the year with a consolidation phase. According to Glassnode, selling pressure has diminished, and the asset has stabilized at the lower end of its current range.

Experts believe the market is shifting from «protective deleveraging» to selective risk-taking, facilitated by the «cleansing» of positions at the end of 2025.

Key observations from analysts include:

Implied volatility has presumably found a bottom and is starting to rise. The skew metric is normalizing; the decrease in put option premiums and the increase in call interest signal a shift from defensive to bullish sentiments.

In the $95,000 to $104,000 range, dealers are in a «short gamma» position. This structure mechanically amplifies upward price movements when the market rises. The behavior of participants around the $95,000 strike indicates that bulls are exercising patience and not rushing to lock in profits.

Glassnode believes that 2026 will begin with a healthier market structure and new opportunities for trend expansion.

CryptoQuant founder Ki Young Ju takes a more cautious stance. He states that the influx of capital into Bitcoin has dried up, and liquidity has flowed into stocks and gold. Nevertheless, the expert does not anticipate a significant downturn, predicting a period of sideways movement.

In the analyst’s view, liquidity channels have become «too diverse,» making precise timing for entry less meaningful. Long-term institutional holders have broken the old cycle where whales sold assets to retail investors.

Ju is confident that Strategy will not offload a significant portion of its holdings in 673,000 BTC. The analyst views it as unlikely that scenarios from past bearish phases, which led to price drops of 50% or more from peak values, will repeat.

*»In the coming months, we can expect a rather dull sideways market. Shorting in hopes of a crash? Good luck with that,»* concluded the head of CryptoQuant.

As a reminder, at the end of 2025, the total inflow of funds into cryptocurrency exchange products was $47.2 billion.