Ethereum Bulls Build Ahead of US Inflation Data

Ethereum accumulation is building ahead of the US consumer price index release on August 12, according to on-chain analytics platform Nansen.

Nansen reported that spot Ether purchases by institutional investors had climbed to 7.2 times their usual level as of August 11. This surge in buying activity suggests that these investors are preparing for potential market movements tied to the upcoming inflation data release.

However, despite this bullish sign, professional traders maintained net short positions in Bitcoin and Ether derivatives. This cautious stance may indicate a concern over further interest-rate hikes or ongoing inflationary pressures.

Ethereum traded at $1,863.71 on Binance's USDT market as of 4:10 a.m. on August 12, down 0.59% from the previous day.